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Author Archives: Brittany Dunn

Permanent HAMP Mods Top 340,000 in May

Servicers continued their loss mitigation efforts under the Home Affordable Modification Program (HAMP) last month. According to the Treasury's latest HAMP report card, 346,816 modified loans had been granted permanent status as of the end of May, up more than 15 percent from 299,092 in April. As for individual servicer performance, Bank of America led the way once again with 62,969 permanent modifications in place at the end of May. The title of highest conversion rate, though, went to HomeEq Servicing, at 86 percent.

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Existing-Home Sales Dip in May but Remain at Elevated Levels: NAR

Following two consecutive months of increases, existing-home sales fell slightly from April to May but were significantly higher than year-ago levels, the National Association of Realtors reported Tuesday. According to NAR's study, existing-home sales were at a seasonally adjusted annual rate of 5.66 million units in May, down 2.2 percent from April. However, closings were 19.2 percent above the year-ago level. The national median price for pre-owned homes rose to $179,600, up 2.7 percent from last year.

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Enterprise Taps BofA Exec. as VP for National Foreclosure Response

Enterprise Community Partners, Inc., a Columbia, Maryland-based provider of development capital to create affordable homes and rebuild communities, recently announced that it has appointed Robert Grossinger as VP for national foreclosure response. Grossinger joins the company from Bank of America, where he was SVP in the corporate social responsibility group overseeing the bank's neighborhood stabilization efforts, including its REO sales to Neighborhood Stabilization Program recipients.

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Mesa Law Group Launches Program for Direct-With-Lender Loan Mods

As households across the nation continue to face the threat of foreclosure, many homeowners are looking for new loss mitigation options. In fact, some at-risk borrowers want to pursue a loan modification on their own--but know they need help. In response to this, Mesa Law Group recently launched a new program that provides the backing of the firm's insight and preparation for at-risk homeowners who are on a budget and are attempting to modify their loan directly with their lender.

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ALTA Applauds Ohio Gov. for Banning Wall Street Home Resale Fees

In an effort to protect homeowners across the state, Ohio Gov. Ted Strickland recently signed House Bill 292, which places a ban on Wall Street Home Resale Fees, also known as private transfer fee covenants. The American Land Title Association praised Gov. Strickland for taking such swift action to sign this bill. The trade association said it has worked with several organizations to fight this dangerous scheme that steals home equity, lowers home resale values, and adds another layer of difficulty to selling a home.

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PEMCO Awarded Five Asset Manager Contracts Under HUD’s M&M III

Pacific Engineering Management Company (PEMCO) in Honolulu has been awarded five asset manager contracts under the third generation of HUD's management and marketing program. PEMCO has been managing HUD's residential real estate program for more than 10 years and said its latest award represents the largest territory for the company to date, as it encompasses 26 different states in five regions across the country.

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Price Reductions Unchanged as Sellers Start the Summer With Optimism

Unchanged from last month, 22 percent of listings on the market as of June 1, 2010 experienced at least one price reduction, San Francisco-based Trulia recently reported. And price reductions dipped slightly from the same period last year when 23.6 percent of listings experienced price cuts. According to Trulia, the total dollar amount slashed from home prices was $26.7 billion, and the average discount for price-reduced home continued to hold steady at 10 percent off of the original listing price.

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RoundPoint Financial Group Appoints New CEO

RoundPoint Financial Group, an integrated mortgage servicing and origination firm headquartered in Charlotte, North Carolina, recently named Kevin Brungardt as its new CEO. He joins RoundPoint with more than 15 years' executive leadership experience, during which he has directly managed all major functions of the mortgage business at the national level.

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Title Insurance Premiums Jump 4.3% in the First Quarter of 2010: ALTA

Title insurance premiums written during the first quarter of 2010 inched up 4.3 percent when compared to the same quarter last year, the American Land Title Association (ALTA) recently reported. According to its preliminary Market Share Analysis, the title insurance industry generated $2.07 billion in title insurance premiums during the first quarter of this year, up from $1.98 billion during the first quarter of 2009.

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Collins Center’s Foreclosure Mediation Program Expands Across Florida

The Collins Center's foreclosure mediation program is spreading like wildfire across the state of Florida. The program was recently implemented by the 14th Judicial Circuit of Florida, which covers six counties, including Bay, Calhoun, Gulf, Holmes, Jackson, and Washington. This marks the fourth circuit in the Sunshine State to put the program into practice.

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