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Author Archives: Brittany Dunn

Mortgage Application Volume Plummets 11%

A decline in refinance activity due to a spike in interest rates caused overall mortgage loan application volume to plummet 11 percent for the week ending April 2, 2010, the Mortgage Bankers Association (MBA) reported Wednesday.According to MBA's Weekly Mortgage Applications Survey, the Refinance Index tumbled 16. percent from the previous week, and the refinance share of mortgage activity decreased to 58.7 percent of total applications from 63.2 percent the week prior. However, the Purchase Index increased 0.2 percent on a week-to-week basis.

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Mortgage Production Profits Fall in the Fourth Quarter of 2009

Although still favorable, profit margins for independent mortgage bankers and subsidiaries fell in the fourth quarter, the Mortgage Bankers Association (MBA) reported in its most recent Quarterly Mortgage Bankers Performance Report. According to the report, independent mortgage bankers and subsidiaries made an average profit of $890 on each loan they originated in the fourth quarter of 2009, down from $902 per loan in the third quarter of 2009 but up from $296 in the fourth quarter of 2008.

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Todd Gladis Promoted to SVP of REDC’s Commercial and Notes Division

Real Estate Disposition, LLC (REDC), announced Tuesday that it has promoted Todd Gladis to SVP of its commercial and notes division. In his new position, Gladis, who has served in several VP capacities for REDC, will oversee and direct all operational aspects for the commercial and notes division, including business development with Jones Lang LaSalle, REDC's global market real estate partner, as well as marketing, asset management, legal, and closing responsibilities.

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FHA Announces New Regulations to Strengthen Risk Management

On Monday, the Federal Housing Administration (FHA) announced new rules to further reduce and better manage counterparty risks to its insurance funds. These regulations will increase the net worth requirements of FHA-approved lenders, strengthen lender approval criteria, and make lenders liable for the oversight of mortgage brokers.

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Americans Continue to Value Homeownership, Survey Shows

Millions of families across the nation have been adversely affected by the foreclosure crisis, but the majority of Americans still have a positive attitude towards homeownership, Fannie Mae found in its National Housing Survey. The survey, conducted between December 2009 and January 2010, polled homeowners and renters to gauge the public's current attitudes toward housing in light of the current foreclosure crisis. The results of the survey were released Tuesday, showing that the dream of homeownership hasn't died.

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Former Cushman & Wakefield Exec Joins ARA Finance

Tom MacManus, a 30-year industry veteran, has been appointed as president and COO of Boca Raton, Florida-based ARA Finance, a joint venture of Apartment Realty Advisors (ARA) and CWCapital, LLC. MacManus will be responsible for the strategic development of the venture's national multifamily lending platform, which provides service through ARA's 19 offices located across the country.

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USAA Real Estate Company Teams Up With Crimson Real Estate Fund

USAA Real Estate Company, a San Antonio-based company that provides fund and separate account investments for corporate and institutional investors, recently announced a new investment partnership with Houston-based Crimson Real Estate Fund, LP, to acquire, develop, and reposition real estate opportunities in key growth markets across the United States.

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LoopNet Acquires Reaction Web

San Francisco-based LoopNet, Inc., a commercial real estate information services provider, recently announced the acquisition of Centennial, Colorado-based Reaction Web, an online solutions company focused in the commercial real estate industry. Reaction Web brings state-of-the-art custom Web sites, deal rooms, and private property marketing tools to LoopNet's suite of solutions.

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