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Author Archives: Brittany Dunn

Mortgage Rates Resume Journey Downward, Hit New Record Lows

After holding mostly steady last week, mortgage rates resumed the journey downward this week to hit new record lows. Two industry reports released Thursday pointed to weakening confidence in the strength of the economy as the source of the week-to-week drop. According to Freddie Mac's survey, 30-year fixed-rate mortgages are now averaging 4.56 percent. Rates for 15-year fixed mortgages also fell to an average of 4.03 percent.

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BofA Opens Outreach Center to Serve At-Risk Customers in South Florida

Bank of America Home Loans announced Wednesday that it has opened a new customer outreach center in Fort Lauderdale, Florida in order to better serve financially troubled homeowners in the South Florida area. This is the second customer outreach center the bank has opened this week. As DSNews.com previously reported, Bank of America announced Monday that it opened a new help center in Dedham, Massachusetts.

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Wells Fargo Earns $3.06 Billion in Q2 ’10, Up 20% from Prior Quarter

Wells Fargo's earnings are on the rise. The San Francisco-based bank reported second quarter net income of $3.06 billion, or $0.55 per common share, in its earnings report released Wednesday, marking a 20 percent increase in profit from one quarter to the next. The bank's second quarter revenue of $21.4 billion was the same as the first quarter, and pre-tax pre-provision profit (revenue net of expenses) totaled $8.6 billion, down from $9.3 billion one quarter earlier

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CoreLogic Launches New Loan Modification Decisioning Platform

CoreLogic announced Tuesday the availability of WillCap, a new decisioning system that has the ability to predict distressed borrowers' willingness and capacity to make their mortgage payments, thus giving investors and servicers the ability to make more strategic loan modification, short sale, and liquidation decisions at both a loan and portfolio level.

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Mortgage App Volume Ticks Up as Interest Rates Inch Down

Bolstered by a week-to-week drop in interest rates, mortgage loan application volume jumped 7.6 percent for the week ending July 16, 2010, the Mortgage Bankers Association (MBA) reported Wednesday. According to MBA's Weekly Mortgage Applications Survey, the uptick in overall mortgage application volume came as both purchase and refinance activity grew from one week to the next. These increases came as rates for both 30-year and 15-year fixed-rate mortgages fell to the lowest levels ever recorded in the survey.

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DebtX to Sell $200 Million in Performing CRE Loans

DebtX, a full-service loan sale advisor based in Boston, announced Tuesday that it readying plans to sell approximately $200 million of performing commercial real estate loans on behalf of a major U.S. financial institution. The sale, which is set to take place August 18, will include 90 performing loans collateralized primarily by properties in California, New York, Washington, Washington, D.C., and Illinois.

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Nearly 200 Foreclosed Homes Hit Auction Block This Week

In response to the influx of foreclosed homes on the market, the real estate auction firm Hudson & Marshall of Texas, Inc., is auctioning nearly 200 bank-owned homes this week in cities throughout Arizona, Colorado, and Nevada. This week's auctions started July 20 and will continue through July 24. The properties up for bid are valued from about $18,000 to more than $450,000, and all come with an insurable title and no back taxes or liens.

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Mortgage Banker Production Profits Narrow Further in Q1 2010

Profit margins for independent mortgage bankers and subsidiaries continued to fall in the first quarter of this year, as production volume declined and production operating expenses rose, the Mortgage Bankers Association (MBA) reported Tuesday. According to MBA's quarterly survey, independent mortgage bankers and subsidiaries made an average profit of $606 on each loan they originated in Q1, down from $890 per loan in the fourth quarter of 2009 and substantially lower than the $1,088 average profit recorded one year ago.

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HAMP Mods Increase Again in June as Big Four Banks Lead the Way

Bolstered by the big four banks' loss mitigation efforts, the total number of active permanent modifications completed under the Home Affordable Modification Program (HAMP) jumped to 389,198 as of the end of June. Servicers completed 51,205 permanent modifications during the month, and more than half - 26,525 - of these were initiated by the nation's four largest banks - Bank of America, Wells Fargo, JPMorgan Chase, and Citi.

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First American Trustee Services Division Receives New Corporate Name

First American National Default Title Services announced Monday that it has selected a new corporate name for its trustee services division. The division, formerly known as LoanStar Trustee Services, has been renamed Trustee Servicing Solutions. In addition to its new name, Trustee Servicing Solutions has established an office in Southern California and will transition selected functions from its Dallas operations to California.

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