Equifax approved of DocMagic's eSign for electronic 4506-T requests. This means Equifax clients can use DocMagic's eSign for electronic signatures when submitting orders.
Read More »Shadow Inventory Looms Large for GSEs, HUD
Shadow inventory held by the GSEs and HUD "vastly" outnumbers REO properties the groups maintain, according to a joint report from the Office of Inspector General for the Federal Housing Finance Agency and HUD. The report further warned HUD and the GSEs must pay close attention to shadow inventory, which threatens to increase their supply of REOs. For the GSEs, the ratio of shadow inventory to REO inventory was about 6-to-1, while shadow inventory for HUD was 19.9 times greater than REO inventory.
Read More »Radar Logic: Forces Driving Up Prices Are Temporary
Despite improvements in home values, Radar Logic continues to contend the factors underpinning the recovery will not lead to sustainable price gains. In March, Radar Logic's home price index, which tracks 25 metro areas, showed a 13.1 percent year-over-year gain. Even with the double-digit gain, the data and analytics firm touched on several points to explain why the trend won't last, with the main one being the temporary issue of limited supply. Demand is also not expected to last since it is driven by low mortgage rates and institutional investors.
Read More »First Title & Escrow Hires Government Auction Expert
First Title & Escrow, Inc. (FT) appointed government auction expert Douglas Dennison to join the company as a national business development executive.
Read More »Bendett & McHugh Congratulates New Partner, Senior Associates
Bendett & McHugh, P.C. promoted attorney Andrew S. Cannella to partner and VP of the firm, and announced 11 senior associate designations.
Read More »OCC Update: Cashed, Deposited Foreclosure Review Checks at 2.6M
As of the end of May, borrowers have cashed or deposited 2.6 million foreclosure review checks, according to the latest update from the Office of the Comptroller of the Currency (OCC). The checks are valued at $2.3 billion and are part of a foreclosure settlement reached in January between the OCC, the Federal Reserve Board, and 13 servicers.
Read More »Analysis Finds 4.2M Homes at Risk of Storm Surge Damage
Over 4.2 million single-family residential properties across 19 states are at risk of encountering hurricane-driven storm surge damage, according to CoreLogic's latest storm surge report. In a worst-case scenario situation, CoreLogic's analysis also found risk for property damage is valued at $1.1 trillion. Out of the over 4 million properties at risk, CoreLogic reported more than 976,000 of the homes are in an ""extreme risk"" zone, meaning they are at risk for damage from a hurricane of any category.
Read More »Fitch: Price Gains May Be Too Rapid in Certain Markets
In some markets, the recent home price gains may actually be too rapid, leading to concerns of a market imbalance that could eventually stall or reverse the positive trend, according to an analysis from Fitch Ratings. While the unemployment rate is trending down and low mortgage rates are helping with affordability, certain areas are seeing prices accelerate far beyond job growth and incomes. This particular problem has been especially notable in markets that have not fully recovered from the previous bubble, which includes several cities in California, the agency found.
Read More »New York AG Presses for Passage of Two Foreclosure Bills
New York Attorney General Eric T. Schneiderman recently brought attention to two foreclosure bills meant to provide greater protection to homeowners in the state. The Certificate of Merit gives homeowners who are facing foreclosure the chance to participate in a court-supervised mediation session with their bank.
Read More »Waushara County Adopts Electronic Document Recording System
Waushara County in Wisconsin is now using eRecording to electronically record real estate and land use records.
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