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Author Archives: Esther Cho

Obama Reveals Proposals for Housing Finance Reform

In a speech Tuesday, President Barack Obama will stress the need for a new housing finance system based on specific core principles that include putting private capital first, ending Fannie Mae and Freddie Mac's ""failed business model,"" and ensuring broad access to the 30-year fixed rate mortgage, according to a fact sheet from the White House. ""Fannie Mae and Freddie Mac should be wound down through a responsible transition, and the government role during normal times should be no bigger than necessary to achieve the principles laid out here,"" officials stated in the fact sheet released prior to the speaking event in Phoenix.

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Q2 Delinquency Rate Decrease Represents All-Time High

The national mortgage delinquency rate sunk to 4.09 percent in the second quarter of this year, representing a near 26 percent decrease from the same quarter last year, according to data from TransUnion. The delinquency rate, which includes loans that are 60 days or more past due, also showed a 10 percent quarterly decline. The reduction was widespread across the country, with all states, plus the District of Columbia, experiencing annual declines in their delinquency rates. Furthermore, 95.4 percent of metro areas tracked saw annual declines in their delinquency rate in the second quarter, up from 91 percent in the first quarter of this year.

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Rapid Annual Price Gains Continue in June

Double-digit annual increases continued in June as home prices surged 11.9 percent, CoreLogic reported Tuesday. The increase marks the 16th consecutive month of annual home price appreciation. From May to June, prices grew 1.9 percent. Even with the significant annual gains, home prices are still 19 percent below their April 2006 peak, the data provider revealed.

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Long & Foster Strengthens Presence, Reputation in New Jersey

Long & Foster Real Estate, Inc. grew its presence in the southern New Jersey region with the acquisition of Hanco Property Management and Real Estate, Inc. Long & Foster also strengthened its position in luxury real estate by expanding its affiliation with Christie's International Real Estate (CIRE).

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Clarifire Technology Available for Integration with Fannie Mae’s SMDU

CLARIFIRE CONNECTOR, an application from Florida-based Clarifire, can now be used by mortgage servicers for integration with Fannie Mae’s Servicing Management Default Underwriter (SMDU). Integration to SMDU uses CLARIFIRE QUICK to import case data in bulk and CLARIFIRE OPTIMIZER, to trigger the decisioning of multiple loans at one time.

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LPS Reports Broad-Based Spike in New Delinquencies in June

In June, over 700,000 loans that were once current became newly delinquent, leading to a near 10 percent month-over-month spike in the national delinquency rate, according to a report from Lender Processing Services (LPS). Though, the sudden uptick in delinquencies is actually not surprising when looking at previous trends, LPS found. ""Over the last 18 years, similar changes occurred in June for all but four of those years,"" said Herb Blecher, SVP of LPS Applied Analytics. When examining the increase on a quarterly basis, Blecher also noted the rise was actually moderate compared to previous years.

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GSEs Announce Changes to Servicer Incentives

Fannie Mae and Freddie Mac are eliminating the $500 incentive for competed borrower response packages starting August 1, according to separate bulletins issued by the GSEs. The GSEs also announced servicer incentives for Home Affordable Modification Program (HAMP) modifications will increase starting April 1, 2014.

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Report: Why Default Rates Were Lower in Europe Compared to the U.S.

Even though both the United States and Europe experienced price declines starting in 2007, the increase in mortgages default rates over time was much more severe in the United States compared to Europe. For example, in the United States, prices fell 7.7 percent from 2007 to 2008, and default rates spiked 93.2. In Europe, prices fell 6.8 percent from 2008 to 2009, yet mortgage defaults increased by 11 percent. The report authors attributed the difference to two specific regulations used in Europe to prevent mortgage defaults.

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