News

Carrington Property Services announced Friday its bullish outlook for 2014, citing predictions that the single-family/rent-to-own business market will exceed $15 billion. In the release, the company noted that it provides "third party property management services and/or components of property management, due diligence and valuation services to the banking/mortgage segment."

The Mortgage Bankers Association (MBA) released its National Delinquency Survey Thursday, reporting the seasonally adjusted rate for delinquent mortgages is 6.39 percent, the lowest level since 2008. The figure represents mortgage loans for 1 to 4 unit residential properties, and takes into account all loans outstanding at the end of the fourth quarter of 2013.

A new report by the National Association of Realtors (NAR) attributes a slumping January for home sales to a myriad of factors. Some of the culprits to blame include freezing weather, tight credit, limited inventory, higher prices, and higher mortgage interest rates. According to NAR, last month's sales activity was the slowest since July 2012, when transactions stood at a rate of 4.59 million.

Stewart Lender Services, a provider of servicing and mortgage origination support services, announced Wednesday the new Servicing Quality Control service offering for mortgage servicers. Stewart's servicing quality control will be offered through its Capital Markets Group based in Denver.

Fannie Mae released its Comprehensive Income Statement for the fourth quarter of 2013, noting a quarterly net income of $6.5 billion. It was the eighth consecutive quarterly profit for the government-sponsored enterprise (GSE), resulting in a large dividend payment to the U.S. Department of the Treasury.

After Consumer Financial Protection Bureau (CFPB) Deputy Director Steven Antonakes decried mortgage servicers for not doing enough to mend the industry after the recent housing crisis, one industry leader called his comments "inflammatory and without benefit to the audience."

Virpack has released version 3.3 of its Document Management and Delivery System. The Virginia-based company announced in a press release that the new version is “designed to make a real difference to lenders because they reduce labor costs, improve accuracy, and increase origination and delivery efficiencies.”

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that two Florida men accused of defrauding homeowners have been sentenced to 84 months in federal prison. Christopher Godfrey and Dennis Fischer were sentenced to 7 years in prison Thursday, as well as a subsequent three years of supervised release, for initiating a scheme to defraud homeowners by charging fees for applications that are provided by the government for free.

Low inventory and rising prices are thwarting demand in the housing market as overall home competition is down from last January. Numbers showing competition between buyers in January, 2014, are up, but yearly overall competition for 2014 is expected to dwindle as rising prices prevent many home shoppers from feeling that they are “getting a deal,” according to Redfin.

In a move that could signal a sea change in the industry, mortgage banking law firm Butler & Hosch recently announced that it would acquire Atlanta-based McCurdy & Candler’s default practice.