News

Starting January 2013, the IRS will accept electronic signatures on Form 4506-T, which will make the process for requesting tax return transcripts easier. National Credit-reporting System, Inc. (NCS) announced the news in a release after receiving communication from the IRS as a participant in its income verification express service (IVES).

As the Federal Reserve launches its QE3 monetary policy, some interpret the plan as a sign Fed Chairman Ben Bernanke has ""gone 'all in' on the U.S. housing market"" and is clinging to hope the housing market can not only recover itself, but also restore the entire U.S. economy. This, at least, is the outlook of Global Markets Intelligence (GMI) Research. The research firm suggests the Fed is turning to the housing market ""as the last, best hope"" for strengthening the overall economy and restoring ""healthy self-sustained economic growth.""

The projected taxpayer cost to preserve the profitability of Fannie Mae and Freddie Mac is lower now that the GSEs are not expected to draw from Treasury to pay dividends and home prices are increasing, according to a report from the Federal Housing Finance Agency. So far, the GSEs have drawn $187.5 billion from Treasury. When assessing potential Treasury draws under three different scenarios, FHFA projects Treasury draws will range from $191 billion to $209 billion at the end of 2015, or an additional $3 to $22 billion in support.

Lender Processing Services' Home Price Index, which reflects transacted sales rather than recorded sales, revealed that the average U.S. home price increased to $205,000 in August, up 0.2 percent from July. The average home price in August 2011 was $199,000, or 2.6 percent less than this year's reading. The most recent price increase brings the HPI up 4.6 percent from January 2012. Minnesota and Michigan led all states in month-over-month price gains, reaching growth of more than one percent.

Summer's end may have led to the close of a strong home-buying season, but a decrease in distressed sales is helping prices maintain their yearly gain and some regions are still experiencing monthly price increases. As of August 23, 2012, prices fell 0.4 percent in 25 major U.S. metropolitan areas from July 23, 2012, according to Radar Logic. Year-over-year, prices were still up 4.5 percent, coinciding with a significant decrease in REO and foreclosure auction sales.

Led by increases in personal consumption, government spending and residential investment, the U.S. economy grew 2.0 percent in the third quarter, the Bureau of Economic Analysis reported Friday, faster than economists expected and a strong rebound from the 1.3 percent growth rate in the second quarter. Economists surveyed by Bloomberg had expected an increase of 1.9 percent.

IndiSoft introduced a quality management platform for mortgage loan originators and servicers. RxOffice Compliance works to help originators lower operational and compliance costs while reducing the risk of credit losses.

A steady drop in distressed home sales may spell a better future for builders, Capital Economics analyst and property economist Paul Diggle says. In a US Housing Market Update released by the firm, Diggle notes that while a substantial overhang of properties still in the shadow inventory will keep distressed sellers in the market, the peak in distressed supply appears to be well behind us, giving homebuilders more room to grow with less competition from discounted existing homes.

Equator, a default servicing technology provider, launched a mobile web portal to offer support for on-the-road real estate agents. EQagent Mobile is the industry's first mobile servicing solution that addresses the needs of agents who are out and about.

The Office of the Special Inspector General for the Troubled Asset Relief Program is advising Treasury to discontinue use of the London Interbank Offered Rate (LIBOR) as a benchmark for interest rates on TARP programs. ""Continued use of LIBOR for TARP while it is broken, unreliable, and remains potentially subject to manipulation undermines public confidence in financial markets and TARP and could put taxpayers at risk,"" SIGTARP stated in its quarterly report.