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OfferSubmission Says It Can Sell REOs Faster for More Money

Woodward Asset Capital recently released a statement detailing the capabilities of OfferSubmission, a hosted application designed to ease confusion and stem losses and discrepancies due to missed offers and poor organization. The company says transactions negotiated through OfferSubmission net 100 percent or more of the list price 50 percent of the time.

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Mortgage Rates Fall to New Lows…Again

How low can we go? When it comes to mortgage rates, the floor keeps dropping. Industry reports released Thursday show that interest rates for home loans - already at their lowest marks in more than a half-century - dropped again this week. Market analysis conducted by Freddie Mac puts the 30-year fixed rate at 4.32 percent and the 15-year rate at 3.75 percent. Bankrate says rates for the larger jumbo 30-year fixed mortgage also inched lower to 5.16 percent.

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Financial Stability Oversight Council to Hold First Meeting

Tomorrow, Friday, October 1, Treasury Secretary Tim Geithner will host the Financial Stability Oversight Council's first meeting at the U.S. Department of the Treasury. Geithner is the chairperson of the Council. The meeting will include both a closed session and an open session, which begins at 2:30 p.m. EDT and will be streamed live on the Treasury's Web site.

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Ambac Suing BofA over Countrywide Mortgage-Backed Securities

Ambac Financial Group, Inc. opened a lawsuit against Bank of America Corp. over improperly underwritten loans the company says the bank's Countrywide unit used to induce it into purchasing mortgage-backed securities. After reviewing 6,533 of the 268,000 loans it insured for Countrywide, Ambac found that 97 percent of the reviewed loans didn't follow the underwriting guidelines Countrywide said it used to assemble loans.

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Fannie Mae Downsizes Portfolio as Delinquencies Decline

The nation's largest mortgage financier is shrinking its portfolio. Fannie Mae reported this week that its holdings declined at a compound annualized rate of 4.1 percent in August, while its total book of business fell by 1.3 percent. At the same time, delinquency levels fell across the board. Fannie Mae's single-family serious delinquency rate dropped 17 basis points in July to 4.82 percent. The multifamily serious delinquency rate declined 6 basis points to 0.74 percent.

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Countdown To Buy Launches Private Label Solution

The online real estate marketplace Countdown To Buy recently launched ""powered by Countdown To Buy,"" a private label solution featuring the company's online offer management and negotiation platform. According to the company, the new designation enables institutions and real estate companies to leverage their existing brand and take advantage of the benefits offered by Countdown To Buy's platform and hosted solutions.

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Realtor.com Unveils Redesigned Site

California-based Move, Inc. launched a redesigned Realtor.com Web site that uses new technology to combine multiple searches to help customers find properties and agents that suit their needs faster and more efficiently. Move, Inc. says the primary objective for the redesign was to create a search experience that places more information in the hands of both Realtors and consumers, and positions real estate professionals as local experts.

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Wealthbridge Mortgage to Close Doors, Lay Off 109

Due to a failed business acquisition with Venn Capital Group Holdings, LLC, Wealthbridge Mortgage will be closing its doors. The Oregon based Wealthbridge has already laid off 16 employees and announced it will lay off its remaining 109 employees in mid-October.

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Foreclosures and REOs Were 24% of Q2 Sales: RealtyTrac

New data released by RealtyTrac Thursday shows that foreclosure and REO homes accounted for 24 percent of all residential sales during the second quarter. A total of 248,534 properties in default, scheduled for auction, or repossessed by the bank sold to third parties during the April to June timeframe. RealtyTrac says on average, these homes went for a discount of 26 percent. The second-quarter share of foreclosure sales is up nearly 5 percent from the previous quarter, but still down 20 percent compared to the second quarter of 2009.

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Fannie Mae’s EarlyCheck Aims to Mitigate Loan Repurchases

Fannie Mae has enhanced its EarlyCheck technology service to help lenders identify eligibility or data issues with loans they plan on selling to the GSE in order to minimize the risk of repurchases. With EarlyCheck, lenders now have access to Fannie Mae delivery data checks at any point in the business process, allowing them to spot and correct potential underwriting errors earlier in the process - from prior to closing through to the pre-delivery stage.

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