News

According to recently released reports from the Nevada Title Company, the closing price for homes in Las Vegas Valley was $135,000 in September, down $5,000 from the closing price in August and down $3,000 from September 2009. Last month, 984 REO homes and 734 short sales were closed, making up 40 percent and 31 percent of all closings in the Valley, respectively. The latest figures from Nevada Title suggest that REO inventory, although high, may begin to steady in coming months.

Based on data from six member firms, Mortgage Insurance Companies of America (MICA) reports that the companies accounted for a total of $780.3 billion in primary mortgage insurance in force in August. The private mortgage insurance industry enjoyed its best month of the year for new business. The dollar volume of primary insurance on newly originated conventional mortgages totaled $6.4 billion. MICA's members reported that 32,215 borrowers used private mortgage insurance to buy or refinance a home in August.

Chase announced this week that it plans to participate in Michigan's Hardest Hit Fund program to offer assistance to homeowners in the state who are receiving unemployment benefits. The Michigan State Housing Development Authority designed the program to help borrowers stay current on their mortgage even after they have lost their jobs. Chase will partner with the state agency to make the program available to its customers. The program will pay up to half of qualified borrowers' monthly mortgage payments for up to 12 months.

The Mortgage Bankers Association's (MBA) index of loan applications for home purchases jumped 9.3 percent last week as mortgage interest rates dropped again. It's the highest reading for purchase activity since the expiration of the homebuyer tax credit, and could signal a rebound in home sales ahead. The increase was led by a 17.2 percent upsurge in Federal Housing Administration (FHA) applications, as borrowers sought to beat the agency's October 4th effective date for higher credit score and down payment requirements.

Resolute Commercial Services, a Scottsdale-based real estate receivership company, has expanded east with the launch of its new Dallas location. The company says the new office will allow it to connect with the commercial mortgage-backed securities (CMBS) marketplace in Texas. Resolute Commercial Services focuses on markets in the Southwest United States but has experience nationally, offering its services to lenders, bankruptcy attorneys, developers, investors, and operators.

Safeguard Properties, the largest privately held mortgage field services company in the country, recently promoted Michael Halpern to director of community initiatives. In this role, Halpern will manage Safeguard's newly created government relations department, which includes working with code enforcement departments, city councils, community organizations, and state entities to establish stronger partnerships on behalf of Safeguard's clients.

OneWest Bank, the Southern California regional lender that was formed out of the old IndyMac, announced Tuesday that it has implemented the new Principal Reduction Alternative (PRA) piece of the administration's Home Affordable Modification Program (HAMP). OneWest is one of the first servicers to officially launch the program, which was initially introduced by the Treasury in late March to provide some mortgage relief to the growing number of homeowners underwater on their mortgage.

House Speaker Nancy Pelosi and fellow members of the California Democratic Congressional Delegation are petitioning federal regulators and the U.S. Department of Justice to launch a formal investigation into servicers' foreclosure practices. The request was prompted by the recent reports of systemic mishandling of foreclosure affidavits by three major mortgage servicers. Delegation members say they have received thousands of complaints from their constituents, which ""appear to outline a clear pattern of misconduct on the part of lenders and servicers.""

Homebuilder Lennar Corporation has acquired around $740 million in loans and distressed real estate from three large financial institutions. The combined portfolio includes both residential and commercial properties and consists of approximately 397 loans and 306 properties.

Questions about the legality of foreclosure proceedings have prompted Old Republic National Title Insurance to decide it will no longer insure titles to homes foreclosed by JPMorgan Chase and GMAC Mortgage. Chase and GMAC both halted foreclosure sales in 23 states and are reviewing legal filings that they say may have been signed without a notary's presence or without verifying the supporting documents.