News

In order to meet the growing demand for commercial/multifamily loan products, AmVest Capital, LLC, a Charleston, South-Carolina-based provider of financial services and solutions to community and regional banks nationwide, has teamed up with Arbor Commercial Mortgage, a New York-based national direct lender. Through this new partnership, AmVest will now offer a complete line of Fannie Mae Delegated Underwriting & Servicing products to its group of more than 100 banks across the nation.

National home prices in May came in 6.8 percent higher than a year earlier, according to a Clear Capital study released Thursday. It's the largest annual increase recorded by the real estate valuation firm since July 2006. May's gains followed the back-to-back 5.1 percent yearly gains achieved in March and April, and demonstrate a sustained housing recovery off of last year's lows, Clear Capital says. In addition, REO supplies have declined significantly. The present REO saturation rate of 27.8 percent compares to last year's 41.7 percent.

In an effort to help every qualified Mississippian own a home, the Mississippi Development Authority is overseeing a limited-time grant program. Authorized through HUD, the ""Home Buyer Advantage"" program provides one-time downpayment assistance grants ranging from $14,999 to $39,999 to individuals buying foreclosed property as a primary residence in Mississippi.

Bank of America has become the largest mortgage servicer to join HOPE LoanPort, the new Web-based housing counselor tool that streamlines submission of completed loan modification applications. As part of its participation agreement, the bank has committed to use HOPE LoanPort's proprietary technology to partner with nonprofit housing counselors to assist homeowners with loan modifications. Larry Gilmore, CEO of HOPE LoanPort, said this is a significant development in the evolution of HOPE LoanPort, with far reaching implications.

Charge-offs and non-performers continue to eat away at profitability and the sheer fundamentals of the U.S. banking system, according to Moody's Investors Service. The firm says 5 percent of banks' loans are currently non-performing assets. Moody's has estimated total loan charge-offs of $744 billion from 2008 through 2011. So far, the banks have recognized 60 percent of Moody's estimated total charge-offs and 65 percent of estimated residential mortgage losses, but only 45 percent of projected commercial real estate losses.

In what seems to be an ever-increasing trend, both sales and prices of homes and condos in Connecticut increased on a year-over-year basis in April, according to a recent report by the Warren Group, a provider of real estate data in New England. ""Sales of single-family homes and condos have been climbing year-over-year for seven straight months now and prices have also been on the rise,"" said Timothy M. Warren Jr., CEO of the Warren Group.

Oregon Housing and Community Services, one of five state housing finance agencies selected to receive foreclosure assistance funds through the second round of the administration's Hardest Hit Fund, has submitted a proposal to the Treasury Department detailing how it plans to use its $88 million allocation. The department said its proposal, which comprises five separate programs, will serve a minimum of 6,300 struggling homeowners.

Home loan servicers are continuing to step up efforts to put distressed homeowners into more sustainable mortgages, according to data released this week by HOPE NOW. The number of loan modifications offered to homeowners during the month of April - more than 172,000 - represents a 46 percent increase compared to a year earlier, when the industry completed nearly 118,000 loan mods. Nearly two-thirds of the April 2010 number were through servicers' own proprietary, non-government mod programs.

After weeks of continuous declines, mortgage rates remained nearly unchanged for the week ending June 3, 2010, Freddie Mac and Bankrate reported Thursday. According to Freddie Mac's Primary Mortgage Market Survey, 30-year fixed-rate mortgages averaged 4.79 percent this week, barely inching up from last week's average of 4.78 percent. Bankrate's study put 30-year rates at 4.95 percent this week, up slightly from 4.92 percent.

Mortgage Cadence, Inc. has been selected by Carnegie Mortgage LLC to replace the company's mortgage lending and document management technology platform. Carnegie originates approximately $200 million in mortgages per month via its retail and wholesale operations, and turned to Mortgage Cadence to provide enterprise-level technology with the flexibility and scalability to accommodate both channels, as well as the company's national footprint.