News

An Equifax survey of 3,000 lenders, brokers, and borrowers shows that the majority of mortgage providers are compliant with the new regulations of the Real Estate Settlement Procedures Act (RESPA) for loan originations. However, according to the findings, the RESPA changes have caused borrower confusion and increased application time.

The House Financial Services Committee approved legislation Tuesday that lawmakers say will ensure the Federal Housing Administration (FHA) remains viable and continues its mission of insuring mortgage loans. The measure was drafted after rising defaults caused the federal agency's reserves to fall below the two percent level required by law. It allows FHA to raise annual premiums charged to borrowers, and enhances the agency's authority to terminate lenders' business when incidences of fraud or noncompliance are uncovered.

Pinnacle, an international real estate management firm headquartered in Seattle, recently appointed Greg Signer as VP of operations for the company's East region. In this new position, Signer will be responsible for the oversight of existing owned assets, new developments, and new business development.

Chase announced Tuesday that it is opening a homeownership center in the Stockbridge area of Atlanta this week. The center, which is the second in Georgia, will offer one-on-one help to families struggling with their mortgage payments. With the opening of this new location, Chase now has 51 homeownership centers in 14 states and Washington, D.C. Borrowers struggling with Chase, Washington Mutual, or EMC Mortgage-serviced loans can schedule appointments at these centers or simply walk in six days a week to receive assistance from trained advisors.

Treasury announced plans in March to allow principal reductions for distressed borrowers who owe more on their mortgage than the home is worth. The move has sparked a debate over the ramifications of mortgage debt forgiveness. The credit ratings agency DBRS says even investor reaction to the push for debt forgiveness has been mixed. But the firm says if done properly, principal write-downs will benefit securities investors in the long-run, and could moderate the ever-increasing delinquency pipeline and shrink swollen housing supplies.

After conducting an analysis of its recent sales data, Equi-Trax Asset Solutions LP, a national collateral valuation provider, found that lender demand for hybrid broker price opinions (BPOs) has notably increased over the last two years. Guy Taylor, CEO of Equi-Trax, said there are two major trends driving this surge in lender demand.

NewOak Capital LLC announced Monday the appointment of Carlos A.G. Vigon as managing director of the firm's commercial real estate investments and services division. Vigon will focus on expanding NewOak Capital's capabilities in commercial real estate principal investments, asset management, private equity, and advisory services across the property, loan, and commercial mortgage-backed securities (CMBS) segments.

Hudson & Marshall of Texas, Inc, (H&M) announced Tuesday that it is planning to auction off more than 230 Kansas City Homes in a two-day receiver's auction to be held on May 14 and May 15. The properties to be included in the auction are valued from $2,000 to $94,000 and come with an insurable title and no back taxes or liens. And in an effort to quickly sell these homes, most will be sold absolute - no minimum and no reserve bids - to the highest bidder regardless of price.

While the ultimate benefit of moving mortgage originations into the electronic age is a streamlined process that saves time and resources and minimizes errors, the actual transition to a paperless environment can be cumbersome and costly. Enter Xerox Corporation. The company says it can help the industry overcome the hurdles of eMortgage adoption with new on-demand services that require little set-up or upfront investment.

As part of its ongoing efforts to stabilize neighborhoods across the country, Fannie Mae announced Tuesday that it has extended its seller assistance incentive on properties purchased through HomePath, the company's REO disposition operation. Through this program, qualified buyers receive 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of selected appliances. The offer is available to any owner-occupant who closes on the purchase of an REO property listed on the HomePath Web site by June 30, 2010.