Tag Archives: Attorneys & Title Companies

The rental market appears to be doing more than just sustaining its health. After surveying property managers, TransUnion found that increasing prices aren't keeping tenants away. Overall, managers reported they are doing better than the year before and are having an easier time attracting residents despite the increase in prices. Almost half (48 percent) of the managers surveyed reported rental price increases on the majority of their units since last year in June. Nearly 73 percent of managers said finding residents is not difficult compared to 67 percent last year.

The economy expanded at a modest to moderate pace from early April to the end of May, the Federal Reserve reported Wednesday in its periodic Beige Book. The assessment reflected a weakening from the report in April when the expansion was characterized as moderate. Economic outlooks, according to the report, ""remain positive, but contacts were slightly more guarded in their optimism."" Activity in the New York, Cleveland, Atlanta, Chicago, Kansas City, Dallas, and San Francisco districts was described as moderate, while the Richmond, St. Louis, and Minneapolis districts noted modest growth.

Austin, Texas based-Field Asset Services (FAS) launched FAS Vendor University, an online course designed to help FAS vendors learn how to manage their businesses and improve their operations. The program lasts for six-months and also incorporates hands-on learning activities.

State regulators closed Global Commerce Bank of Doraville, Georgia on Friday, marking the first bank closing for March and the second Georgia bank to close in two weeks. So far this year, twelve FDIC-insured banks have closed. The FDIC entered into a purchase and assumption agreement with Metro City Bank of Doraville, Georgia, to assume all of the deposits of Global Commerce Bank.

Financial Asset Services recently announced that the company has received its Woman Business Enterprise Certification (WBE) from the Woman's Business Enterprise National Counsel (WBENC). Financial Asset Services, based in Irvine, California, has been serving customers in the asset management, property disposition, and valuation services fields for 30 years. The company serves banks, mortgage companies, financial institutions, and servicers nationwide.

After falling to a 13-year low during the second quarter, the U.S. homeownership rate posted a highly unexpected rise in the third quarter. Data released by the Census Bureau Wednesday puts the nation's homeownership rate at 66.3 percent. That's up from 65.9 percent at mid-year. With foreclosures forcing homeowners out of their homes and buyers waiting on the sidelines as home values declined, the rate has been heading south for quite some time. In fact, the third-quarter rise is the first in two years.

Lender Processing Services (LPS) has released a new product that combines the objective precision of AVMs with the detailed review of BPOs. Because AVMs do not often take property condition into account, many default servicers rely on BPOs. However, BPOs allow for a greater amount of subjectivity and can result in inconsistencies. LPS developed the Distressed Asset Review to combine the best characteristics of each method.

Equator reports that over 675,000 short sales have been initiated on its platform since the short sale capabilities were launched in November 2009. The company's short sale technology module connects lenders, homeowners, and their selling agents in order to streamline the approval process for transactions. The company also reported that more than 50 percent of all short sale closings under the federal government's Home Affordable Foreclosure Alternatives (HAFA) program have taken place on its platform.

The U.S. House of Representatives voted Wednesday to pull the plug on HUD's Neighborhood Stabilization Program (NSP) and rescind $1 billion in grant money that has not yet been awarded. The NSP Termination Act (H.R. 861) passed the House with a 242-182 vote. It now moves to the Senate, where it is not expected to be met with such favor. White House officials again indicated that President Obama will veto the bill should it make it that far.

IndiSoft, a Maryland technology development firm that focuses on systems for the default services industry, was awarded the U.S. Government Services Administration (GSA) IT 70 Schedule contract, allowing the company to provide default management technology to government agencies. IndiSoft's mortgage technology is now available on GSA Advantage, the government's electronic ordering system.