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Residential

A Tough Road for the Independents

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During the past four quarters, independent mortgage banks and the mortgage subsidiaries of chartered banks registered rather disturbing data in regard to their average profit per loan and origination expenses.Click to continue

Step Inside Ginnie Mae

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National Mortgage Professional Magazine and Ginnie Mae are partnering to provide you with useful and relevant information through a bi-monthly series, “Step Inside Ginnie Mae.” This series will provide insight into the housing finance industry, the secondary market, and specifically, how Ginnie Mae works to bring global capital into the mortgage market while minimizing risk to taxpayers. In addition, we will highlight many of Ginnie Mae’s leaders, including Ted Tozer, Mary Kinney and others you’ve heard from in the past.Click to continue

Mortgage Loan Originator Uniform State Testing

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More states have adopted, or will adopt, the use of the Uniform State Test (UST) for compliance with education requirements under the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). The SAFE Act requires mortgage loan originators (MLO) to pass a “qualified written test” before they can be licensed.Click to continue

Mitigating the Risk of Distributed Denial-of-Service Attacks

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On Tuesday, April 1, 2014, Ellie Mae’s systems were compromised by a Distributed Denial-of-Service (DDoS) attack. Resources known to be affected were all Encompass services, including Encompass Docs Solution, Electronic Document Management (eFolder), Encompass Product and Pricing Service, Encompass Compliance Service and Ellie Mae Network Services.1Click to continue

Report Finds Oceanfront and Lakefront Home Values Near Double Median Prices

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Nationwide, the typical oceanfront or lakefront, single-family home is worth more than double the median value of all homes, and in some communities the median waterfront house could be worth ten or more times the median value of non-waterfront houses, according to a new analysis by Zillow. In the U.S. at the time of this analysis, the median single-family home was worth about $171,600, while the median waterfront house was valued at $370,900, a waterfront premium of 116.1 percent.Click to continue

Downpayments on the Rise in Q2

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According to a report released by LendingTree, down payment percentages for conventional 30-year fixed rate purchase mortgages increased in the second quarter to an average of 17.28 percent, up from 15.78 percent in Q1 2014. Additionally, the average down payment amount also increased, from $34,733 in Q1 2014to $37,576 in Q2.Click to continue

Year-Over-Year Foreclosures Down Nine Percent in August

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RealtyTrac has released its U.S. Foreclosure Market Report for August 2014, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 116,913 U.S. properties in August, an increase of seven percent from the previous month, but still down nine percent from a year ago. The report also shows one in every 1,126 U.S. housing units with a foreclosure filing during the month.Click to continue