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housing market

HUD and the Treasury Department announce new monthly housing scorecard

Home for Sale Credit: Jupiterimages

The U.S. Department of Housing & Urban Development (HUD) and the U.S. Department of the Treasury have introduced a monthly scorecard on the nation's housing market. Each month, the scorecard will incorporate key housing market indicators and highlight the impact of the Administration's unprecedented housing recovery efforts, including assistance to homeowners through the Federal Housing Administration (FHA) and the Home Affordable Modification Program (HAMP). This scorecard contains key data on the health of the housing market including:Click to continue

MBA responds to Senate passage of financial regulatory reform

Robert E. Story Jr., CMB, chairman of the Mortgage Bankers Association (MBA) has issued the following comment reacting to passage of S. 3217, the Restoring American Financial Stability Act of 2010: "MBA has long supported a more efficient regulatory regime for the financial services industry, and passage of the bill is another important milestone. However, the bill, as we view it, still has flaws that will negatively impact borrowers and the real estate markets.Click to continue

Sterling Bancorp announces launch of Sterling Warehouse Lending Group

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Sterling Bancorp, a financial holding company based in New York City and the parent company of Sterling National Bank, has announced the launch of a new mortgage warehouse lending business to serve the financing needs of the residential mortgage banking industry as the U.S. housing market recovers. Known as Sterling Warehouse Lending Group, the new division will provide funding to highly qualified mortgage banking firms from the time of closing until the mortgages are sold.Click to continue

FHA to issue regulations to increase net worth requirements of approved lenders

FHA Commissioner David H. Stevens at podium during NAMB 2010 Legislative & Regulatory Conference in D.C.

The Federal Housing Administration (FHA) has announced new regulations to further reduce and better manage counterparty risks to its insurance funds as it continues to play a critical role in the nation's housing market. FHA will issue regulations to increase the net worth requirements of FHA-approved lenders, strengthen lender approval criteria, and make lenders liable for the oversight of mortgage brokers.Click to continue

PHH announces changes to its board of directors

PHH Corporation Logo

PHH Corporation has announced that Ann D. Logan is leaving the company's board of directors, effective April 1, 2010. PHH also announced the appointment of Deborah M. Reif to the board, effective April 1, 2010, as a Class II director to fill the vacancy created by Logan's resignation. Reif will serve as a member of the company's finance and risk management committee.Click to continue

LPS report finds an estimated one million properties currently in REO status

LPS Logo

The February 2010 Mortgage Monitor report, released by Lender Processing Services Inc. (LPS), a provider of mortgage performance data and analytics, shows that while delinquency rates in the U.S. have risen to historic highs, the pace of deterioration has slowed. However, the nation's housing market remains far from a full recovery.Click to continue

National Quick Sale and Hollander join forces to expedite short sales

Hands Shaking

National Quick Sale, a provider of short sale automation technology, has announced a business partnership agreement with real estate and mortgage services provider Hollander Financial Holding Inc. of Claremont, Calif., to promote the use of its short sale platform’s capabilities through Hollander’s extensive network of real estate professionals across the country. National Quick Sale’s Web-based technology enables all parties in a short sale opportunity to easily monitor workflow and complete documentation requirements in a condensed time frame.Click to continue

NAHB poll finds support for government housing initiatives

Home Sales Rise Pic

Americans remain strongly committed to federal support for homebuyers, according to a recent survey of U.S. households conducted by the National Association of Home Builders (NAHB) by RT Strategies. Roughly 68 percent of those polled said the government should continue to support housing, and 65 percent believe the government should be doing more to keep families from losing their homes to foreclosure.Click to continue

The Secondary Market Overview: From bonds to production ... Fraud and the secondary markets

Secondary Column Artwork

Today’s issue is fraud. Fraud affects the secondary markets in two very important ways: The existence of fraud is a valid reason to require a seller to repurchase a mortgage. This is commonly known as a “buyback.” The higher the prevalence of fraud within mortgages originated, the higher the risk of default of these mortgages, and thus, the lower the value of the commodities created and sold in the secondary markets. In other words, the more fraud in our industry, the higher rates will go.Click to continue

IAS360 House Price Index drops 0.7 percent in December

House Money Loss Pic

Integrated Asset Services LLC (IAS), a leader in default management and residential collateral valuations, has released the latest IAS360 House Price Index (HPI). Based on the timeliest and most granular data available in the industry, the index for national house prices fell 0.7 percent in December. Save for a brief rally across the summer, the leading benchmark for U.S. housing was down nearly all of 2009. Finishing with five straight down periods, the IAS360 was off 5.3 percent for the 12-month stretch. This relatively modest decline follows an 11.7 percent decline in 2008.Click to continue