Timothy M. Walsh | May 16
Here’s a fact you may not be aware of: properties governed by homeowner associations are the most rapidly growing form of housing in the U.S. today. Nearly 80% of new home construction is connected with an HOA or community association, according to the Community Associations Institute, the trade association representing HOAs.
Amilda Dymi | May 14
Today’s mortgage bankers have to accept very, very long audits as a marketplace reality. Whether they find auditors likeable and useful, on the other hand, is highly disputable.
Paul Muolo | May 14
But what does the eventual resolution of ResCap really mean? Answer: A new, stronger competitor (Nationstar) could rise from the ashes. (If Dan Mudd was still at Fortress -- which owns a piece of Nationstar -- he might be considered the “Comeback Kid.”)
Paul Muolo | May 11
Is the mortgage industry in the throes of what might turn out to be a lengthy and profitable recovery? Let’s look at the signs: Fannie Mae just posted a hefty profit, Freddie Mac has earned money on an operating basis for at least two quarters in a row, many lenders are enjoying strong profit margins and the HARP program appears to be humming along. Optimists might have reason to pop some champagne.
Heather Hendrix | May 11
The National Mortgage Settlement between state attorneys general and the federal government on one side and major mortgage servicers on the other is likely to affect the way small servicers and subservicers do business.
Mark Fogarty | May 11
Over the past dozen years, one of the best things I’ve done on the road is to gather top industry officials around me and have a freeform, on-the-record roundtable of industry issues.
Steve Meyer | May 10
Many foreclosed properties sell at far lower prices because servicers and investors often fail to carry out repairs and take full advantage of insurance coverage when properties sustain insurable damages.
Diane Gozza | May 08
The Consumer Financial Protection Bureau is charting the course for new regulation on qualified mortgages, the new QM rule. Their goal is to dissuade lenders from partaking of mortgage loan programs that involve undo risk taking by imposing more stringent underwriting principals to potential loan applicants, including requiring that borrowers show they have the ability to repay a loan.
Paul Muolo | May 08
What the heck ever happened to Uncle Sam’s subprime (real estate) lender, Springleaf Financial? Good question.
Paul Muolo | May 07
HARP 2.0 is hot – or so we keep hearing. Late last year the Treasury Department finally found the keys to the HARP kingdom: take the loan-to-value ratio girdle totally off the patient and see what happens.
Paul Muolo | May 03
It’s not easy being president. Just ask George W. Bush or Jimmy Carter. As for the current inhabitant of the White House, he was a bit late to the game when it came to tackling the housing and mortgage crisis. He wants to fix the housing/mortgage mess and he controls (sort of) three entities that can aid in that recovery: Fannie Mae, Freddie Mac and HUD/FHA
Jennifer Creech | May 03
From time to time I hear appraisers talk about the fact that they feel undervalued, and that the business they’re in is becoming increasingly difficult. Some feel it’s a downright hostile environment for appraisers today.
Mark Fogarty | May 02
Neil Morse was a gifted mortgage writer, an indefatigable road warrior, a thoroughly professional public relations executive, and finally as a colleague for his work with our conference group. He died way too soon (he was 62).
Diane Gozza | May 01
n this season of high political drama it is not really surprising that potential candidates, as well as a myriad of federal agencies, are all jockeying for the most complimentary spot in the limelight. The National Fair Housing Alliance is no exception.
Paul Muolo | Apr 30
For a year now the government owned Ally Financial has kept mum on the idea of throwing ResCap into bankruptcy protection but the self imposed gag order came off late Friday night.
Kathy Cogan | Apr 30
Field service companies have put more emphasis on pre-sale mitigation, auditing the work they complete, and concentrating on other ways to protect the value of REO properties in pre-sale in the future.
Paul Muolo | Apr 27
eWarehouseOne’s Tom Reynolds, Man of Mystery
Paul Muolo | Apr 27
It’s no secret that the mortgage industry – after hearing from its customers – is clamoring for a HARP 3.0 refi solution for underwater loans that are not guaranteed by Fannie Mae and Freddie Mac. But how do we get there?
Richard Cordray | Apr 25
At the start of this year, nearly one in four mortgages was underwater and 4.5 million mortgages were seriously delinquent. And today, some studies estimate that as many as 10 million borrowers are at risk of defaulting on their mortgages in the coming years. One of the problems that has made things even harder for struggling homeowners is the state of the mortgage servicing industry.
Paul Muolo | Apr 24
In a few weeks we’ll know whether the Treasury Department’s third largest investment in housing/mortgages will file for bankruptcy protection. I’m talking about Residential Capital Corp./GMAC, which recently missed a bond payment and has 30-days to make good on it.
Derrick Logan | Apr 24
Until recently, the deterioration of properties didn’t pique the interest of servicing agencies until it was clearly designated REO and, until recently, this was all well and good. But the winds have changed.
Paul Muolo | Apr 20
The Consumer Financial Protection Bureau poked its thumb in the eye of residential loan officers originating mortgages for depositories.
Paul Muolo | Apr 17
For Residential Capital Corp. the shinola hit the fan on Tuesday. Early this morning ResCap filed a notice with the SEC saying it missed a scheduled payment on its debt Tuesday, laying the ground work for an eventual default - that is, if the payment is not made up within 30 days.
Paul Muolo | Apr 16
Rumors are starting to surface that if and when a 'HARP 3.0' program is unveiled it will include non-GSE loans. As one commenter told us, "There are a lot of Alt-A loans that look just like GSE loans, but went to private investors. Why should they be punished because their loan was sold to the wrong investor?"
Paul Muolo | Apr 13
Over the past two months National Mortgage News has been reporting on a mysterious warehouse lender called eWarehouseOne. Late this week we learned that Anthony J. Simich, a division vice president for the firm - and one of few employees there who actually returns phone calls and emails - resigned.
Mark Fogarty | Apr 13
One of the easiest ways to get my attention is to follow me on Twitter and shoot me a message. I'm @mortgagenewz.
Alan Jaffa | Apr 13
Field service companies need to maintain a quality vendor network to complete property preservation work effectively and to show theirs and their clients’ commitment to strengthening communities across the country.
Paul Muolo | Apr 12
The need for sensible subprime residential lending (hard money, call it what you may) has never been greater, but I would venture that less than $1 billion of these loans were originated last year, and maybe that's a generous estimate. I know of a few mortgage executives who have tried in vain to raise private equity money but with no luck.
Ronald Jasgur | Apr 11
If your Loss Mitigation and REO Departments interact with listing agents in the traditional fashion, then you are enabling fraud.
Diane Gozza | Apr 10
In 1848, the discovery of gold in California proved to be one of the most significant events in U.S. history. The dream of striking it rich and reaping the benefits of copious finds held a strong allure for many adventurous risk takers. Today, investors armed with reams of data and metrics, and that same adventurous spirit, are looking at the foreclosure to rental property market with that same gleam in their eyes.
