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Mortgage Brokers

Welcome to the special Real Estate Industry Bulletin for Mortgage Brokers.

Federal refi plan should support secondary markets: BofA

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Federal refi plan should support secondary markets: BofA

Any government effort to revamp programs offering homeowners financial relief must focus on the riskiest borrowers and must measure the impact on secondary markets, said a report from Bank of America Merrill Lynch mortgage-backed securities strategists. As it looks to boost the economy, the Obama administration is reportedly considering a sweeping new plan to...
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Newly public Zillow swings to first-ever profit

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Newly public Zillow swings to first-ever profit

Online real estate marketplace Zillow (Z: 26.26 +7.27%), which went public last month, marked its first quarter of profitability with net income of .6 million in the second quarter, or break even on a per share basis, up from a .92 million loss, or 16 cents per share, in the year-ago quarter. Total revenue...
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Mortgage Delinquencies by State: Range and Current

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Mortgage Delinquencies by State: Range and Current

Earlier I posted a graph on mortgage delinquencies by state. This raised a question of how the current delinquency rate compares to before the crisis – and also a comparison to the peak of the delinquency crisis in each state. The following graph shows the range of percent seriously delinquent and in-foreclosure for each...
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HUD extends higher conforming loan limit for reverse mortgages

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HUD extends higher conforming loan limit for reverse mortgages

The Federal Housing Administration conforming loan limit on forward mortgages is set to drop in October but not so for reverse mortgages. The Department of Housing and Urban Development will extend the 5,500 maximum loan amount for a reverse or Home Equity Conversion Mortgage through Dec. 31, 2011 according to a lender letter sent...
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Next 2 Years is Prime Time for Real Estate Investors

Next 2 Years is Prime Time for Real Estate Investors

Real estate investors are likely to be three times more active than other types of home-buyers in their local markets within the next two years, according to a national survey by Realtor.com operator Move Inc. Market research firm GfK Custom Research North America conducted the survey on behalf of Move from April 11-15, 2011....
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Early Read: 2012 Social Security Cost-Of-Living Adjustment on track for 3%+ increase

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Early Read: 2012 Social Security Cost-Of-Living Adjustment on track for 3%+ increase

The BLS reported this morning: “The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 4.1 percent over the last 12 months to an index level of 222.686 (1982-84=100).” CPI-W is the index that is used to calculate the Cost-Of-Living Adjustments (COLA). Here is an explanation … The calculation dates have...
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Mutli-family Starts and Completions, and Quarterly Starts by Intent

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Mutli-family Starts and Completions, and Quarterly Starts by Intent

I’ve been forecasting that: • Multi-family starts will be up significantly this year, but • Multi-family completions will be at or near a record low. Since it takes over a year on average to complete multi-family projects – and multi-family starts were at a record low last year – it makes sense that there...
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National Economic Outlook (August 2011)

National Economic Outlook (August 2011)

Jobs, jobs, jobs! That’s what we’ll hear from now on through the 2012 election, and rightly so. Although they claim otherwise, Wall Street and the Big Banks are not the essential, indispensable, must-be-bailed-out part of the national economy: it’s people with jobs.  Those people account for 70 percent of the economy (the government is...
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Quote of the Day: “If you don’t have the demand, you don’t hire the people”

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Quote of the Day: “If you don’t have the demand, you don’t hire the people”

From Alana Semuels at the LA Times: Companies are afraid to hire, even if business is improving Though South Coast Shingle Co. is in the black for the first time in a few years, is fearful of hiring more people in what he believes is a shaky economy. “I hear...
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Refinancing surges as mortgage rates dip below 4.5%

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Refinancing surges as mortgage rates dip below 4.5%

?A surge in mortgage refinancing applications last week is likely to create a bump in lending activity, but only for as long as mortgage rates hold below the 4.5% level, analysts say. "For lenders, when mortgage rates take a drop like they have, especially when it involves record lows, the phones ring off the...
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