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Mortgage Brokers

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

Weekly Initial Unemployment Claims decrease to 435,000

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Weekly Initial Unemployment Claims decrease to 435,000

The DOL reports on weekly unemployment insurance claims: In the week ending Nov. 6, the advance figure for seasonally adjusted initial claims was 435,000, a decrease of 24,000 from the previous week’s revised figure of 459,000. The 4-week moving average was 446,500, a decrease of 10,000 from the previous week’s revised average of 456,500....
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Hoenig reiterates call for end of ZIRP, supports sunsetting GSEs

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Hoenig reiterates call for end of ZIRP, supports sunsetting GSEs

The president of the Federal Reserve Bank of Kansas City once again called for an increase in the benchmark fed funds rate away from zero to stabilize the economy and "foster a more sustained housing market." Thomas Hoenig told the National Association of Realtors in New Orleans that moving the rate off zero, where...
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BofA expects only $31 billion in prosecutable offerings in MBS case

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BofA expects only $31 billion in prosecutable offerings in MBS case

Bank of America (BAC: 12.36 +1.90%) said Friday that it expects the number offerings involved in a class action lawsuit against its acquisition Countrywide Financial Corp. to be substantially reduced after a California court dismissed an amended version of the case filing. Bank of America believes the number of offerings considered for prosecution will...
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Mortgage Vs. Deed of Trust–Explained

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Mortgage Vs. Deed of Trust–Explained

by Martin Goodman LEAVE YOUR QUESTIONS/COMMENTS BELOW! The difference between a mortgage and deed of trust is subtle. Both are used in bank loans and private loans. Both create a lien on real estate, both are considered, by law, evidence of a debt and both are generally recorded in the county in which the...
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Posted in Mortgage Brokers, Note Investing | 4 Comments »

Uncover the Power of Seller Financing

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Uncover the Power of Seller Financing

Leave your seller finance questions in the comments area below… by guest writer Julie Broad During the heated market conditions of the mid-2000′s, sellers willing to finance real estate deals were really tough to find. Homes were selling fast and for so much more money than most sellers expected. Today, with cooler housing conditions,...
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Posted in Mortgage Brokers, Note Investing | 16 Comments »

PHH narrows 3Q loss as mortgage closings surge

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PHH narrows 3Q loss as mortgage closings surge

PHH Corp. (PHH: 20.07 0.00%) narrowed its loss in the third quarter to million, or 14 cents a share, from million, or 94 cents a share, a year earlier, as mortgage closings increased. Revenue for the three months ended Sept. 30 rose to 2 million from 7 million in the comparable period inĀ  2009....
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MICA insurance applications up 31.8% in September compared to 2009

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MICA insurance applications up 31.8% in September compared to 2009

Mortgage insurance applications rose in September for the six firms of the Mortgage Insurance Companies of America, a trade association representing the private mortgage insurance industry. According to the trade group's monthly statistical report, September applications totaled 39,846, up 0.8% from August and up 31.8% from one year ago. MICA reported the cure rate...
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Vegas home sales down 15% in September: DataQuick

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Vegas home sales down 15% in September: DataQuick

Las Vegas home sales fell 15% in September from a year ago but held flatter than normal on a monthly basis, according San Diego-based real estate data provider MDA DataQuick. There were 4,276 new and resold home sales in Las Vegas for September, down 0.2% from August. Monthly sales did fall nearly as far...
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MGIC extends 97% LTV mortgage insurance to existing homeowners

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MGIC extends 97% LTV mortgage insurance to existing homeowners

MGIC Investment Corp. (MTG: 9.21 -5.05%) will insure 97% loan-to-value ratio mortgages for existing homebuyers effective Nov. 1. The mortgage insurer currently insures such loans for first-time homebuyers only. Qualifying mortgages are written in non-restricted markets and hold a maximum loan amount of 7,000. The buyers must have a minimum credit score of 700....
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DataQuick: California Mortgage Defaults Rise in Third Quarter

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DataQuick: California Mortgage Defaults Rise in Third Quarter

Click on graph for larger image in new window. This graph shows the Notices of Default (NOD) by year through 2009, and for the first three quarters of 2010, in California from DataQuick. Although the pace of filings has slowed from the previous two years, it is still very high by historical standards. From...
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