The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 23, 2010. The Market Composite Index, a measure of mortgage loan application volume decreased 2.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1.9 percent compared with the previous week.
Thursday, April 29, 2010
Purchase Applications Increase, Refinance Applications Decline
Wednesday, April 21, 2010
New Linked in Group
New Jersey Title Industry has a new group on Linkedin. Visit Let’s Talk NJ Title at http://www.linkedin.com/groups?trk=hb_side_g&gid=2974886
Currently there are two threads: one concerning Foreclosures and one discussing the current market in New Jersey.
Continuing Education for Title Agents
Free classifieds for the Title Industry
Friday, April 16, 2010
ABA's in the title industry
He called to see if we were interested in acquiring new business. Well what small independant title agent is not interested in acquiring new business?
His first question to me was "do you have the forms necessary to form an ABA?" I responded that we did not and that I was not interested in forming an ABA. He then took on quite an attitude with me! He stated that he has been averaging 900 deals a year and that he was looking for a new title agent and queried why I was not willing to pay him for referrals. RESPA clearly states that it is not legal for a title agent to provide anything of value in exchange for a referral. I can only hope that his current title agent is not "paying him" for his referrals.
Continuing Education for Title Agents
Free classifieds for the Title Industry
DOES FANNIE MAE OWN THAT PROPERTY YOU WANT TO BUY?
The question presented today is very interesting. Can a buyer's agent get their commission if the property has been sold by them, but there is no trustee's deed on record conveying into Fannie Mae, AND, it is discovered that the foreclosure is defective?
DOES FANNIE MAE OWN THAT PROPERTY YOU WANT TO BUY?
The question presented today is very interesting. Can a buyer's agent get their commission if the property has been sold by them, but there is no trustee's deed on record conveying into Fannie Mae, AND, it is discovered that the foreclosure is defective?
Saturday, April 10, 2010
Mortgage Insight: Views Of The GFE 2010 or Did They Say GOOD Faith Estimate?
I suppose that depending on your position in the process of obtaining a mortgage there are many views that one can take with regard to the new Good Faith Estimate that came into effect 1/1/10. I thought it might be interesting to look at this excercise through the eyes of the different role players in this mortgage game.
Thursday, April 8, 2010
Ted C. Jones, Talks to Area Development Online
What we have right now is a wrong definition of recession. The current definition that Congress goes by is two or more consecutive quarters of decline in gross domestic product, but that doesn’t cover the pain factor. I think the new definition should be six or more consecutive months of decline in employment because I don’t see how you can ever have a jobless recovery.
Thursday, April 1, 2010
Three months into the 2010 Good Faith Estimate…and We Still Have Issues | Rain City Guide
We’ve had three months to work with the “new” good faith estimate designed by HUD. We had an even longer period of time to review this document, however in a mortgage originators defense, I will say that until you can use this GFE “in real practice”, you don’t truly know the nuances. With all the updates to the RESPA FAQs, I’ll argue that HUD’s in the same boat!
Respa Quiz and Answers Below « MeredithMortgageTeam's Blog
The Real Estate Settlement Procedures Act (RESPA) is a consumer disclosure and anti-kickback statute designed to inform consumers of their settlement costs and to prohibit kickbacks that can increase the cost of obtaining a mortgage. Take this quiz to find out how well you know about this important issue to stay on the right side of the law.
NAHB: New CRE Limits Could Jeopardize Housing and Economic Recovery
Proposals by federal banking regulators to tighten restrictions on commercial real estate (CRE) lending could further exacerbate a severe acquisition, development and construction (AD&C) credit crisis that is choking off new home building activity and threatening the fragile housing recovery now under way, according to the National Association of Home Builders (NAHB).
via nahb.org
Increase in Purchase Loan Applications Supports Anecdotal Feedback
A rising trend of mortgage applications indicates an increase in home buying interest, a positive for the housing industry and economy as a whole. Furthermore, in a low mortgage rate environment, such a trend implies consumers are seeking out lower monthly payments which can result in increased disposable income and therefore more money to spend on discretionary items or to pay down other debt.
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