In a report released earlier this week by ratings agency DBRS, the firm revealed that one of the biggest and most controversial topics in the loan modification industry is playing one of the smallest actual roles. According to the report, only 2.8 percent of all loan modifications performed during the first quarter of 2011 actually involved any sort of principal Read full article »
Tag archives for Lenders
Less than 3 Percent of Loan Mods Include Principal Deductions
Shadow Inventory Represents Looming Disaster, but Purge-Time is Getting Shorter
Although “millions of distressed properties could be put up for sale at any moment” should lenders decide to release the many foreclosures that they are holding off the market onto the market at once, these numbers represent slightly less of a potential disaster today than they did a month ago. According to Standard & Poor, if the banks did decide Read full article »
Freddie Mac Warns More Repurchase Demands on the Way
Thanks to what government-controlled GSE Freddie Mac is calling a “material increase in mortgage insurer rescissions, cancellations and denials of coverage” in its mortgage portfolio, the GSE is warning mortgage sellers and servicers that it may be demanding that they buy back loans if it is determined that the mortgage “does not have the mortgage insurance coverage as required at Read full article »
Credit Unions Expand to Fill Void in Business Lending
Credit unions are happily going where banks and lenders fear to tread, offering lines of credit to small businesses and would-be homeowners who cannot qualify for financing with lenders who are still “licking their wounds” after the mortgage meltdown and economic recession. In fact, many credit union officials have expressed interest in commercial lending recently – something that has not Read full article »
OCC Expands Review Requirements to All Servicers
From now forward, all servicers under the supervision of the Office of the Comptroller of the Currency (OCC) must conduct self-assessments to examine foreclosure management practices no later than September of this year. Upon completion of the assessment, the lenders must identify and “take immediate corrective action” to address weaknesses in the process. The OCC has issued this mandate in Read full article »
The Politics of Real Estate
Few industries are as profoundly impacted by the political machinations in Washington as the real estate industry. Whether it's old legislation like Jimmy Carter's Community Reinvestment Act or Barack Obama's massive mortgage bailouts, the U.S. political machine has a huge impact (usually bad) on the business of real estate.
Ideally, we could ignore politics. But here at the Bryan Ellis Real Estate Letter, we insist on seeing the world with clarity - including the reality of Washington's aggressive involvement in every facet of our business, from mortgage lending to real estate sales license; from loan modification regulations to appraisal requirements... every piece of our business is profoundly impacted by politics. So rather than stick our heads in the sand and ignore reality, readers of the Bryan Ellis Real Estate Letter choose to be informed and prepared.
Mortgage Industry News
Few things change more rapidly than the mortgage market, and with the increasing dominance of GSE's Fannie Mae and Freddie Mac over the mortgage business, it's more important than ever to keep up. Here are a few recent mortgage news updates:
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Mortgage News
- HAMP Success Tally Slowly Growing
- Western States Working Through Foreclosure Backlog Quicker than Eastern
- Biggest Down Payments in the Country Found in New Jersey
- President Bypasses Congress, Appoints Director of the Consumer Protection Bureau
- Federal Reserve Recommends Expanding GSEs to Turn Housing Market Around
- Mortgage Rates Likely to Remain Low for a While Longer
- Top Former FDIC, Wells Fargo Execs Say Fannie and Freddie Must Go
- FHA Continues to Extend Anti-Flipping Waiver
- More Homeowners Using Delaying Tactics to Slow Down Foreclosures
- Now that It’s Passed: The True Cost of the Payroll Tax Cut
About Bryan Ellis
Bryan Ellis is an Atlanta-based real estate analyst and publisher of the widely read newsletter "The Bryan Ellis Real Estate Letter". With over 200,000 subscribers - including real estate investors, agents, brokers, appraisers and other real estate professionals - the Bryan Ellis Real Estate Letter is among America's largest sources of unbiased coverage of politics and public policy for the real estate industry.
Bryan Ellis serves as editor in chief for the Bryan Ellis Real Estate Letter and is assisted by an extraordinary staff of writers, researchers and editors who are each real estate experts in their own right and who assure that the news we report is well researched, factual, and highly relevant to today's real estate industry.
Bryan is very happily married and has two wonderful daughters. He makes his home in the suburbs of Atlanta, Georgia. You can contact the team at the Bryan Ellis Real Estate Letter here.
