Banking organizations were pressed to buy back a record $18.85 billion of mortgage loans during the fourth quarter of 2009, according to a new analysis of call report data by Inside Mortgage Profitability. Total mortgage repurchases and indemnifications by banks jumped 162 percent from the third to the fourth quarter as investors – primarily Fannie Mae... [Includes one chart and one graph]
Read More
Natty Mac, a warehouse lender based in St. Petersburg, FL, is finding success in drumming up support from Fannie Mae and Freddie Mac. Months after Freddie announced it was participating in a warehouse lending pilot program with Natty Mac, sources indicate that Fannie too is working with the lender on a pilot. The effort is being undertaken to facilitate additional...
Read More
PHH Corp., the parent of PHH Mortgage, announced the broad goals and approach to its transformation initiative, which is aimed at cutting costs, increasing shareholder value and re-thinking the way the company conducts business. An insurrection among PHH shareholders last summer ousted the company’s top two managers and installed new leadership. The new executives at the outsource...
Read More
Short sales have long been part of the mortgage industry’s toolbox of loss mitigation strategies, but these transactions have become much more prevalent in a market where housing prices have declined over a long period of time while broader economic conditions have eroded. Vendors are rolling out a number of products and services aimed at the growth in short sale activity...
Read More
Correctly valuing illiquid assets is no more certain now than during the credit crisis of 2007 and 2008, but with the proper tools and strategies, investors and fund managers can still find hidden long-term profits from these assets, a valuation expert says. Justin Burchett, manager of Grant Thornton’s Valuation Services Group, said the greatest challenge for buying and...
Read More
In an effort to streamline the sales process and make mortgage professionals more successful, Leads360... Veros Real Estate Solutions, a provider of enterprise risk management and collateral valuation services... Valligent, a provider of property valuation and risk management solutions, recently released a new...
Read More