Mortgage

WASHINGTON, D.C. - June 29, 2011 - (RealEstateRama) -- Mortgage applications decreased 2.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 24, 2011.

Washington, DC - June 28, 2011 - (RealEstateRama) -- The Federal Housing Finance Agency today reported that the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders, used as an index in some ARM contracts, was 4.74 percent based on loans closed in May. This is a decrease of 0.06 percent from the previous month. This Contract Rate series can be found at http://www.fhfa.gov/Default.aspx?Page=251.

VIENNA, VA - June 28, 2011 - (RealEstateRama) -- The Financial Crimes Enforcement Network (FinCEN) today, in its First Quarter 2011 Mortgage Loan Fraud (MLF) analysis, reported that the number of MLF suspicious activity reports (SARs) rose to 25,485 up 31 percent from 19,420 in the first quarter of 2010. FinCEN attributes the increase to large mortgage lenders conducting additional reviews after receiving demands to repurchase poorly performing mortgage loans. In the first quarter of 2011, 86 percent of MLF SARs reported activities which occurred more than two years prior to the filing of the SARs.

WASHINGTON, DC - June 28, 2011 - (RealEstateRama) -- The American Bankers Association testified today on the need to ensure small banks have access to the secondary mortgage market, calling for workable and clear underwriting standards for all mortgage loans and a reduced government role in housing finance.

LOS ANGELES, CA - June 27, 2011 - (RealEstateRama) -- Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has been selected to market National City Tower, an historic adaptive reuse development that includes 93 residential lofts that are approximately 95 percent occupied, as well as ground floor and basement retail space. The 12-story, 118,162 square foot property is being offered at $32.75 million.

Destin, FL - June 27, 2011 - (RealEstateRama) -- Homeowners who have suffered through illegal foreclosures to become victims at the hands of bankers should be financially compensated by the lenders, according to a new Housing Predictor opinion poll.

June 24, 2011 - (RealEstateRama) -- Lloyd P. LaFountain, III, Superintendent of Maine’s Bureau of Financial Institutions reported mixed news from the first quarter survey covering residential mortgage loans held by Maine’s 32 state-chartered ban...

LOS ANGELES, CA - June 24, 2011 - (RealEstateRama) -- More than 30,000 California families will face higher down payments, higher mortgage rates, and stricter loan qualification requirements if conforming loan limits on mortgages backed by the Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac are reduced beginning October 1, 2011, according to analysis by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

CHARLOTTE, NC - June 24, 2011 - (RealEstateRama) -- Real Estate Mortgage Network, Inc. (REMN), is pleased to announce that mortgage industry veteran, Richard Lester, is joining the company. Taking on the newly created role of Area Manager for the Ca...

WASHINGTON, DC - June 24, 2011 - (RealEstateRama) -- Rep. Gary Miller (R-CA) today announced plans to introduce a bill to reform the nation’s mortgage finance system during a policy summit convened by the National Housing Conference (NHC). About 200 people attended the event at the Columbus Club in Washington, D.C., where Miller offered views on the importance of the government-sponsored enterprises (GSEs) in providing access to credit for Americans.

WASHINGTON, D.C. - June 24, 2011 - (RealEstateRama) -- Good morning. Thank you, Maureen, for that kind introduction, and thanks to the National Housing Conference for inviting me here this morning. I’m glad to have the opportunity to talk about the future of housing finance, and also to hear your thoughts on how we can best move forward.

LOS ANGELES, CA - June 23, 2011 - (RealEstateRama) -- Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $2,475,000 sale of a 5,550 square foot office building located at 417 S. Beverly Dr. in Beverly Hills, Calif.

Irvine, CA - June 23, 2011 - (RealEstateRama) -- Faris Lee Investments, the nation’s largest retail investment advisory firm, has completed the $16.5 million sale of Westchester Place, a two-story 50,861-square-foot retail center located at 8820-8844 South Sepulveda Blvd. in Los Angeles. Built in 2007 and situated on 1.71 acres, tenants include: Bed Bath & Beyond, Starbucks Coffee, Wells Fargo and Movement Performance Institute.

WASHINGTON, DC - June 22, 2011 - (RealEstateRama) -- Independent mortgage banks and subsidiaries made an average profit of $346 on each loan they originated in the first quarter of 2011, down from $1,082 per loan in the fourth quarter of 2010, according to the Mortgage Bankers Association’s (MBA) First Quarter 2011 Mortgage Bankers Performance Report released today.

Washington, DC - June 22, 2011 - (RealEstateRama) -- MISMO, the not-for-profit data standards subsidiary of the Mortgage Bankers Association (MBA), which develops data transfer protocols that span the entire residential and commercial real estate finance industry, today announced the appointment of Gabe Minton, Senior Vice President of Information Services at ServiceLink, to its Board of Directors

WASHINGTON, D.C. - June 22, 2011 - (RealEstateRama) -- Mortgage applications decreased 5.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 17, 2011.

New York, NY - June 22, 2011 - (RealEstateRama) -- PREET BHARARA, the United States Attorney for the Southern District of New York, announced that ALEXANDER KAPLAN, formerly a Brooklyn-based real estate lawyer and the owner of a title insurance company, was sentenced on Friday, June 17, 2011, in Manhattan federal court to 46 months in prison by United States District Judge RICHARD J. HOLWELL for his role in a multimillion dollar mortgage fraud scheme. KAPLAN was convicted, on February 6, 2009, of eighteen counts of mortgage fraud after a two-week jury trial

Washington, DC - June 22, 2011 - (RealEstateRama) -- The National Association of Realtors® is urging regulators to go back to the drawing board on the proposed Qualified Residential Mortgage rule.

Washington, D.C. - June 22, 2011 - (RealEstateRama) -- The Securities and Exchange Commission, state regulators, and the Financial Industry Regulatory Authority (FINRA) announced today that Morgan Keegan & Company and Morgan Asset Management have agreed to pay $200 million to settle fraud charges related to subprime mortgage-backed securities. Two Morgan Keegan employees also agreed to pay penalties for their alleged misconduct, including one who is now barred from the securities industry.

Las Vegas, NV - June 22, 2011 - (RealEstateRama) -- A recent report released by IMS Advanced Realty Data Services named The Myers Team the #1 Short Sale Real Estate Team in Nevada. Number one status was determined by actual short sale listings closed in 2010.