|
Lenders Fear Origination Slide as Tax Credit Expires
American Banker (04/20/10) P. 7; Muolo, Paul
Mortgage lenders report a surge in applications ahead of the April 30 deadline for federal home buyer tax credits but express concern that business will fall off over the second half of 2010. The Mortgage Bankers Association, Fannie Mae and several large lenders expect origination volumes to settle between $1.2 trillion and $1.3 trillion this year. Still, most analysts say profit margins will remain strong, a price war is unlikely to break out and that 2010 could be the low point in the current cycle.
(More)
|
Fannie: Excess Homes Weighing on Recovery
Washington Post (04/20/10) P. A9
The residential property sector is stabilizing, concur Fannie Mae analysts, who expect the economy to expand 3.1 percent this year. However, they conclude that a glut of properties on the market will continue to impede recovery. New homes are moving at a record low pace and will remain sluggish, according to the report, but there is some evidence of a pickup in resale activity.
(More)
|
Mortgage Aid Program Said More Vulnerable to Scams
Associated Press (04/20/10) Rugaber, Christopher S.
The U.S. government plans to launch a public service campaign to warn borrowers of fraud when seeking lower monthly payments through its $75 billion mortgage aid program. The announcement follows a report by the special inspector general for the Troubled Asset Relief Program that suggests changes to the initiative have made borrowers more vulnerable to abuse.
(More)
|
Commercial Real Estate Perks Up
American Chronicle (04/20/10) Davidson, Paul
The commercial realty market is improving, with prices and loan modifications up and tighter lending criteria whetting investor appetite for commercial mortgage-backed securities. However, experts say defaults are on the rise, and property owners find it tough to refinance. There is concern about higher foreclosures and additional property declines down the road, as Deutsche Bank analyst Richard Parkus says borrowers will need to front more cash to refinance $1.4 trillion in mortgages maturing by 2013.
(More)
|
Many Look to Embrace E-Disclosures
National Mortgage News (04/19/10) Vol. 34, No. 29, P. 11; Garritano, Anthony
As lenders get used to new RESPA rules, they are finding that point-of-sale electronic disclosures and signatures are more efficient than paper processes. The next 18 months will see most originators adopt e-disclosures, predicts Jonathan Corr of Ellie Mae, who says "everything is reinforcing this change because regulation is demanding it and there are more suppliers that are offering it to lenders."
(More)
|