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The Norris Group Real Estate News Roundup 3/11/10

Thursday, March 11th, 2010

Today’s News Synopsis:

According to the MBA, the delinquency rate for CMBS increased by 1.63 percent during the last half of 2009. Statistics from RealtyTrac show that 2 percent fewer homes entered the foreclosure process in February. Nineteen percent of home listings experienced a price reduction since March 1st.

In The News:

Mortgage Bankers Association – “MBA Report Shows Economic Fallout Continues to Impact Commercial Real Estate Markets/Delinquencies in 4th Quarter 2009″ (3-11-10)

“Between the third and fourth quarters, the 30+ day delinquency rate on loans held in commercial mortgage-backed securities (CMBS) rose 1.63 percentage points to 5.69 percent. The 60+ day delinquency rate on loans held in life company portfolios decreased 0.04 percentage points to 0.19 percent. The 60+ day delinquency rate on multifamily loans held or insured by Fannie Mae rose 0.01 percentage points to 0.63 percent. The 90+ day delinquency rate on multifamily loans held or insured by Freddie Mac increased 0.04 percentage points to 0.15 percent. The 90+day delinquency rate on loans held by FDIC-insured banks and thrifts rose 0.49 percentage points to 3.92 percent.”

LA Times – “Fewer homes enter foreclosure process in February” (3-11-10)

“The number of homes caught up in some stage of the foreclosure process in February fell 2% from the previous month to 308,524, a real estate firm will report Thursday. That number is up 6% compared with the same month a year earlier but marked the smallest year-over-year increase since January 2006, according to RealtyTrac Inc.”

Housing Wire – “Sellers Cut Fewer Listing Prices as Home Price Declines Slow” (3-11-10)

“Fewer US homes for sale experienced listing price reductions this month, according to online real estate market Trulia.com. It’s further indication of a leveling out in listing price declines amid government stimulus to buy homes. A new low of 19% of listings currently on the market experienced a price cut as of March 1, 2010, based on Trulia’s database of live listings. Sellers slashed $21.6bn off of listing prices.”

Housing Wire – “COP Cites Missed Opportunities in Federal Bailout of GMAC” (3-11-10)

“GMAC, once the credit arm of General Motors and now the 14th largest bank holding company in the US, could have been placed into bankruptcy and its costly subsidiary operations wound-down, the Panel said.”

Housing Wire – “FDIC Pricing Second Round of ABS” (3-11-10)

“The second round of structured financed notes being issued by the Federal Deposit Insurance Corp. (FDIC) is being priced today. The news comes after the successful launch of the FDIC project to use structured finance as a way to profit from the certain assets of failed banks. It is believed the FDIC is cherry-picking the best performing loans to sell to investors as asset-backed securities (ABS).”

Housing Wire – “Jumbo RMBS Delinquencies Nearing Third Year of Rises” (3-11-10)

“The prime jumbo mortgage market, especially in California and Florida, continues to deteriorate in the residential-mortgage backed securities (RMBS) space, posting rising 60-day or more delinquencies for the 33rd consecutive month, according to Fitch Ratings. And to jumbo market players, the trend is expected to continue for some time.”

Housing Wire – “Weekly Mortgage Rates Dip Again” (3-11-10)

“Freddie Mac’s (FRE: 1.30 -0.76%) weekly survey put the average rate for a 30-year FRM at 4.95% with an average 0.7 origination point for the week ending March 11, down from the previous week when it was 4.97%. A year ago, Freddie’s survey averaged 5.03%.”

Housing Wire – “Storm Brews Over Short Sale Valuations as the Mortgage Market Prepares for HAFA” (3-11-10)

“A storm is brewing between appraisers and broker price opinion (BPO) professionals vying for valuation work for short sales conducted through the Making Home Affordable Foreclosure Alternatives (HAFA) program. The Appraisal Institute — a trade group that represents appraisers — released a public letter it wrote to Treasury Secretary Timothy Geithner on Tuesday, calling for an end of the practice of using BPOs for Making Home Affordable modifications and refinancings, as well as amending the rules for the upcoming HAFA program to require appraisals to determine value for government-incentivized short sales.”

Bloomberg - “REIT Chief Executives See Strengthening Market for Asset Sales” (3-11-10)

“Investors with abundant cash and few deals to chase are driving up commercial property prices, real estate chief executive officers said today.”

Bloomberg - “Apartment Vacancy Rates in U.S. to Decline in 2010, CBRE Says” (3-11-10)

“Apartment vacancies in the U.S., which reached a record high of 7.4 percent in 2009, will fall this year as job losses stabilize and fewer new rental homes enter the market, CB Richard Ellis Group Inc. said. The vacancy rate will decline to 6.8 percent in 2010, the property broker said in a report today. Effective rents, or what tenants pay after concessions, will end the year less than 1 percent down from the fourth quarter of 2009. Rents fell 4.7 percent in the final quarter of last year from a year earlier. “

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The Norris Group Real Estate News Roundup 2/4/10

Thursday, February 4th, 2010

Today’s News Synopsis:

Marcus & Millichap annual apartment report places San Diego in second place for stability and possible growth in 2010. Statistics from MDA DataQuick show that 18,621 California homes sold for over 1 million dollars last year. Freddie Mac reports that the rate for 30-year fixed rate mortgages increased to 5.01 percent. PMI predicts that home values are near to reaching the bottom.

In The News:

Sign on San Diego - “Apartment activity is on upswing” (2-4-10)

“San Diego County’s apartment market ranks second nationally after Washington, D.C., in its outlook for stability and possible growth in 2010, according to Marcus & Millichap’s annual apartment report covering 44 metro areas. Two other reports came to the same conclusion: San Diego’s rental market is on the way up.”

DQNews - “Million-dollar home sales plummet in Golden State” (2-4-10)

“A total of 18,621 Golden State homes sold for a million dollars or more last year. That was down 23.8 percent from 24,436 in 2008. In 2007 it was 42,506; in 2006 it was 50,010; and in 2005 it peaked at 54,773. Last year was the lowest sales count since 2002, when 15,703 were sold, according to San Diego-based MDA DataQuick.”

Bloomberg - “Mortgage Rates on 30-Year U.S. Loans Rise to 5.01%” (2-4-10)

“The rate for 30-year fixed U.S. home loans rose to 5.01 percent for the week ended today from 4.98 percent, mortgage finance company Freddie Mac said in a statement. The average 15- year rate was 4.40 percent, according to the McLean, Virginia- based company.”

Housing Wire – “GMAC Loses $5bn on Mounting Mortage Woes” (2-4-10)

“GMAC Financial Services (GOM: 19.8199 -0.85%) posted an expected Q409 net loss of $5bn, as losses related to legacy assets in the company’s mortgage operations continue to mount. The Q409 loss compares to net income of $7.5bn in Q409 and net loss of $747m in Q309. For all of 2009, GMAC reported a net loss of $10.3bn, compared to net income of $1.9bn in 2008.”

Housing Wire – “Home Values Likely Reaching Bottom: PMI” (2-4-10)

“The risk of home prices dropping even lower in the next two years is stabilizing in most Metropolitan Statistical Areas (MSAs), according to the PMI Mortgage Insurance Risk Index. The decline in the risk of house values falling further may indicate a bottoming out of the market.”

Housing Wire – “FHFA Home Index Updates Help Smooth Price Volatility” (2-4-10)

“According to the FHFA, the updates to their purchase-only house price index (HPI) since Q404 show a tendency to dampen house price volatility. Indeed, the last monthly HPI from the agency showed national prices rose 0.7% on a seasonally adjusted basis from October to November. That was after October’s previously reported 0.6% increase was adjusted to 0.4%.”

Housing Wire – “Home Prices Hit First Annual Gain Since 2006: Clear Capital” (2-4-10)

“Home prices in January increased 2.3%, marking the first year-over-year increase in more than three years, according to the Home Data Index (HDI) from Clear Capital, the real estate data provider. In all, prices gained 1.8% on the rolling-quarterly scale into January.”

Inman - “Feds to restrict foreclosure rescue firms” (2-4-10)

“Federal regulators say they intend to follow the lead of many states in banning for-profit companies from collecting advance fees from homeowners in exchange for promises to help them obtain loan modifications or avoid foreclosure. A rule proposed today by the Federal Trade Commission would bar for-profit companies that work with lenders and servicers on behalf of homeowners to modify loans or avoid foreclosure from collecting payment until after such services are provided, and impose other restrictions on their practices.”

Looking Back:

One year ago, the MBA reported that the mortgage application volume was significantly increasing. Pulte Homes, a large U.S. building company, reported 9 months of consistent profit loss. The HOPE lending program had only refinanced 25 loans since it began in October.

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The Norris Group Real Estate News Roundup 2/3/10

Wednesday, February 3rd, 2010

Today’s News Synopsis:

According to the MBA, mortgage application volume increased by 21 percent on a seasonally adjusted basis from last week. Lender Processing Services reports that home delinquency rates increased to 10 percent from November. Inman and GMAC expect that job losses will increase in the real estate industry.

In The News:

Mortgage Bankers Association – “Mortgage Applications Increase in Latest MBA Weekly Survey” (2-3-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January 29, 2010. The Market Composite Index, a measure of mortgage loan application volume, increased of 21.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 23.5 percent compared with the previous week.”

Housing Wire – “Mortgage Delinquencies Pass 10%: LPS” (2-3-10)

“Home-loan delinquency rates in the US reached 10% in December, up from the record-high 9.97% in November, according to Lender Processing Services (LPS: 39.93 +1.94%), which provides data on mortgage performance.”

Housing Wire – “PNC to Repay $7.6bn of TARP Funds” (2-3-10)

“The PNC Financial Services Group (PNC: 53.71 -1.72%) negotiated with regulators to repay $7.6bn of funds, nearly three-quarters of what it received in bailout money from the Treasury Department under the Troubled Asset Relief Program (TARP).”

Bloomberg - “GMAC Cuts More Than 500 Jobs in Mortgage, Auto Finance Units” (2-3-10)

“GMAC Inc., the auto and home lender controlled by the U.S. government, plans to cut about 554 jobs and close three offices as the firm tries to stanch loan losses.”

Inman - “Brokers boost tech spending, recruiting” (2-3-10)

“Real estate brokers are cutting office staff and reducing marketing and advertising expenses to survive the downturn, but most have still managed to beef up spending on technology and agent recruitment and training in the past year, according to a broker survey conducted by Inman News.”

Inman - “Homebuyers gain bargaining power” (2-3-10)

“Buyers nationwide haggled a median 2.7 percent, or $5,618, off the last listing price of homes sold in December, a slight increase from 2.6 percent, or $5,538, in November, and the first and only month-to-month increase in 2009. Bargaining power decreased significantly year-over-year, however. In December 2008, buyers were able to knock a median 4.5 percent, or $10,018, off the last listing price.”

Looking Back:

One year ago, NAR reported that pending home sales increased by 6.3 percent in December. MDA DataQuick claimed 24,436 California homes sold for a million dollars or more during the previous year. The CBIA predicted that 63,400 housing units would be produced in 2009. Zillow announced that the U.S. home market lost $3.3 trillion in value in one year.

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The Norris Group Real Estate News Roundup 12/30/09

Wednesday, December 30th, 2009

Today’s News Synopsis:

A survey from Bank of America shows that only 12 percent of the institutions who received TARP relief believe that the program positively impacted their operations. Barclay’s estimates that credit availability may increase during the next 6 to 12 months. Default Research reports that pre-foreclosure filings in California decreased in several counties. Statistics from Freddie Mac show that mortgage purchases decreased by 13% in November.

In The News:

Housing Wire – “Only 12% of Bank Execs Think TARP Leaves Positive Impact” (12-30-09)

“While larger financial institutions complete full repayment of the Troubled Asset Relief Program (TARP), as is the case with the $45bn repaid last week by Citi (C: 3.32 -1.48%) and Wells Fargo (WFC: 26.82 +0.52%), a bank survey completed by the Bank Administration Institute (BAI) claims only 12% of respondents feel the program positively impacted their operations.”

Housing Wire – “Origination Funding May Increase as Credit Restrictions Ease in 2Q10, Analysts Predict” (12-30-09)

“A recent set of research focusing on 2010 strategies for investors of agency mortgage-backed securities (MBS) by analysts at Barclays Capital finds that credit availability for mortgage originations may increase in the next six to 12 months. However, the situation will remain tight in the next three to six months, they add, as the market grapples with ongoing risk aversion sentiments, loan repurchases stabilization and new regulatory procedures that will need this time to take hold.”

Housing Wire – “Foreclosure Notices Drop in Major Counties: Default Research” (12-30-09)

“The number of pre-foreclosure filings in California, which include notices of default and notices of trustee sales, dropped across several counties in November, according to statistics from Default Research, which tracks the notices. The hard-hit Los Angeles County had a 10% decline from last month to 3.08% in November. Orange County, where 3.4% received a filing, had a drop of 8% in November. In Riverside County, 9.2% received a pre-foreclosure filing, a 13.7% decline from October.”

Housing Wire – “NAMB Criticizes Regulation Z Amendment” (12-30-09)

“In a letter to the Federal Reserve Board, the National Association of Mortgage Brokers (NAMB) said that certain aspects of the proposed rule to amend Regulation Z would impede market competition. Section 404 of the Helping Families Save their Home Act of 2009 took effect in May and requires a 30 day notice to mortgage borrowers of their loans being transferred for securitization. Called Regulation Z, the Fed’s interim final rule enforces the requirement under the Act.”

Housing Wire - “Fannie’s Serious Delinquencies Nears 5% in November” (12-30-09)

“After mortgage giant Freddie Mac (FRE: 1.42 -5.33%) reported a 13% drop in mortgage purchases in November, Fannie Mae (FNM: 1.16 -7.20%) shows its book of business declined at an annualized rate of 6.7% in the same month, according to its monthly summary”

Housing Wire – “List of HAMP Servicers Moves Past 100″ (12-30-09)

“The US Treasury Department added four new servicers to the Home Affordable Modification Program (HAMP), raising the total number of participants to 103, according to the latest Troubled Asset Relief Program (TARP) transaction report.”

Bloomberg - “GMAC Said to Discuss U.S. Aid Package of $3 Billion or More” (12-30-09)

“GMAC Inc., the home and auto lender that counts the U.S. government as the largest stakeholder, is discussing with the Obama administration a third bailout of $3 billion to $4 billion, said a person familiar with the matter.”

Orange County Register – “Tough market eyed for high-end housing” (12-30-09)

“There is a chance this is not the bottom for the all price ranges! However, under $500,000 looks to be in pretty good shape, although appreciation will continue to be very faint! Above $500,000 it will continue to be a tough market, as there are very few move-up buyers from the lower price ranges with money to support the higher price structure”

Looking Back:

One year ago, the Case Schiller index showed that home prices dropped by 18 percent in 20 major U.S. cities. Lockhart estimated that the government would need to provide lower borrowing costs to Fannie Mae and Freddie Mac. The Federal Reserve forecasted that mortgage modifications would be significantly hindered by second mortgages. Fannie Mae’s portfolio of mortgages increased by 9.3 percent in one month.

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The Norris Group Real Estate News Roundup 11/4/09

Wednesday, November 4th, 2009

Today’s News Synopsis:

The MBA’s weekly mortgage survey shows that loan application volume increased by 8.2 percent, on a seasonally adjusted bases, from last week. The FHA expects 24 percent of all loans insured in 2007 to default. The Federal Reserve’s FOMC announced that it will not buy the full $200 billion debt amount that it had previously planned to take. BarCap reports that the 30-plus day delinquency rate increased to 5.5 percent in October.

In The News:

Orange County Register – “Are we headed for the same real estate winter doldrums?” (11-4-09)

“Historically, over a 30 year trend, 70% of all Orange County homes sell in the first seven months of the year. Seasonality is the term used by real estate experts. Typically, most buyers are active in the spring and summer markets. Once Labor Day comes, they tend to focus on the holidays. Activity drops off each month. December is the slowest month.”

Mortgage Bankers Association – “Mortgage Refinance Applications Increase in Latest MBA Weekly Survey” (11-4-09)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 30, 2009. The Market Composite Index, a measure of mortgage loan application volume, increased 8.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 7.9 percent compared with the previous week.”

Wall Street Journal – “FHA Digging Out After Loans Sour “ (11-4-09)

“Although the FHA has tightened credit standards, many of the 2007 and early 2008 mortgages are going bad. The agency expects defaults on 24% of all loans insured in 2007, and 20% of those backed in 2008.”

Housing Wire – “In This Corner: QuestSoft President and Founder Leonard Ryan” (11-4-09)

“Mortgage Disclosure Improvement Act (MDIA) is causing issues because most loan software products keep track of only the latest disclosure dates due to the complexity of the calculations. S.A.F.E. Act is causing the most internal personnel problems due to education and registration requirements that differ from state to state. Higher Priced Mortgage Loans (HPML) with the Home Mortgage Disclosure Act (HMDA) changes as of October 1 are becoming an out and out nightmare without automation because every time an Annual Percentage Rate (APR) changes or the note rate adjusts, the loan must be completely recalculated and possibly re-underwritten.”

Housing Wire – “Fed Won’t Purchase Full $200bn Agency Debt, FOMC Says” (11-4-09)

“The Federal Reserve’s Federal Open Market Committee (FOMC) said it won’t purchase as much agency debt as it previously announced. The $175bn of agency debt purchases is less than the previously announced $200bn, but the FOMC said the amount ‘is consistent with the recent path of purchases and reflects the limited availability of agency debt.’”

Housing Wire – “CMBS Delinquencies Swell to 5.5% in October, says BarCap” (11-4-09)

“The 30-plus day delinquency rate jumped 41bps to 5.5% in October as current loans deteriorated and transferred to special servicers. For the past three months, delinquencies have grown an average of 34bps, and BarCap analysts expect the pace to increase through 2009 and into 2010.”

Housing Wire – “Pulte’s Closings Slip in Q309, Despite Merger” (11-4-09)

“Pulte Homes (PHM: 9.55 +3.47%) lost $361.4m, or $1.15 per share, in Q309, compared to $280.4m, or $1.11 per share, in Q308. Results were impacted by $86.7m in charges and transaction costs associated with Pulte’s merger with Centex Corporation, and $163.8m in inventory impairments and other land-related charges.”

Housing Wire – “GMAC’s Mortgage Unit Loses $747M in Q309″ (11-4-09)

“The Q309 loss was due primarily to legacy assets in GMAC’s mortgage operations. The unit experienced a pre-tax loss from continuing operations of $747m during the quarter. The loss is an improvement from Q308’s $1.9bn pre-tax loss from continuing operations”

Bloomberg - “Senate May Pass Homebuyer Tax Credit Extension Today” (11-4-09)

“The U.S. Senate may approve as early as today a $45 billion plan to expand a tax credit for first- time homebuyers, extend jobless benefits and provide tax refunds to money-losing companies.”

Bloomberg - “U.S. Home Price Slump to Last to Mid-2010, Pimco Says” (11-4-09)

“The slump in U.S. housing prices is unlikely to end before the middle of next year, and statistics portraying rising values are misleading, according to Pacific Investment Management Co. An S&P/Case-Shiller index for 20 metropolitan areas showed values rising 4.8 percent in the four months through August after a record 33 percent drop from its July 2006 peak. Such statistics are being distorted by U.S. efforts to reduce foreclosures, which are temporarily limiting sales of seized homes, said Scott Simon, Pimco’s mortgage-bond chief.”

Inman - “ZipRealty narrows losses” (11-4-09)

“ZipRealty Inc. edged closer to profitability during the third quarter, as transactions grew 30.6 percent and revenue by 12.8 percent from a year ago, the company said.”

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The Norris Group Real Estate News Roundup 10/28/09

Wednesday, October 28th, 2009

Today’s News Synopsis:

According to the MBA, mortgage application volume decreased by 12.3 percent, on a seasonally adjusted basis, from the previous week. Sources have confirmed that the Senate does intend to extend the home buyer tax credit with some modifications. The Commerce Department reports that the pace of new home sales decreased by 3.6 percent in September.

In The News:

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (10-28-09)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 23, 2009. The Market Composite Index, a measure of mortgage loan application volume, decreased 12.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2.8 percent compared with the previous week, which included the Columbus Day holiday.”

Housing Wire – “San Francisco Fed Sees FHA Revive Subprime Segment” (10-28-09)

“Around 10% of originations in the San Francisco Fed’s Q406 sample were labeled by originators as ‘subprime,’ according to Krainer. In the total US mortgage market, subprime loans accounted for about 20% of originations in 2006. Despite a nearly zero market share of subprime by Q108, Krainer said, increased FHA lending — identified in the securitization industry by Ginnie Mae’s share — revived the subprime segment of the market.”

Housing Wire – “31% of BAI Survey Respondents Find Mortgage Access Worsening” (10-28-09)

“Of those surveyed, nearly one-third — or 31% — indicated access to mortgages is worse now than six months ago, while only 5% said it improved. The projections indicate 12% of respondents expected access to improve in another six months, while 15% expect access to worsen.”

Housing Wire – “Senate Will Agree to Extend Homebuyer Tax Credit: Sources” (10-28-09)

“Some reports indicate the extension would run through June 2010 and expanded to include all homebuyers, not just first-time purchasers. Another option would extend the full credit to first-time buyers until April 1, with $2,000 reductions every quarter until it dissolved at the end of 2010.”

Housing Wire – “VIEWPOINT: Ginnie Buyouts Rattle Investor Nerves” (10-28-09)

“tradable supply – is being repaired in the current environment. FHA lending and its corollary, Ginnie Mae production are currently going gangbusters. FHA’s share of mortgage lending has revived from a moribund 3% in 2006 to about 25% currently. Ginnie production, as low as 5% to 10% of monthly agency pass-through issuance 2005-7, has popped above 40% in recent months and is currently running at 20 to 25% of monthly supply.”

Bloomberg – “Las Vegas Leads U.S. With Highest Foreclosure Rate” (10-28-09)

“Las Vegas had the highest U.S. foreclosure rate in the third quarter, followed by cities in California and Florida, as unemployment left more borrowers unable to make their mortgage payments, RealtyTrac Inc. said.”

Bloomberg – “U.S. Economy: New-Home Sales Drop as Credit Nears End” (10-28-09)

“Purchases dropped 3.6 percent to a 402,000 annual pace that was lower than the most pessimistic economist’s forecast, according to Commerce Department figures issued today in Washington. Other data showed orders for durable goods climbed 1 percent in September, the fourth gain in the last six months.”

Wall Street Journal – “‘Civil Gideon’ Law Gets Off Ground in Golden State” (10-28-09)

“Those advocates have gotten their wish, at least in California. A new California law, signed this month by Gov. Arnold Schwarzenegger, gives poor residents the right to an attorney in civil matters such as child custody and foreclosure.”

New York Times – “GMAC Asks for More U.S. Aid” (10-28-09)

“GMAC, the troubled consumer finance company, is seeking billions of dollars in additional federal aid, a move that would be its third taxpayer bailout and could give the government a majority stake in the company, according to people briefed on the situation.”

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The Norris Group Real Estate News Roundup 10/14/09

Wednesday, October 14th, 2009

Today’s News Synopsis:

Citigroup and other banks are being accountable for fraudulent loans which will cost them more than $688 million. The Mortgage Bankers Association reports that mortgage loan application volume has decreased by 1.8 percent from last week.  JP Morgan Chase has approved of trial modifications for 90 percent of its borrowers.

In The News:

DSNews – “Feds to Offer Easier Aid, Incentives for Modifications and Short Sales” (10-13-09)

“concerns have grown over whether HAMP reaches enough borrowers to make a difference in the wider housing-based economy. The MBA in particular, as well as the servicers’ advocacy group HOPE NOW, has argued that too many homeowners are – or ought to be – ineligible for HAMP modifications, and so far the government has done very little to assist that population.”

Bloomberg – “Citigroup Loans Ruled Fraudulent; Tousa Bonds Surge” (10-14-09)

“Citigroup Inc. and other lenders made fraudulent transfers when they gave Tousa Inc. secured loans six months before its bankruptcy filing, a judge ruled in a decision that may cost the banks more than $688 million. Tousa notes more than tripled.”

Housing Wire – “California Laws Get Tough on Mortgage Finance” (10-14-09)

“Senate Bill (SB) 36 regulates the licensing requirements for residential loan originators in compliance with the federal Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act. SB 237 requires appraisal management companies (AMCs) and appraisers register with the Office of Real Estate Appraisers and subjects appraisers to the provisions of the Real Estate Appraisers’ Licensing and Certification Law.”

Housing Wire – “JP Morgan Beats the Street, Earns $3.6bn” (10-14-09)

“JP Morgan Chase approved 262,000 new trial modifications between the Making Home Affordable Modification Program (HAMP) and its own modification program, resulting in lowered payments for 90% of borrowers with modified mortgages. In the bank’s retail financial services (RFS) division, net income was $7m, down from $57m in Q208 and $15m from Q209, due to a decrease in mortgage origination revenue, an increase in the provision for credit losses, higher non interest expense and lower loan balances, JP Morgan said.”

Housing Wire – “First American CoreLogic Creates National Fraud Database” (10-14-09)

“The National Fraud Database includes application and transaction data of more than 80m loan applications, representing 65% of all loan annual applications, aggregate fraud reports from 35 lenders and investors, with performance data history dating back to 2005.”

Mortgage Bankers Association – “MBA Releases Model Whole Loan Sale and Servicing Agreement” (10-14-09)

“The Mortgage Bankers Association (MBA) today adopted a model sale and servicing agreement it anticipates will become the standard form for industry participants to use voluntarily for whole loan purchases and sales made with an eye toward potential securitization. The Agreement was adopted yesterday by MBA’s Residential Board of Governors (RESBOG) as an MBA supported best practice.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (10-14-09)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 9, 2009. The Market Composite Index, a measure of mortgage loan application volume, decreased 1.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1.7 percent compared with the previous week.”

CNN – “Push on to expand $8,000 tax credit” (10-14-09)

“Congress is considering proposals to greatly expand a soon-to-expire $8,000 tax credit for first-time homebuyers — potentially applying it to all but the wealthiest homebuyers. Supporters say doing so would further boost home sales, stabilize housing prices and generate jobs. Opponents say extending and expanding the credit would be a waste of money and only temporarily stave off further price declines”

Bloomberg – “Bank of America to Target More Mortgage Share, Desoer Says” (10-14-09)

“Bank of America Corp., seeking to avoid a plunge in mortgage-lending profits in coming years as the business shrinks, will strive to expand its more than 20 percent market share, the head of the company’s home-loan unit said.”

Bloomberg – “GMAC’s Ally Bank Builds Deposits by Needling Rivals” (10-14-09)

“GMAC Inc., the lender that received two U.S. bailouts, has attracted $2.9 billion of new deposits and riled its rivals by offering the highest interest rates and running advertisements that portray bankers as deceptive.”

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