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 DIANE PATTERSON
Century 21 Experience
7168 Archibald Ave. #100
Alta Loma, CA  91701
Phone:  909-466-1255
Fax:       909-945-2626
Email   
patterson.dianep@gmail.com

Testimonials

Diane has been my Realtor since 2000, when I sold and then bought 5 different properties; one being a 1031 exchange. Each of my properties sold for more than I expected due to Diane's knowledge and experience. I have referred her to all my family members and many friends. Gayle M
In all our dealings with Realtors over the past ten years, we have never met anyone as helpful and energetic as you have been. Without hesitation, we would highly recommend your service to anyone who is looking for an experienced Realtor who cares about getting things done and doing them right! Thanks for taking such good care of us, we couldn't have done it without you! Tony and Charlie O.
Thank you so much for taking the extra effort to make my first home purchase successful. You were there guiding me through all the crucial and important steps! You really listened to what I wanted in my home and you found exactly what I waslooking for - at an amazing price! When I outgrow this home, I'll definitely be calling you! Edwin H.
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Shadow Inventory Shrinks for Fifth Consecutive Month: Barclays

3 Sep 2010

That ominous shadow inventory of distressed homes that's been hanging over the industry was trimmed in July, according to Barclays Capital. It marked the fifth straight month the company has recorded a decline in the shadow supply. Barclays says it shrank 1.2 percent, to 3.92 million homes. At the same time, the firm's assessment of the nation's REO inventory ticked up 0.2 percent to 538,000 properties. The distressed share of home sales rose sharply in July, and Barclays says this will likely drive prices down 2 percent over the next three months.

Homebuyer Tax Credits to Cost Federal Government $22B

3 Sep 2010

The three versions of the homebuyer tax credit are expected to result in revenue losses to the federal government of about $22 billion, according to estimates just released by the Government Accountability Office (GAO). Looking at Internal Revenue Service (IRS) filings through July 3, homebuyers so far have claimed $23.5 billion under the housing stimulus provisions, about a third of which was in the form of interest-free loans that will eventually have to be repaid. California ranks first among the states, with the most homebuyer tax credit dollars claimed.

Lawmakers Challenge Fannie Mae's New Policy on Strategic Defaulters

3 Sep 2010

A faction of House Democrats have called on Treasury Secretary Timothy Geithner and Fannie Mae's regulator to suspend the GSE's recently announced policy to sue homeowners who strategically default on their mortgage. The group of lawmakers, led by Rep. John Conyers, Jr. of Michigan, called the policy "opaque, overbroad, and punitive." They decried Fannie for using taxpayer dollars to penalize underwater homeowners, and maintained that the policy runs counter to the national need to stem a devastating tide of foreclosures.

FHA Keeps Delinquency Rate Steady, Issues New Premium Guidelines

3 Sep 2010

After falling for five straight months, the Federal Housing Administration's (FHA) delinquency rate held steady in July at 8.3 percent. At the beginning of 2010, the rate stood at 9.4 percent. HUD also issued guidelines for FHA's new insurance premium structure, which takes effect next month. The annual premium will increase from 0.55 percent to between 0.85 percent and 0.90 percent of the loan amount. At the same time, though, the upfront premium has been reduced by 100 basis points from the current 2.25 percent.

Wayne County Treasurer to Auction Tax Foreclosed Properties Online

3 Sep 2010

The Office of the Wayne County Treasurer in Michigan will conduct its first Internet auction of more than 13,000 tax foreclosed properties September 17-23. Bid4Assets.com will perform the online auction. The auctioned properties represent a 44 percent increase over the number of properties seized by the county in 2009, making it the largest auction ever for Wayne County.

Bank Closings Worsen Liquidity Crisis, Remington Capital Reports

3 Sep 2010

The uptick in bank failures is further deteriorating the nation's liquidity crisis, according to Andy Bogdanoff, chairman of Remington Capital, an international commercial real estate investment banking company. This surge in bank closings may ignite more bankruptcies for commercial real estate owners in need of financing, he warns, particularly since some $1.2 trillion in commercial mortgage debt is scheduled to mature over the next few years and most U.S. banks are unable or unwilling to extend new credit.

Private Sector Labor Force Grows as Recovery Trudges On

3 Sep 2010

Just ahead of the Labor Day holiday, the federal government reported a slight, but notable improvement in the labor market. New numbers released Friday show that the economy added 67,000 jobs in the private sector during the month of August. Despite growth by private employers, the national unemployment rate edged up from 9.5 percent in July to 9.6 percent in August, as the government cut 114,000 Census jobs and some 550,000 Americans who had given up on finding work decided there were jobs to be had and returned to the hunt.

PHH Mortgage Names New SVP of Fulfillment Operations

3 Sep 2010

PHH Mortgage Corporation has named William J. Steinmetz SVP, fulfillment operations. Steinmetz will manage all aspects of loan processing, underwriting operations, and loan closing activities. Prior to joining PHH, Steinmetz held a number of senior-level positions, including managing all retail loan operations as an SVP at Aurora Bank and a 20-year career with JP Morgan Chase.

Fannie Mae Says Foreclosure Delays Represent a Breach by the Servicer

2 Sep 2010

The nation's largest mortgage company is about to start cracking down on servicers for letting delinquent loans languish too long without action. Fannie Mae has issued a notice alerting servicers that it is monitoring all delinquent loans to ensure foreclosures are handled within an acceptable time frame, and may assess penalties for poor servicer performance. By the tone of Fannie's announcement, the GSE wants these nonperformers off its books as quickly as possible.

Commercial Mortgage Delinquencies Vary by Investor: MBA

2 Sep 2010

Delinquency rates were mixed in the second quarter for commercial and multifamily mortgage investor groups, according to the Mortgage Bankers Association (MBA). The delinquency rate for loans held in commercial mortgage-backed securities (CMBS) is the highest it's been since MBA began tracking the sector in 1997. Delinquency rates for other groups, on the other hand - such as Fannie Mae and Freddie Mac - remain below levels seen in the early 1990s, some by large margins.

NAR's Index of Pending Home Sales Unexpectedly Climbs

2 Sep 2010

Following a sharp drop in the months immediately after the homebuyer tax credit expired, the National Association of Realtors' gauge for future sales of previously owned homes has risen. NAR reported Thursday that its Pending Home Sales Index, based on contracts signed in July, increased 5.2 percent from last month's reading. The month-to-month jump was an unexpected development, and some analysts say it may be a sign that the post-tax credit lull in home sales will soon come to an end.

Securities Unit of Bankrupt Capmark Lands with MountainView

2 Sep 2010

MountainView Capital Holdings recently announced that it has acquired the fixed income broker-dealer arm of the bankrupt commercial real estate lender Capmark Financial Group. Capmark sold off its North American loan origination and servicing businesses to Berkadia Commercial Mortgage at the end of last year, and its real estate equity advisory subsidiary, Capmark Investments, to Trecap Partners in March 2010.

Report: Massachusetts Foreclosure Deeds Climb, Petitions Drop

2 Sep 2010

Massachusetts foreclosure deeds increased nearly 80 percent in July from the same month in 2009, according to a new study by the Boston-based research firm the Warren Group. However, foreclosure petitions, the first step in the foreclosure process in Massachusetts, decreased more than 20 percent. The Bay State is on track to outpace foreclosure activity from the past two years. Already completed foreclosures year-to-date are 60 percent above the tally during the same period of 2009.

Mortgage Rates...How Low Can You Go?

2 Sep 2010

There seems to be no bottom in sight for mortgage rates. Already at their lowest level in a half-century, they dropped to new record lows again this week. Analysts say we have the weak economy to thank, but that same trigger is also thwarting what would be the ideal upshot - enticing would-be buyers to put a dent in the ballooned housing supply. Freddie Mac reports 30-year mortgages are now averaging 4.32 percent; 15-year rates have dropped to 3.83 percent. Bankrate says the larger jumbo 30-year fixed rate fell to a new low of 5.17 percent.

Fisher Law Group, M. Richard Epps Announce Partnership

2 Sep 2010

The Fisher Law Group, PLLC and M. Richards Epps, PC have created a partnership whereby Epps, who is based in Virginia Beach, Virginia, will serve as of counsel to the Fisher firm, which is headquartered in Upper Marlboro, Maryland. Epps will locally manage Virginia court appearances for all court and litigated matters regarding Fisher's Virginia foreclosure and bankruptcy cases.

Mortgage Builder Creates New Client-Focused Position

2 Sep 2010

Mortgage Builder, a provider of loan origination software technology, recently announced the creation of its new client-focused position of VP, client development. The company designed the position for Kelli Himebaugh, Mortgage Builder's sales manager for the western United States. In her new position, Himebaugh will work with new clients from product demonstration through training and implementation phases of the sales cycle.

Loan Delinquencies Slow for Housing Finance Agencies: S&P

1 Sep 2010

In the first quarter of 2010, state housing finance agencies' (HFAs) delinquencies declined for the first time since overall performance of loans began to deteriorate in the second quarter of 2008, according to Standard & Poor's. But the agency's analysts say the slowdown could be only temporary. S&P's study shows delinquency rates for HFA loans remain high relative to a year ago. However, the percentage of HFA loans at least 60 days past due or in foreclosure decreased to 6.05 percent in Q1, down from 6.57 percent in the fourth quarter of 2009.

REOs the Topic du Jour in Washington

1 Sep 2010

Neighborhoods across the country are riddled with empty bank-owned homes and unoccupied foreclosures that erode neighboring property values and open the door for blight and criminal activity. The nation's glut of vacant REOs took center stage in Washington Wednesday. HUD announced a new nationwide REO "First Look" program, in partnership with the nation's largest mortgage lenders, and it was the first of a two-day Federal Reserve summit to examine the community impacts of foreclosed and vacant properties.

Regulators Unable to Provide Date for Banks' SAFE Act Compliance

1 Sep 2010

The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) stipulates that residential loan officers at banks, credit unions, and other federally regulated financial institutions must register their names and fingerprints with a national database. Financial institutions must establish procedures for compliance by October 1, 2010, but the deadline by which employees must be registered is unknown, "because the necessary modifications to the registry have not been completed," according to federal officials.

Loan Modifications Surpass One Million Mark for 2010

1 Sep 2010

The industry has completed 1.13 million permanent loan modifications for at-risk homeowners so far in 2010, according to data released Wednesday by HOPE NOW. The organization also reports that since January of this year, mortgage delinquencies of 60 days or more past due have dropped 20 percent, but the data supports the assumption that the decline is simply the byproduct of an increase in foreclosures. July's foreclosure starts outpaced loan mods during the month by nearly 90 percent.

Los Angeles Adopts MERS System

1 Sep 2010

As an alternative to its registry of foreclosed properties and property preservation contacts for vacant properties, the city of Los Angeles is adopting the MERS System, an electronic loan registry that acts as a nominee in county land records on behalf of lenders and servicers. MERS members can use the system to track both residential and commercial properties. Users tout the benefits of the technology as saving code enforcement officials and municipalities both time and money to ensure vacant properties are maintained.

Mortgage Applications Increase as Rates Hit New Low

1 Sep 2010

Mortgage interest rates have dropped to their lowest level in decades, and even with tight credit conditions, more borrowers are beginning to take advantage. The Mortgage Bankers Association (MBA) reported Wednesday that its index measuring mortgage loan application volume increased 2.7 percent for the week ending August 27, 2010, after interest rates dropped yet again. Refinance activity was up 2.8 percent, while home purchase applications rose 1.8 percent.

RiskSpan, Inc. Hires Bank of America Default Exec

1 Sep 2010

RiskSpan, Inc., a provider of integrated risk and valuation solutions, announced Wednesday that Allen H. Jones is the company's new managing director of its Washington, D.C., federal services consulting practice. Jones has more than 25 years in mortgage lending and housing finance. Previously, he was Bank of America's government lending executive, managing the transition and integration of Countrywide under the BofA umbrella, before becoming the bank's executive for default management public policy and national outreach.

American Home Mortgage Charged with Violating Debt Collection Laws

31 Aug 2010

Texas Attorney General Greg Abbott says American Home Mortgage Servicing is using illegal debt collection practices and misleading struggling homeowners, resulting in foreclosure for some borrowers. Abbott brought formal charges against the company on Monday. State investigators allege that the mortgage servicer's agents used aggressive and unlawful tactics to collect payments and then in some cases, intentionally failed to properly credit homeowners.

FDIC Adds 54 "Problem" Banks to Its Watch List

31 Aug 2010

The FDIC said Tuesday that the number of banks on the agency's so-called "Problem List" has risen to 829, up from 775 at the end of the first quarter of 2010. The number of troubled institutions now under the FDIC's watchful eye is the highest it's been since March 1993, when the savings and loan crisis was in full swing. The 2010 failed-bank tally stands at 118. More banks may be deemed as "problem," but the FDIC says the banking sector overall enjoyed its most profitable quarter since the start of the recession.

Home Prices Edge Up in June, but Appreciation Already Slowing: S&P

31 Aug 2010

Home prices rose in June for the third consecutive month - a precipitate of the homebuyer tax credit that sparked a flurry of purchase activity in the spring. Buyer demand, though, has now dropped off substantially, and it's a trend that will likely rob the market of the recent rebound in home prices. According to the S&P/Case-Shiller index released Tuesday, home prices rose 1.0 percent in June compared to May. While June itself was positive, growth rates have already decelerated in 14 of the 20 metros included in S&P's study.

Dodd-Frank Reform Act Includes Stricter Rules for Appraisals

31 Aug 2010

The Dodd-Frank Financial Reform Act includes new appraisal management rules as well as stricter laws and firmer penalties for lenders. The bill's appraiser independence standards will give lenders new options on managing appraisers, and lenders are scrambling to evaluate options to decide what will benefit their businesses. An October deadline is looming for the issuance of new appraiser independence rules, which are expected to be more stringent than the Home Value Code of Conduct (HVCC).

Servicers Fail to Deliver on Loan Mod Best Practices: J.D. Power

31 Aug 2010

U.S. consumers are less satisfied with their experience during the loan modification process than they are during loan origination, namely because mortgage servicers are missing the mark when it comes to delivering on best practices, according to J.D. Power and Associates. The company's survey found that mortgage servicers fail to adhere to a time frame for approval, don't provide the customer with status updates, and repeatedly ask borrowers for the same information. BB&T ranks highest in customer satisfaction among mortgage servicers.

Mutual of Omaha Bank Adds Senior Mortgage Loan Officer

31 Aug 2010

Mutual of Omaha Bank has hired Steven D. Johnson as a senior mortgage loan officer in Austin, Texas. Johnson is a 15-year veteran of residential lending. Prior to joining Mutual of Omaha Bank, he was a mortgage loan officer at Amcap Mortgage in Austin. As the co-founder of the Northland Funding Group in Austin, he served as EVP for seven years.

Retail Mortgage Lender Fairway Enters Wholesale Market

31 Aug 2010

Fairway Independent Mortgage Corporation announced Monday it will enter the wholesale market with select banks, credit unions, and brokers. Using its expertise in Federal Housing Administration (FHA), agency, and U.S. Department of Agriculture (USDA) rural development lending, the retail lender plans to build a national wholesale platform, funding third-party originations through fulfillment, broker, and correspondent business lines.

Citizens Appoints President of Home Lending, Plans 400 New Hires

31 Aug 2010

Citizens Financial Group, Inc. recently announced the appointment of Cheryl Nolda as president of its Home Lending Solutions business. Nolda has 27 years' experience in the financial services industry and oversees the company's residential mortgage and home equity businesses. Citizens Financial is continuing to expand its mortgage business, with plans to hire 400 new loan officers by 2013.

Housing Supply and Demand Won't Balance until 2012: Moody's

30 Aug 2010

Moody's Investors Service says it expects home price appreciation to be "soft" for the next couple of years. The company says there were 1.8 million more vacant homes sitting on the market than what is considered the norm at the end of the second quarter, reflecting a rise in the number of homes that lenders are repossessing. According to Moody's, it will not be until 2012 that demand and supply conditions are balanced enough to drive price appreciation that matches the pace of inflation.

Pause in Closings, but Number of Problem Banks May Be Stabilizing

30 Aug 2010

In a rare break from what has been the norm throughout the recession, this weekend saw no bank closings. Since January 2008, more than 280 banks and thrifts have collapsed, most as a direct result of problems in the real estate markets. The research firm Foresight Analytics estimates that 200, and possibly 300 to 400, banks are at risk of failure over the next 12 to 24 months, but the company says a number of community banks have begun to shed some of their problem commercial real estate loans.

Marix Acquisition to Create Top 10 Subprime Mortgage Servicer

30 Aug 2010

Marix Servicing LLC, a Phoenix, Arizona-based specialty mortgage servicer, will be acquired by Walter Investment Management Corp. through an agreement with Marix's parent company Marathon Asset Management. The acquisition, which is expected to close in the next 30 to 60 days, will create one of the nation's top 10 servicers of subprime mortgages.

Collateral Values Backing GSEs' Loan Purchases in Q2 Rose 3%

30 Aug 2010

Freddie Mac released the results of its second quarter Conventional Mortgage Home Price Index (CMHPI) Monday. The index measures property values based on home loans originated in Q2 and purchased by Freddie and its sibling mortgage financier Fannie Mae. The CMHPI Purchase-Only Series for the United States registered a 3.1 percent increase in the second quarter relative to the first quarter. For the first time since the second quarter of 2009, prices rose in all nine Census divisions.

Accounting Firm Combination Creates Largest Non-Big 4 in NY Metro

30 Aug 2010

Accounting firms Eisner LLP and Amper, Politziner & Mattia, LLP, recently merged to create EisnerAmper LLC's real estate group, doubling the size of the firm's real estate practice. The New York-based firm is now the largest non-Big 4 firm in the greater New York metropolitan region and the 14th largest in the nation. The company now offers developers, property owners and managers, and others in the industry a broader array of professional services.

HFF Chicago Hires New Director of Debt Placement Group

30 Aug 2010

Holliday Fenoglio Fowler, L.P. (HFF), a provider of commercial real estate and capital markets services, recently announced that Stephen Skok is the firm's new managing director in the debt placement group in its Chicago office. Prior to joining HFF, Skok worked for Jones Lang LaSalle, Cohen Financial, Lincoln Property Company, and CBRE. A 23-year veteran in the commercial real estate industry, Skok has been involved in more than $5 billion of commercial real estate transactions.

Will the Administration Bring Back the Homebuyer Tax Credit?

30 Aug 2010

After a worse than expected falloff in home sales during the month of July, buzz about a possible revival of the federal homebuyer tax credit has begun to surface. Sales of previously owned homes plummeted 27 percent last month, hitting their lowest mark in 15 years. New home sales also took a dive, dropping nearly 13 percent. HUD Secretary Shaun Donovan says the July numbers were worse than was expected and are cause for concern, and he's not ruling out a return of the tax credit incentives.

Fannie Mae Places Ban on 'Appraisal Cutting'

30 Aug 2010

Fannie Mae is implementing a new policy this week regarding home appraisals. Beginning Wednesday, lenders will be prohibited from making changes to appraisers' valuations - a practice that has become more widespread and is commonly referred to as "appraisal cutting." Fannie officials say they have identified cases where the lender reduced the opinion of market value in the appraisal report based upon underwriter judgment or automated valuation models, prompting the GSE to place a ban on so-called appraisal cutting.

LPS Reports a Jump in Foreclosure Starts in July

27 Aug 2010

The Mortgage Bankers Association (MBA) offered the industry a ray of hope when it reported Thursday that foreclosure starts were down nearly 10 percent in Q2, but the brightness quickly faded when Lender Processing Services (LPS) released its own dataset. MBA's numbers were based on data through the end of June. LPS reports that by the end of July, foreclosure starts had jumped back up by 24.5 percent. It's the fourth highest level ever recorded by the company.

Bernanke Promises Action at Meeting of World's Central Bankers

27 Aug 2010

All eyes were on Jackson Hole, Wyoming Friday, as leaders of the world's central banks convened for an annual retreat in the small, quiet town along the Teton mountain range. The most anticipated attraction - Fed Chairman Ben Bernanke, as market analysts, economists, and Wall Street looked for some semblance of the Fed's plan to deal with the nation's lukewarm economic recovery. Bernanke insisted that he doesn't believe the U.S. will revert into another recession, but he promised to react swiftly if the recovery doesn't pick up.

GSEs' Single-Family Delinquency Rates Fall

27 Aug 2010

The percentage of home loans 90 or more days past due held by the nation's two largest mortgage companies has declined yet again. Fannie Mae's single-family serious delinquency rate has fallen to 4.99 percent. It's the fourth straight month that Fannie has reported a decline. Freddie Mac's serious delinquencies dropped to 3.89 percent, the fourth decrease in five months. The reciprocated declines seem a welcome herald, but researchers say they're merely the consequence of an increase in GSE foreclosures.

Corelogic Announces Launch of Short Sale Monitoring Technology

27 Aug 2010

CoreLogic has announced the launch of its new Short Sale Monitoring Solution. The company says it's the industry's first short sale fraud prevention and pricing technology. The solution alerts lenders to "risky" pending and closed short sales. It matches details against other pending loan applications in CoreLogic's database and public records for the same property, and continues to watch properties for a period specified by the lender after short sales have closed.

U.S. Consumers Remain Mired in Financial Distress: CredAbility

27 Aug 2010

High levels of unemployment and the strain of housing costs continue to keep consumers mired in financial distress, according to data released by the nonprofit credit counseling agency CredAbility. While economic and mortgage duress is the underlying theme of the agency's second-quarter findings, CredAbility noted that consumers' net worth has actually increased for the past five quarters as they continue to pay down debt and, in some parts of the country, benefit from stabilizing housing prices.

Specialized Loan Servicing Hires New SVP of Default Operations

27 Aug 2010

Specialized Loan Servicing (SLS) in Littleton Colorado, announced Thursday that Oscar Southall is the company's new SVP of default operations. Prior to joining SLS, Southall held executive positions at Litton Loan Servicing for almost a decade. Most recently, he was VP of default administration. During the past nine months, SLS has added 150 new employees and $8 billion in loans to its servicing portfolio, and the company anticipates continued growth over the next year.

Illinois Home Sales Slip After a Year of Gains

27 Aug 2010

Home sales activity in Illinois paused in July after nearly a year of home sale gains statewide. The lull is reported to be caused by the rush to meet the homebuyer tax credit deadline combined with weak job and economic reports. According to the Illinois Association of Realtors, the state's single-family and condo sales totaled 8,135 in July 2010, down 29.7 percent from July 2009's 11,566 homes. The median price was also down from $167,185 in July 2009 to $160,000 last month.

Trepp Reports More Maturing CMBS Loans Being Paid Off

27 Aug 2010

Industry experts and regulators have been issuing dire warnings for months that the more than $1 trillion in commercial mortgages coming due over the next couple of years could be a hurdle that the real estate sector - and the entire national economy, for that matter - can't clear. But the research firm Trepp LLC says it's seeing a strong increase in the number of loans within commercial mortgage-backed securities (CMBS) that are being paid off in full at maturity. Fifty percent were paid off in July, the most since December 2008.

Underwater Homeowners Decline to 11M: CoreLogic

26 Aug 2010

The number of underwater homeowners has declined for the second consecutive quarter. CoreLogic reports that 11 million borrowers owed more on the loan than their home was worth at the end of June. That equates to 23 percent of all residential properties with mortgages, and is down from 11.2 million, or 24 percent, at the end of March. It seems like good news on the surface, but the company says foreclosures, rather than meaningful price appreciation, were the primary driver behind the change in negative equity.

Mortgage Rates...The Descent Continues

26 Aug 2010

Mortgage interest rates are already at their lowest level in decades, and this week, they headed even lower. The descent was prompted largely by fears that another housing downturn could hamper the economic recovery, after July's home sales took a deeper plunge than expected. Freddie Mac reports that 30-year fixed-rate mortgages are now averaging 4.36 percent, and 15-year mortgages are at 3.86 percent. Bankrate says the larger jumbo 30-year fixed rate also slipped to a new record low of 5.22 percent.

Foreclosures and Late-Stage Delinquencies Drop

26 Aug 2010

Foreclosure starts dropped during the second quarter and the inventory of homes in the process of foreclosure fell for the first time since 2006, the Mortgage Bankers Association reported Thursday. Loans 90 days or more past due also decreased. But it's a different story at the other end of the spectrum. After declining since the beginning of 2009, the number of 30-day delinquencies is going up. Overall, 13.97 percent of the nation's mortgages were delinquent or in foreclosure at the end of Q2, down from 14.01 percent three months earlier.

Miami Area Foreclosures Reach 100K

26 Aug 2010

Last Thursday, lenders reached 100,000 foreclosures in the tri-county South Florida region since the real estate crash began in 2007, according to the consulting firm CondoVultures.com. The company put South Florida's real estate crash into perspective by pointing out that lenders have repossessed an average of 75 properties per day since January 2007. The number of bank repossessions there are expected to decrease, though, since foreclosure filings for the year are down by roughly one-third compared to 2009.

Martin, Leigh, Laws & Fritzlen, P.C. Adds Three New Attorneys

26 Aug 2010

Martin, Leigh, Laws & Fritzlen, P.C. recently announced that it has added three new attorneys to the firm. Richard Gray's practice is focused on litigation in real estate, title insurance, collections, contract dispute, and general tort areas. Jonathan K. Glassman will provide services in the areas of civil litigation and creditors rights. M. Catherine Hartnett's concentration is title insurance defense, bankruptcy, secured transactions, contracts, and all issues involving creditor's rights.

Wells Fargo Ranked as Leading Commercial and Multifamily Servicer

26 Aug 2010

The Mortgage Bankers Association (MBA) has released its mid-year ranking of commercial and multifamily mortgage servicers. Wells Fargo tops the list, with 40,292 loans worth $462.8 billion in its commercial/multifamily servicing portfolio. Also among the top five are PNC's Midland Loan Services, Berkadia, Bank of America Merrill Lynch, and KeyBank Real Estate Capital.

Real Property Management and RE/MAX Form Alliance

26 Aug 2010

Real Property Management (RPM) and RE/MAX have agreed to exchange property and client referrals to assist renters, distressed homeowners, and investors. Through the agreement, RPM will connect RE/MAX agents with investors ready to sell, and RE/MAX agents will recommend clients to RPM who are ready to rent. RE/MAX agents may also refer properties to RPM for management. This alliance marks the first time a major real estate franchisor and one of the country's largest property management franchisors have joined forces, according to RE/MAX.

Crescent Mortgage Adds Bryan Rivas as Account Executive

26 Aug 2010

Crescent Mortgage Company recently announced the addition of Bryan Rivas as account executive with the company. Rivas is responsible for servicing accounts in Washington, Oregon, and Idaho. His responsibilities include acting as a liaison between Crescent Mortgage Company and approved community banks, credit unions, and mortgage brokers.

Chase Moves to Speed Loan Mod Evaluations

25 Aug 2010

Chase says it "remains committed to helping customers avoid foreclosure." In an announcement issued Wednesday, the bank outlined several key initiatives it has undertaken to better serve borrowers who are struggling with their mortgage payments, including adding 8,000 loan counselors and staffers to work directly with homeowners, assigning a specific counselor to each customer, and establishing a centralized location for document collection and imaging.

Late Payments Rise on Second Mortgages, Decline for Firsts: Report

25 Aug 2010

Default rates in July declined for first mortgages, but a larger number of homeowners fell behind on their second lien payments, according to data released jointly by Standard & Poor's and Experian. The companies' credit indices show defaulting balances on first mortgages were 3.2 percent last month, down from June's 3.3 percent, demonstrating continued improvement in the performance of first lien home loans. Second mortgage defaults, however, increased to 2.8 percent from 2.4 percent the month prior.

Even Though Challenged by Delinquencies, U.S. Thrifts Post Q2 Profit

25 Aug 2010

The U.S. thrift industry reported second-quarter earnings of $1.49 billion, its fourth consecutive quarterly profit. The industry consists of savings and loan institutions that by law are required to have at least 65 percent of their lending in mortgages and other consumer loans. With today's troubled housing market, their mandated line of business is proving precarious. The industry's regulator warns that thrifts continue to face challenges from delinquent loans, with the number of problem thrifts growing and overall assets declining.

Bay Area and SoCal Hit Hard in California's Slipping Home Sales

25 Aug 2010

July home sales in the state of California were down 19.9 percent from June and 21.9 percent from a year ago, MDA DataQuick reports. In the Bay Area, home sales for that month dropped sharply to their lowest level in 15 years, down 22.8 percent from July 2009. Southern California was also pummeled with its biggest year-over-year drop in more than two years, down 21.4 percent from 2009. On the positive end, the median price paid for a home last month in California was up 7.2 percent compared to a year ago.

FHFA Home Price Index Shows First Increase in Three Years

25 Aug 2010

Home prices in the U.S. rose in the second quarter of 2010, according to the Federal Housing Finance Agency (FHFA). The regulator's purchase-only house price index (HPI) is calculated using sales price data from Fannie Mae- and Freddie Mac-acquired mortgages, and last quarter was the first time since Q2 2007 that the HPI posted a quarterly increase. The index was 0.9 percent higher on a seasonally adjusted basis in the second quarter than in the first quarter of 2010.

DRI's New Default Management Platform Assists Overburdened Servicers

25 Aug 2010

Default process management software provider DRI Management Systems, Inc., has announced its new Web-based, loan servicing application for the mortgage industry, Rincon. According to the California-based company, the Rincon platform helps overburdened servicers keep pace with demands for borrower assistance. Rincon is expected to double or triple the workload each servicing specialist can handle.

Refi Activity Leads to 4.9% Increase in Mortgage Apps: MBA

25 Aug 2010

The Mortgage Bankers Association (MBA) reported Wednesday that its index of mortgage application volume climbed 4.9 percent for the week ending August 20. Refinance activity was the driving force behind the increase. Record-low interest rates are prompting existing homeowners to take out new loans and lower their monthly mortgage payments.

Holliday Fenoglio Fowler Hires New Managing Director

25 Aug 2010

Holliday Fenoglio Fowler, L.P. (HFF), a provider of commercial real estate and capital markets services, announced this week that Christopher Simon is the company's new managing director of its debt placement group. A 13-year veteran of commercial real estate, Simon's new role will focus on originating debt, equity, and structured finance transactions throughout the western United States.

Nearly Two-Thirds of Delinquent Mortgages Untouched: Study

24 Aug 2010

According to a report from state attorneys general and bank supervisors from across the country, more than 60 percent of homeowners with seriously delinquent loans are still not involved in any form of loss mitigation with their servicer. The ratio is disconcerting considering the group also found that loan modifications today are resulting in significant payment reductions with fewer redefaults. Absent improvements in foreclosure prevention efforts, the group expects hundreds of thousands of foreclosures will occur later this year.

Housing Affordability Near Record-High for Sixth Consecutive Quarter

24 Aug 2010

Bolstered by favorable interest rates and low home prices, housing affordability in the second quarter remained near its highest level of the past two decades, according to an industry index developed by the National Association of Home Builders and Wells Fargo. The study found that 72.3 percent of all new and existing homes sold in the second quarter of 2010 were affordable to families earning the national median income of $64,400. Syracuse, New York was the most affordable major housing market. New York City was the least.

Fitch Upgrades BofA but Voices Concern over Mortgage Portfolio

24 Aug 2010

Fitch Ratings has upgraded the individual and preferred stock ratings of Bank of America. But the agency says the upgrades are tempered by the bank's high level of nonperforming loans and the likelihood of large volumes of mortgage repurchase requests from the GSEs and other secondary market investors, largely because of the loans the bank inherited from its Countrywide acquisition. Fitch also expressed concern about BofA's exposure to home equity loans, especially those with loan-to-value ratios above 100 percent.

Arizona Court: $123M Trigild Sale Approved

24 Aug 2010

The Arizona Superior Court issued a ruling this month that allows San Diego-based receivership and loan recovery specialist Trigild to sell seven Arizona apartment complexes to Standard Portfolio for $123 million. The 2,759-unit portfolio was abandoned last year by the investment firm Bethany Group and placed into receivership in March 2009. The court's ruling allows the properties to be sold without requiring the lender to foreclose prior to the sale.

Property Management Company Grows with Lease-and-Hold Strategy

24 Aug 2010

Real Property Management says it has transitioned thousands of REO properties into rentals by using a lease and hold strategy. The company offers its rental initiatives to former owners of foreclosed properties or to new tenants, and says local, regional, and national banks, as well as other mortgage owners are now turning to a lease and hold strategy as REO inventories balloon.

Real Estate Pros Affected by Oil Spill Eligible for Financial Assistance

24 Aug 2010

National Catastrophe Adjusters, Inc. has been selected to administer a special allocation of funds dedicated to pay claims for real estate professionals who have lost business because of the April 20th Deepwater Horizon oil spill. This financial assistance will be administered outside of the recently established Gulf Coast Claims Facility and is earmarked for emergency payments to eligible real estate professionals licensed in Florida, Alabama, Mississippi, Louisiana, and Texas.

Prommis Appoints Industry Veteran to SVP of Sales and Marketing

24 Aug 2010

Prommis Solutions, a national provider of technology-enabled solutions to the mortgage banking industry, has hired Phil Johnsen as SVP of sales and marketing. Prior to accepting his position at Prommis Solutions, Johnsen was founding partner and president of DDN Mortgage Services LLC, where he led the company's Federal Housing Administration (FHA) inspections and REO renovation services.

Existing-Home Sales Post Worst Showing in More than a Decade

24 Aug 2010

Sales of previously owned homes in the United States plummeted 27.2 percent in July compared to the previous month, according to data released Tuesday by the National Association of Realtors (NAR). The market was bracing for a noticeable falloff as payback for the tax credits that pulled sales forward into the spring months, but the reality was worse than projected - nearly double the decline analysts were expecting. The July plunge pushed existing-home sales down to an annual rate of 3.83 million units, their lowest level since May of 1995.

CBO Cuts Projected TARP Price Tag by Another $43B

23 Aug 2010

Taxpayers' tab for the government's $700 billion dollar bailout program continues to drop. New estimates from the Congressional Budget Office (CBO) put the cost of the controversial Troubled Asset Relief Program (TARP) at $66 billion. That's nearly $45 billion less than the agency's projection just five months ago. The agency's estimates for the bailout of Fannie Mae and Freddie Mac improved as well. Outlays for the two GSEs are expected to fall from $96 billion in 2009 to $41 billion this year.

GSEs' Foreclosure Pipelines Will Grow Well into 2011: S&P

23 Aug 2010

Despite the continued efforts of mortgage giants Fannie Mae and Freddie Mac to find sustainable workouts for delinquent borrowers, the analysts at Standard & Poor's expect the GSEs' foreclosure inventories to continue to swell. The two companies have each already completed about 40 percent more workout volume during the first half of 2010 than they did in all of 2009. Still, the ratings agency says annualized loan workout activity (as a percentage of existing delinquent loans) remains less than half at both institutions.

Altisource Adds Short Sale and Deed-in-Lieu Services

23 Aug 2010

Altisource Portfolio Solutions has added short sale and deed-in-lieu services to its arsenal of programs for mortgage lenders and servicers. Altisource has been providing services related to real estate mortgage portfolio management, asset recovery management, and customer relationship management for two decades. The company says this new venture will allow lenders and servicers to enhance their loss mitigation programs from a single-source, end-to-end provider.

Regulators Close Eight Banks, as 2010 Failures Hit 118

23 Aug 2010

The pace of bank closings has returned to the recessionary norm, following two consecutive weeks where we saw just a single bank failure. That temporary reprieve came to an abrupt halt on Friday, as regulators shut the doors on eight community-based lenders in one fell swoop -- four were in California, two in Florida, and one each in Illinois and Virginia. The year's failed-bank tally now stands at 118. The largest of this weekend's closings was Chicago's ShoreBank.

Lenders One and AllRegs Partner for Mortgage Banking Compliance

23 Aug 2010

Lenders One Mortgage Cooperative recently announced its partnership with AllRegs as the organization's newest preferred vendor. Lenders One is a national alliance of more than 150 independent mortgage bankers, correspondent lenders, and suppliers of mortgage products and services. The company says its newest arrangement with AllRegs will provide these members with compliance training programs and access to a central repository for single and multifamily underwriting and insuring guidelines.

RE/MAX: Post Tax Credit Sales Fall, Prices Hold Steady

23 Aug 2010

Now that the federal government's homebuyer tax credit stimulus is in the rear view mirror, residential home sales are in a period of correction, according to RE/MAX. The real estate conglomerate's July housing report tracks market conditions in 54 major metropolitan areas across the country. It revealed that closed transactions in July were 27.8 percent lower, while prices were 1.3 percent higher than during July 2009. Home prices in California marked the highest year-to-year gains in the survey, accompanied by Honolulu and Boston.

Loan Value Group Names New CFO and General Counsel

23 Aug 2010

Loan Value Group, a strategic default solutions provider to owners of risk, recently named Louis J. Petriello CFO and general counsel. Petriello will oversee all company accounting practices and legal affairs in his newly created role. In addition, he will work to implement Responsible Homeowner Reward (RH Reward), the company's cash payment program for homeowners affected by negative equity who remain current on their mortgages.

Housing Market Continues to See First-Time Buyer Exodus

23 Aug 2010

First-time homebuyers continued to desert the housing market in July, according to a new industry study released Monday. Campbell Surveys says first-time homebuyers accounted for only 39 percent of the home purchase market last month. That's down from a peak of 48 percent as recently as March. The research firm, though, reported that short sales remain one of the few bright spots in the housing market. Time-on-market for short sales continued to decline, from an average of 20.5 weeks in February to 15.8 weeks in July.
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