Menear, who has been with the company since 1997, is currently Home Depot’s president of U.S. retail. He has been in that position since February 2014.
Industry Leaders LPS and KMC Information Systems Form Strategic Alliance
Integration of LPS Technologies and CaseAware Case Management System Will Improve Foreclosure Processing Efficiency and Transparency
Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, and KMC Information Systems (KMCIS), the leading provider of case management and integration technology to law firms and trustees, have formed a strategic alliance that will more fully integrate select LPS technologies with KMCIS’ CaseAware® platform and create an end-to-end foreclosure processing solution for loan servicers.
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It’s here. The anticipated list of participants in the Consumer Financial Protection Bureau’s mortgage eClosing pilot program was released Thursday, with 12 companies now helping pave the way into streamlining the mortgage process.
Current rules and practices regarding credit boxes for both underserved and middle class borrowers have to be reformed, according to several of the leading voices speaking at the Bipartisan Policy Center Housing Commission’s regional forum.
The most important agenda for FHA moving forward is this blueprint for lenders so that they have confidence and can remove some of their credit overlays and lend to a broader credit box for FHA loans.
"Why are we charging the stock holders instead of going after the people who did wrong?” former Wells Fargo CEO Dick Kovacevich said. “Corporations don't engage in criminal behavior. They don't take advantage of innocent people. People do.”
The housing tax credit should be raised 50%, a balance must be struck between an affordable housing policy and restricting mortgage availability to qualified borrowers, and the GSE status quo cannot hold. All this, and more, is happening right now at the Bipartisan Policy Center housing forum in Sun Valley, Idaho.
Included in Bank of America's settlement with the Depart of Justice, the Federal Deposit Insurance Corporation as receiver for 26 failed banks will receive $1.03 billion.
The estimated 115,000 foreclosure sales in the second quarter represented a decline of 9% from the first quarter’s total of 126,000. HOPE NOW notes that the second quarter total was the lowest since it started tracking the data in 2007.
A significant portion of the Bank of America settlement will go toward consumer relief in Florida, helping nearly 17,000 people. Of the $7 billion allotted to consumer relief, $1 billion is going to the Sunshine State.
Some places it just pays more to rent out your home when you move someplace else rather than simply selling it, because it pays every month.
Existing home sales increased in July to their highest annual pace of the year, but are down 4.3% year over year, and the ongoing decline in distressed sales reached an important milestone, according to the National Association of Realtors.
Mortgage rates dropped to new yearly lows after hovering around the same area for the past month, according to the latest Freddie Mac Primary Mortgage Market Survey.
The rumors from yesterday are now confirmed. “Bank of America knew that such wholesale channel loans – described internally as “toxic waste” – presented vastly greater risks of severe delinquencies, early defaults, underwriting defects, and prepayment," according to the SEC filing on the settlement.
"But the health of the for-sale market is directly tied to the rental market, where affordability is really suffering," said Zillow Chief Economist Stan Humphries.
As a member of the RealtyTrac Network, Real Living Lifestyles will have the ability to integrate its broker-branded listings into the realtytrac.com website. “The network also offers all of its members high-profile, homepage branding as well as incorporating their insight into the real estate news cycle,” RealtyTrac said.
"Ed’s wealth of experience and industry knowledge has already made him a key addition to the IMS family," Cheryl Lang, IMS’ president and CEO, said. "We view his appointment as a sign of our commitment to being the leading company in our industry."
Realtor.com is touting data from July showing that, by its metrics, July shows the best price appreciation and inventory increases hit during the peak spring buying season in three years.
Although Countrywide Financial no longer exists, co-founder Angelo Mozilo is allegedly not in the clear as prosecutors still want to hold him responsible for the company’s role in the U.S. housing bubble, according to a Bloomberg report.
For the 19th consecutive month, distressed home sales fell on a year-over-year basis, declining to 11.4% of home sales in June.
If true, the $17 billion settlement would exceed the previous high of $13 billion paid by JPMorgan Chase in November to settle similar claims. As of press time, Bank of America did not have a comment on the rumors.
"A range of labor market indicators suggests that there remains significant underutilization of labor resources. Household spending appears to be rising moderately and business fixed investment is advancing, while the recovery in the housing sector remains slow," the minutes continued.
“These facts then lead to the conclusion that the loan was granted in order to engender fees for the lender and not for the benefit of the borrower,” Bergen County Superior Court Judge Gerald Escala wrote in his decision.
Before the Golden State can step into its positive forecast for the next two years, it has to overcome several housing hurdles impeding its recovery.
Kroll notes that audit firms, like Deloitte & Touche, advise public companies on how to structure their finances related to GAAP, however “the public company is ultimately responsible for the public disclosure,” which leads to the public company “taking the blame” for what its auditor advised it to do.
Although Home Depot reported strong second-quarter earnings, it does not mean the giant home improvement store has nothing to worry about.
Mortgage originations showed an overall closing rate of 57.7% in July 2014, down from 60.7% in June 2014, according to a sample of 90-day loan applications conducted by Ellie Mae.
Home values are down 11% from their pre-meltdown peak in 2007, and $1 million doesn’t go nearly as far as it used to, according to Zillow’s number crunchers.
Mortgage applications increased 1.4% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 15, 2014.
The youngest group of mortgage borrowers posted the lowest mortgage delinquency rate, falling to 2.34%, overcoming the impact of the Great Recession.
The primary issue is not only delivering the closing documents to the consumer three days ahead of closing (consummation), but now, with the delivery deadlines and tolerance requirements, the lender is on the hook to ensure even greater accuracy of the GFE/TIL at time of application.