Closed loan today that was in process for 180 days. Erroneous credit report took 90 days to fix. Thankfully rates stayed low, client happy. # The escalation of closing costs continues. We saw banks jacking up underwriting fees last year. Appraisers are now charging $400-$450 a pop! # Colonial Bank has failed. FDIC has taken over all 346 branches of the Alabama based bank. (via @breakingnews) # Powered by Twitter Tools.
Foreclosure-tracker RealtyTrac reports that the number of foreclosures nationwide rose 7 percent on a month-to-month basis last month. However, 3 states dominated the foreclosure list, tallying more foreclosures between them than the rest of the country combined. California : 30.0 percent Florida : 15.7 percent Arizona : 5.4 percent On a per-household basis, the states ranked 2, 3 and 4. Only Nevada’s foreclosure rate was higher. Now, we point out these statistics for two reasons. The first is to remind you that foreclosures can be highly local. For all of the foreclosure-related stories that run in the papers and on TV, defaults make a much larger impact on home values in some areas versus others. And, second — foreclosures can represent a terrific buying opportunity. Not every foreclosed home is in pristine condition, but there is a plethora of affordable housing out there, suitable for first-time buyer, move-up buyers and investors, too. Furthermore, as banks get better at disposing of foreclosed homes, […]
Great Think Big Work Small today + shout out to NAMB president Jim Pair. http://budurl.com/tefb # [National Housing Market] Case-Shiller HPI shows tiny improvements in price in some areas. http://budurl.com/tbqe (via NPR) # The J. Berman Group became an approved iPhone Developer today. Our 1st app will be submitted for app store approval in a few weeks! # Powered by Twitter Tools.
House Financial Services discussed Obama Administration's Financial Regulatory Reform Proposals today. (NAMB's Denise Leonard testified). # Mortgage bonds finish down 122bps for the week. Published average rates will be higher next week. # Powered by Twitter Tools.
UpfrontMortgageBrokers.org bleating the same stale message. How about more focus on issues like HVCC & the shrinking wholesale channel? # Applaud efforts of Mtg. Professor Jack Guttentag. Brought transparency to forefront for industry (sans banks) but it's time to re-focus msg. # RT: @jbinfrisco: Recent interview w/REBarCamp Chicago Organizer Dan Green (@mortgagereports) is up – http://budurl.com/8p2l in reply to jbinfrisco # Powered by Twitter Tools.
by jberman