Articles Filed Under: Industry Stuff

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We’ve Heard Local Contractors Are Getting More Responsive Too

“Nibbi Brothers’ Larry Nibbi said he has seen a flood of résumés from construction workers who were previously employed by home-builders like KB Homes and Centex. The sudden jump in the availability of workers — and subcontractors looking for jobs — has knocked down construction costs about 5 percent... Read More »

JQ: Capital Requirements Follow The Asset Caps For Fannie/Freddie

“Regulators for Fannie Mae and Freddie Mac cut the companies’ surplus capital requirement in an effort to expand their combined $1.5 trillion in mortgage investments and revive the U.S. home-loan market. The requirement was lowered to 20 percent from 30 percent, the Office of Federal Housing Enterprise Oversight said... Read More »

Now Accepting Jumbo-Conforming Loans Submissions At Countrywide

From a broker update passed along by a plugged-in tipster: Countrywide, America’s Wholesale Lender will begin accepting loan submissions under the temporary “jumbo conforming” loan limit increases of the Economic Stimulus Package on Monday, March 17, 2008. Yes, that’s today. UPDATE: From Julian Hebron at RPM Mortgage: “Major lenders... Read More »

JustQuotes: Mortgage Bankers Report On Mortgage Fraud (It’s Up)

JustQuotes: Mortgage Bankers Report On Mortgage Fraud (It’s Up)

“Rising real estate values over the past few years threatened to price new homebuyers out of the market and led some to attempt purchases before they were creditworthy. The higher valuations also led some individual real estate investors to speculate and stretch the truth on applications for multiple properties,... Read More »

JustQuotes: Talk About Terrible Timing (And Why He’s A Former)

“Merrill Lynch & Co. will eliminate 650 jobs and record a $60 million charge as it stops making new home loans through First Franklin Financial, the subprime lender that former Chief Executive Officer Stan O’Neal bought in 2006. Most of the job cuts at San Jose, California-based First Franklin... Read More »

Premier Lender Thornburg Mortgage Headed Towards Bankruptcy?

Thornburg Mortgage, one of the premier jumbo ARM and Alt-A mortgage lenders, has at least one analyst raising the specter of bankruptcy as the lender failed to meet its latest round of margin calls (to the tune of $270 million). Thornburg said in a regulatory filing it is facing... Read More »

Savings From Increased Conforming Loan Limits Get Shaved

Remember that little comment we made a few weeks ago regarding increased prepayment risk associated with increasing conforming loan limits? From the Securities Industry and Financial Markets Association (SIFMA) on Friday: Higher balance loans which are now temporarily eligible for Federal Housing Authority (FHA) and GSE guarantee programs under... Read More »

First American Title Co. Closing Castro Branch (565 Castro Street)

According to a plugged-in tipster, First American Title Co. is closing their branch at 565 Castro Street. The unofficial reason: “market conditions.” Read More »

Pacific Union Closes Their South Beach/SoMa Office (38 Bryant)

As a number of reader’s have either asked or emailed, Pacific Union has in fact closed down their South Beach/SoMa office. Read More »