Articles Filed Under: Industry Stuff

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Appraisal Agreement: Violating Federal Law Or Industry Interests?

“Fannie Mae and Freddie Mac’s agreement to restrict banks from using in-house appraisal companies may violate federal law, U.S. Comptroller of the Currency John C. Dugan said in a letter to the companies’ supervisor.” “The agreement and new appraisal code ‘violate or conflict with federal law in fundamental respects’... Read More »

Keller Williams HQ For Sale (1500 Franklin), Franchise To Follow Suit?

Keller Williams HQ For Sale (1500 Franklin), Franchise To Follow Suit?

The for sale signs have been hung on 1500 Franklin, home to Keller Williams Realty in San Francisco. And if our tipster is correct, the franchise (in San Francisco) is soon to follow suit (if it hasn’t already). Read More »

Fannie To Drop Blanket Policy, Roll Out Tighter Underwriting Algorithm

As of June 1, Fannie Mae will drop its blanket “bigger down payment in declining market policy” as it rolls out a new algorithm to better screen loans at the individual level. Under the new policy, borrowers approved by Fannie Mae’s automated underwriting program will be able to borrow... Read More »

Freddie Mac Changes Accounting, Reports Lower Than Expected Loss

Freddie Mac, the second-largest U.S. mortgage finance company behind Fannie Mae, announced that it will raise $5.5 billion in capital following a lower than expected first-quarter loss of $151 million. Keep in mind, however, that “accounting and policy changes” seem to have contributed more than the market to Freddie... Read More »

JustQuotes: The HBANC Comes To San Francisco For An Urban Assault

“The has opened an office at 660 Mission St., an “urban division” that will push legislation and policies that help foster the sort of dense, urban, infill housing that is being built in San Francisco and downtown Oakland, according to HBANC President and... Read More »

Fannie Mae To Market: It’s Not Getting Better, But Rather Worse

Fannie Mae lost $2.19 billion in the first-quarter, about four times that of average analyst expectations. And the largest U.S. mortgage company will now raise $6 billion in order to continue to fund operations. The “severe weakness” in the housing market was worse than expected in the quarter and... Read More »

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 »