| 09/08/2010 04:17 PM |
| Mortgage Activity Sinks, Rates Rise |
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The Mortech-Mortgage Daily Mortgage Market Index was 259 in the week ended Sept. 8, falling from 348 seven days sooner. The index reflects pricing inquiries by mortgage brokers who utilize Mortech Inc.'s pricing engine. The conventional 30-year mortgage rose around 4 basis points in the report. |
| 09/08/2010 12:07 PM |
| AMC Appraiser Experience Touted in Report |
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A survey conducted by Coester Appraisal Group was done in an effort to dispel rumors about appraisal management companies and their appraisers. The report indicated that 97 percent of AMC appraisers have at least five years' experience. In addition, half of the appraisers surveyed said that they have been in the appraisal business for at least 15 years. |
| 09/08/2010 10:55 AM |
| $762 Million Portfolio Sells |
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Mariner Real Estate Partners LLC acquired an interest in $762 million in mortgages owned by the Federal Deposit Insurance Corp. The way the deal was structured, Mariner acquired a 40 percent equity interest in a limited liability company that the FDIC created to hold the loans. The other 60 percent interest in the LLC will be retained by the FDIC |
| 09/08/2010 08:36 AM |
| Another Billion Headed to States |
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Another $1 billion was awarded Wednesday through the U.S. Housing and Urban Development's Neighborhood Stabilization Program. HUD said the funds "provide targeted emergency assistance to state and local governments to acquire, redevelop or demolish foreclosed properties." The grant is provided for under the Dodd-Frank Wall Street Reform and Consumer Protection Act. |
| 09/08/2010 07:31 AM |
| Wholesale Biz Drags Down Reverse Originations |
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Over the past year, reverse mortgage production has plunged 40 percent, according to July data reported in the newsletter Reverse Market Insight. Looking just at wholesale volume, home-equity conversion mortgage originations were down by more than half from July 2009. Focusing only on retail production, reverse mortgage lenders closed 24 percent fewer loans. |
