Today’s news that may be of interest to you:
CFPB reveals larger prototype mortgage form for public scrutiny
HousingWIre | November 8, 2011
After collecting feedback from thousands of members of the industry on its prototype mortgage disclosure forms, the Consumer Financial Protection Bureau is ready to accept public opinions on the documents. The new federal agency is proposing a five-page form, codenamed “Hornbeam” and an alternative six-page disclosure document, known as “Ironwood” to function as the final mortgage disclosure form for consumers. The alternative mortgage disclosure forms, which are available for review online, cover all of the details of a mortgage loan, while also spelling out closing costs for borrowers. (Do you believe borrowers are generally confused about the home closing process? Check out the new proposed closing statement forms above that replace the current HUD-1. We’re now looking at a 5 page or a 6 page form. If you or your borrower/client want to offer feedback, now is your chance on their feedback page! ~Anthony)
Lawmakers Near Deal on Raising FHA Loan Limits
The Wall Street Journal | November 14, 2011
U.S. lawmakers are near a deal to increase the maximum size of mortgage loans that can be insured by the Federal Housing Administration, a crucial source of mortgages for first-time home buyers, congressional aides said Monday. The likely agreement between House and Senate lawmakers to lift the loan limits is being hashed out as part of a spending bill for several federal agencies that is expected to clear Congress by Thursday, aides said.
How to Figure the Fuzzy Math of Internet Home Values
The Wall Street Journal | November 15, 2011
Jason Gonsalves worked hard to turn his 6,500-square-foot stucco-and-stone home in the suburbs of Sacramento into the ultimate grown-up party pad, complete with game room, custom wine cellar and an infinity-edge pool overlooking Folsom Lake. When interest rates fell recently, Mr. Gonsalves, who runs a lobbying firm, looked into refinancing his $750,000 mortgage. That’s when he got startling news—the home had dropped more than $200,000 in value while he was renovating. Or at least, that’s what one real-estate website told him.
FHA Undercapitalized By Up to $100 Million: Wharton Report
HousingWire | November 14, 2011
The Federal Housing Adminstration‘s insurance program is materially undercapitalized and will require a capital infusion of $50 billion to $100 billion in the next few years even if housing markets do not deteriorate further. (The headline says $100 million, but if you read into the article, it’s $100 billion. Bit of a difference there. ~Anthony)
Fed Economists: 2012 Recession Odds Top 50%
Bloomberg | November 15, 2011
The odds of a U.S. recession in early 2012 exceed 50 percent as a result of Europe’s debt crisis, according to researchers at the Federal Reserve Bank of San Francisco.
Freddie Mac Sells Record-Number REO at 94% of Market Value
HousingWire | November 14, 2011
Freddie Mac sold a record number of real estate owned properties in 2011 and got pretty decent pricing on most of them, according to Tracy Mooney, senior vice president of single-family servicing and real estate owned properties at Freddie.
Lender Liability Rule Key to Mortgage Refi Due Tuesday
Chicago Tribune | November 14, 2011
The reach of a government effort to help distressed homeowners refinance their mortgages could be largely determined by details on lender liability that will be announced Tuesday.
From the National Association of Realtors®:
Modest Volume, Price Gains Seen Next Year
The housing recovery will continue on its slow but steady pace over the next couple of years, NAR Chief Economist Lawrence Yun said Friday morning at the 2011 Conference & Expo in Anaheim.
Measured Improvement in Commercial Sectors Expected
Despite sluggish economic growth and continuing concerns, modest but steady improvements in commercial real estate in 2011 are expected to continue into 2012.
Anthony V. Carollo / President
Stewart Title of Spokane
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Direct Fax: 866.652.8834
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