The Mortgage Reviews

AMCs, BPOs and Appraisal Compliance

admin — Wed, 10 Mar 2010 10:00:12 +0000

Coester Appraisal Group reported that its survey of more than 1,500 licensed and certified appraisers found that average turnaround on appraisals was two to three days regardless of whether the appraisal was ordered through a third party or not.

An alternative to broker price opinions was released last month by Valligent.

Global DMS announced its appraisal process management software is up-to-speed with the new Federal Housing Administration appraisal requirements and guidelines.

Fifth Third Expanding in Tennessee

admin — Wed, 10 Mar 2010 10:00:12 +0000

Fifth Third announced plans to expand in Tennessee.

The company said Geoff Hill was tapped to oversee the expansion as head of a new Tennessee mortgage division.

A spokeswoman told MortgageDaily.com in an interview that the bank entered the market with its 2004 acquisition of another bank.

Quicken Maintains Healthy Pace of Hirings

admin — Wed, 10 Mar 2010 10:00:10 +0000

Quicken Loans Inc. hopes to fill 75 positions through a job fair in its home town, a spokesman told MortgageDaily.com in a statement.

He noted that the company has been hiring around 70 employees a month during each of the past few months.

As of January, Quicken had 3,000 employees.

Appraisers Oppose Short-Sale Plan

admin — Wed, 10 Mar 2010 10:00:09 +0000

A coalition of appraisal groups led by the Appraisal Institute announced a letter addressed to U.S. Department of the Treasury Secretary Timothy Geithner.

The groups are concerned about short sales being promoted under the Home Affordable Foreclosure Alternatives.

The appraisers claim that the use of broker price opinions in short sales, as allowed by the Obama administration, "will not adequately protect the public interest" or interests of lenders and servicers.

No. 1 Reverse Wholesaler Title Changes Again

admin — Wed, 10 Mar 2010 10:00:08 +0000

During January, MetLife Bank closed more reverse mortgages through its wholesale channel than any other reverse wholesale lender, Reverse Market Insight reported.

MetLife seized the title from Bank of America, N.A., which was the biggest reverse wholesaler in December.

MetLife held the title the month before that.

Three ways to boost retirement confidence (at MarketWatch)

admin — Wed, 10 Mar 2010 10:00:07 +0000

I know, I know, weâre starting to sound like a broken record, or MP3 player. But researchers are once again sounding the alarm that Americans are not saving enough for retirement.

Remodeling activity is on the rise, architects say (at MarketWatch)

admin — Wed, 10 Mar 2010 10:00:06 +0000

Instead of playing the trade-up game, more homeowners are staying in their homes, upgrading kitchens and baths and building additions to accommodate their needs instead of moving into a bigger house, but there are also some early signs of an improving real-estate market, according to a new survey of architecture firms.

Banks Continue to Acquire Mortgage Firms

admin — Mon, 08 Mar 2010 10:00:08 +0000

First Palmetto Mortgage Inc. in Greenville, S.C., was acquired by Countybank, according to published reports.

Curtis Mortgage reportedly merged with Northstar Bank and will operate as Northstar Bank Mortgage.

The two acquisitions follow Rockville Bank’s recent acquisition of Family Choice Mortgage Corp. and North State Bank’s recent acquisition of the mortgage operations of Affiliated Mortgage LLC.

No Buyers for 2 of 4 Failed Banks

admin — Mon, 08 Mar 2010 10:00:07 +0000

Last week, four federally insured banks and thrifts failed.

Each institution was handed over to the Federal Deposit Insurance Corporation as receiver.

No buyer could be found for Waterfield Bank, which was closed by the Office of Thrift Supervision.

In addition, no buyer was found for Centennial Bank, which was closed by the Utah Department of Financial Institutions.

Modification Actions Drive Record Mortgage Litigation

admin — Mon, 08 Mar 2010 10:00:06 +0000

During the fourth-quarter 2009, 134 mortgage-related lawsuits were tracked in the Fourth Quarter Mortgage Litigation Index announced by MortgageDaily.com and prepared in conjunction with Patton Boggs LLP.

Case activity increased from 76 cases documented in the third quarter.

It was the highest quarter on record since tracking began in 2007.

Loan modification cases were the driving force behind the increase, more than doubling from the third quarter.