Featured, Laws/Rules
Hey Fannie, Is That a Suggestion or a Requirement?
Complaints from lenders about a new Fannie Mae policy that requires lenders to secure a borrower’s “refreshed” credit report just prior to a hom[...]
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Best Practices
Lawsuit a Turkey?
Posted on 22 February 2010
This one is for the birds… (we can’t make this stuff up!). According to an article in the Beaufort (SC) Gazette, two Hilton Head siblings were recently awarded $4.25M in a pet turkey lawsuit: What began as a dispute between neighbors about pet turkeys ended Friday when a Beaufort County jury awarded two Hilton Head Island [...] Continue Reading
E&O Coverage
When a Broker Gets Sued
Posted on 28 January 2010
When a broker gets sued, we step in: as the hand-picked attorneys for the broker – all at the insurance carrier’s expense. A broker is generally sued for negligence and some form of intentional misconduct. Why? Because plaintiffs want “punitive damages” and they can’t get that from a ‘negligence’ claim. That’s a problem for the broker, [...] Continue Reading
Featured, Laws/Rules
Hey Fannie, Is That a Suggestion or a Requirement?
Posted on 26 July 2010
Complaints from lenders about a new Fannie Mae policy that requires lenders to secure a borrower’s “refreshed” credit report just prior to a home purchase has resulted in the lending giant pulling the new rule from its website. According to a Washington Post report, Fannie Mae introduced a new policy this summer that “encourages” lenders to [...] Continue Reading
Featured, Making Money
Housing Market Double Dip a Reality?
Posted on 21 July 2010
According to Capital Economics, a Toronto-based independent macroeconomic research firm, a double dip in the U.S. housing market is beginning to show itself. In addition, the Double Dip Begins report found that for every home currently on the market, there are two more waiting to be sold. In an article at HousingWire.com, the report author Paul Dales [...] Continue Reading
Featured, REO
Who’s Winning the Short Sale Service Race?
Posted on 02 July 2010
Deutsche Bank has issued a report ranking U.S. mortgage servicers on the speed of completing short sales transactions. For prime lenders, the winner is GMAC, with an average transaction time of six months. CitiMortgage was in second place at 7.5 months. Countrywide, now owned by BofA, sucks wind in the prime category, coming in last with an [...] Continue Reading
Featured, Short Sales
Short Seller Beware
Posted on 15 June 2010
The Sacramento Bee reports that as the number of short sales in the area rise, so do the imaginative ways some people can come up with to exploit them. The SacBee article warns of these schemes: • Unlicensed short sale “negotiators” are approaching homeowners, asking for thousands of dollars up front to negotiate with lenders, said Tom [...] Continue Reading
Featured, Foreclosures
Bank Repossessions to Hit 1 Million in 2010
Posted on 22 July 2010
RealtyTrac reports that with 528,000 foreclosures in the first half of 2010, it is likely that more than one million American homeowners will lose their homes to foreclosure by the end of the year. If true, that number will be 10 percent above the number of foreclosures in 2009, a number that a RealtyTrac executive Rick [...] Continue Reading
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