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Monthly Archives: October 2010
The Mortgage Bankers Association’s 97th Annual Convention and Expo in Atlanta this week proved to be a much more positive meeting than last year’s. With enrollment up to more than 3,000 attendees, the energy there was high.
Encouragingly, the expo floor was crowded with full rows of vendors — some providing drinks in their booths. And notable cocktail parties were held at the Georgia Aquarium (the largest aquarium in the… Continue reading
Twitter cofounder Jack Dorsey has released a new mobile application that enables you to accept credit card payments with no contract, monthly fees, or hidden costs. The app, called Square, is available for the iPhone, iPad, iPod Touch, and select Android mobile devices.
Getting started is simple. Just download the app, and once you’ve been approved, you’ll be sent a free credit card reader. When used with the Square mobile app… Continue reading
In Boston, a foreclosed homeowner has a second chance to snatch his home back from the jaws of foreclosure: Boston Community Capital. BCC buys foreclosed homes at market value and sells them back to the owners, most of whom could afford a modified loan with payments reflecting the market rate of the home. But their homes plummeted in value and the owners went into foreclosure before they could reach a… Continue reading
It’s the most hotly debated question in the midterm elections: did the stimulus work?
Economists at FNC Inc., trail-blazing creator of mortgage and appraisal software, investigated the impact of one element of the stimulus, the First Time Home Buyer’s Tax Credit. They used a unique research tool, FNC’s new Residential Price Index™ (RPI). The RPI combines public records with private filings banking clients have shared with FNC. The RPI… Continue reading
Dropbox is an app for iPhone, iPad, BlackBerry, and Android smartphones that enables you to store, share, and sync files online, so you can access them anywhere.
Today, Inman News’s Glenn Roberts, Jr., reviews Dropbox for iPhone, which provides up to 2GB of free storage. From Oct. 6-15, Inman News polled 17 real estate professionals who volunteered to rate the app. Overall, the user group gave Dropbox 9 out… Continue reading
Bank of America announced it would lift its foreclosure freeze in 23 states. The bank will resubmit documents with new signatures in states that require judicial authorization to begin seizing homes. The bank will delay about 30,000 foreclosures while it reviews the paperwork to ensure it is in order.
Meanwhile, the Florida Attorney General released an investigative report saying that one Tampa Bay-area foreclosure mill rewarded its employees with free jewelry… Continue reading
As if the real estate market wasn’t facing enough pitfalls, the process of flushing the foreclosures through the system has created a new challenge–a legal one. All 50 states’ attorneys general are suing or requesting servicers to stop foreclosing because of their practices. This behavior has damaging implications on the recovery of the real estate and mortgage industry.
Falling home prices and record defaults caused enormous problems within the foreclosure… Continue reading
Wells Fargo announced that it is satisfied that its foreclosure process is working properly and legally. Financial Times had obtained two depositions from Wells Fargo employees saying they had signed foreclosure documents without reading them, a practice the press has dubbed “robo-signing.” But a Wells Fargo spokesperson announced that the bank had reviewed its documents and was satisfied they were in order.
Read FNC Executive Vice President Steve Grundleger’s take… Continue reading
Here at FNC, we’ve recently released our new Residential Price Index (RPI) – a free resource available to anyone interested in real estate price trends nationwide. Invented by FNC Co-Founder Dr. Robert Dorsey, the RPI has been in progress for some time within our Collateral Data & Analytics (CDNA) department. Dr. Dorsey and his CDNA team deserve a round of applause for the successful creation and implementation of… Continue reading