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July 2010 Blog Posts (29)

Freddie Mac Weekly Mortgage Update: Rates Inch Downward to Another New Low

30-year fixed-rate mortgage: Averaged 4.54 percent with an average 0.7 point for the week ending July 29, 2010, down from last week when it averaged 4.56 percent. Last year at this time, the 30-year FRM averaged 5.25 percent.



The 15-year fixed-rate mortgage: Averaged a record low of 4.00 percent with an average 0.7 point , down from last week when it averaged 4.03 percent. A year ago at this time, the… Continue

Added by Howard Bell on July 31, 2010 at 9:51pm — No Comments

Mortgage Bankers Weekly Update: Mortgage Applications Decrease

Mortgage Bankers Association for the week of 07/28/2010



Market Composite Index: (loan application volume) decreased 4.4 percent on a seasonally adjusted basis from one week earlier



Refinance Index: decreased 5.9 percent from the previous week.…



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Added by Howard Bell on July 31, 2010 at 9:51pm — No Comments

Will Palo Alto Have a Rash of Closed Short Sales?

Last year I predicted that Palo Alto will see more short sales in the future. Well, the future is now so what is happening? There are currently 2 short sales on the market, 5 in escrow, and 6 closed in the last year. This isn't a huge number, but certainly more than we saw in the early part of the century. There's a lot of chatter in the media about how the…

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Added by Marcy Moyer on July 31, 2010 at 8:15pm — 1 Comment

BOFA HAFA WEBINAR- JULY 28, 2010

Here are the points covered by BofA Representatiives during the July 28th, 2010 Webinar::

  • For the most part HAFA Short Sales require same type of documentation: Hardship Letter, Financials, Last 2 Years of Tax Returns, Last 2 Months Bank Statements, Last 2 Check Stubs etc.
  • 2nd & 3rd lien pay-offs are limited to $6,000 or 6% of unpaid balance.
  • Under the HAFA program, homeowners receive $3,000 for relocation expenses at close of escrow. Each servicer receives…
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Added by Rudy Romo on July 31, 2010 at 11:32am — No Comments

Real Estate Markets: Whats The Catalyst

The number of homeowners missing their first payment on their mortgage declined from May to June and number of loans in foreclosure was flat at nearly 2 million. Delinquencies and Foreclosures remain stable but elevated with two loans deteriorating for every one that has improved. see chart here



So Whats The… Continue

Added by Howard Bell on July 28, 2010 at 10:10pm — No Comments

****ResNet Registration Inquiry

I am in the process of registering for ResNet and I have some reservations about it. Can someone answer the following questions for me?

1. There are two fee to pay for enrolling, the first one is 250.00 for listing and the second one is for 450.00

AMP application. Which one should I register for and why?

2. Have you received any listing from the ResNet application, if so how many and from what lender?

3. Have you received any BPO…

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Added by John Taylor MBA,CSP,HRC on July 24, 2010 at 5:52pm — 7 Comments

REO TEAMS

I know most of us have a team or at least 1 assistant to help us the business, the way I look at the team, and this is just my opinion I might be totally wrong, is like a business, I have a group of professionals that I trust and that are very good at what they do. my model is simple I have a transaction coordinators/super woman, a book keeper, a media spcialist, a buyers/field agent and I over see and pick up the slack where and when necessary.

I know the model for some…

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Added by Jose Rivas (DGRA) CDPE, SFR on July 22, 2010 at 10:40am — 1 Comment

Wish I could find out which banks use the portals and required classes I already have. Tired of shelling out more money for training.

Am I the only one that thinks It would be really helpful if we had a list of servicers and next to their name would be what portals or required classes they require for membership so that we could apply to those that we already have the requirements for instead of having to pay more annual fees for new portals and required classes everytime we apply to a new REO outsourcer or bank. If this type of list exists somewhere please let me know. Im in desperate need of it.

Added by Andrea Cruz on July 20, 2010 at 1:22pm — 2 Comments

Attn: REO Brokers - Check out Women in Default Services!

I just attended the WinDS conference in Las Vegas last week... what an event! This group was founded by Marla Webb, Shelley Kaye, Arna Friedman, and Shelia Blockson. The first day was packed with Keynote speakers, forming of…

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Added by Julie Baldino on July 18, 2010 at 7:30pm — 2 Comments

Mortgage Bankers Weekly Update: Mortgage Refinance Applications Increase

Mortgage Bankers Association for the week of 07/07/2010



Market Composite Index: (loan application volume) increased 6.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 6.5 percent compared with the previous week.…



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Added by Howard Bell on July 18, 2010 at 6:08pm — No Comments

Freddie Mac Weekly Mortgage Update: Mortgage Drops Slightly to Create Another New Low





30-year fixed-rate mortgage: Averaged 4.57 percent with an average 0.7 point for the week ending July 8, 2010, down from last week when it averaged 4.58 percent. Last year at this time, the 30-year FRM averaged 5.20 percent. This rate is yet another all-time low in Freddie Mac’s 39-year survey.



The 15-year fixed-rate mortgage: Averaged 4.07 percent with an average… Continue

Added by Howard Bell on July 18, 2010 at 6:07pm — No Comments

DO YOU REALLY UNDERSTAND THE SHORT SALE PROCESS

First, everyone needs to take a deep breath and quit slamming the banks. Here is the short sale process. The short sale package once received by fax or email is given to a Set Up person, this person then reviews to make sure all documents required are there, this can take 2 to 7 days (depending on the volume), if they have to obtain missing data, this delays the S/Sale getting to the hands of the negotiator. If the property has a scheduled foreclosure sale date within 30 days, it is normally… Continue

Added by Cindy Billman, CDPE, SFR, HAFA on July 18, 2010 at 4:04pm — 5 Comments

Do You Want to Buy a New Car?

OR: What Hurts More, A Short Sale or One Where There's Still Equity But You Have Lost A Lot
 
This morning my husband opened up an envelope with information about his stock options. He looked at me and said, “Do you want to buy a new…
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Added by Marcy Moyer on July 16, 2010 at 7:30pm — No Comments

Did You feel It?

There were quakes the last few days! Although I live in earthquake country (California), there have been quaking things this week. I should say something is happening in defaults and its registering in BPO's. Providers that I never get business from are suddenly providing requests, although I miss them because my blackberry email is slow.

This week I received 9 requests from one servicer through TAZA systems...and I had just considered cancelling my membership because I did not get…

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Added by John Accornero on July 14, 2010 at 1:30pm — 3 Comments

Going back into doing what I love

I am excited to be back with Fidelity National Title and working with you on future deals.

All title companies offer the same product, so why would you choose…

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Added by Kelli Owens on July 14, 2010 at 9:46am — No Comments

REO & Short Sale Mastermind at KW Family Reunion

What would you pay to spend 2 days with Gary Keller? If you close 2 Million a year, you can go for FREE, plane ticket, hotel all covered.



Here's the Family Reunion content just for short sale and REO agents where one agent says that each REO listing costs him $1,000 per.



Family Reunion is targeted at newer agents, while Mega Agent Camp (the offer) is targeted for those at the very top of their game.



Contact me to get this great offer.



Or



Just… Continue

Added by Joshua Jarvis on July 12, 2010 at 8:39pm — 2 Comments

A Better Way to Do a Short Sale

In the past few years short sales have been long, frustrating, and undependable. The sellers had to prove they were desperate and often had to stop making payments in order to qualify for a short sale. The listing agent had to spend hours trying to figure out who was able to make the decision and whether or not the…
Continue

Added by Marcy Moyer on July 11, 2010 at 7:30pm — No Comments

A Better Way to Do a Short Sale

In the past few years short sales have been long, frustrating, and undependable. The sellers had to prove they were desperate and often had to stop making payments in order to qualify for a short sale. The listing agent had to spend hours trying to figure out who was able to make the decision and whether or not the…
Continue

Added by Marcy Moyer on July 11, 2010 at 7:30pm — No Comments

The Facts About Palo Alto Short Sales and Foreclosures

There's a lot of chatter on real estate blogs about the steep increase in foreclosures and short sales in Palo Alto. Unfortunately…
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Added by Marcy Moyer on July 11, 2010 at 7:30pm — No Comments

A Better Way to Do a Short Sale

In the past few years short sales have been long, frustrating, and undependable. The sellers had to prove they were desperate and often had to stop making payments in order to qualify for a short sale. The listing agent had to spend hours trying to figure out who was able to make the decision and whether or not the…
Continue

Added by Marcy Moyer on July 11, 2010 at 7:30pm — No Comments

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