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mortgage lender: Satellite tool introduced to mortgage fraud prevention - 04/28/12 11:23 AM
Mortgage fraud of course will exist so long as mortgage loans are being issued. It’s just part of the business. Ever since the residential real estate market began nose-diving seven eight years ago specifically the property valuation fraud has steadily increased. The reason is rather clear; housing prices went chaotically over the edge, and still keep sinking in many areas. To get home loan applications approved by underwriters in a depressed market like today’s over-valuing property on appraisals or BPOs - broker price opinion – has become an issue for mortgage lenders. Usually when there is serious trouble with a file … (6 comments)

mortgage lender: FHFA nudges Fannie Mae and Freddie Mac into action on short sales - 04/23/12 09:01 AM
If there ever was a nightmare for Realtors in the last few years in the housing market it was the short sale. The psychology profession is still compiling data on how many man hours of sleep per night they lose during each short sale adventure but when the official figure comes out sometime soon it must be several. It has been that bad. The current real estate recession made the short sale famous, the talk of the micro brew pub crowd. It can take months for a real estate agent to navigate one of them through all the different-size hoops the nation’s mortgage … (14 comments)

mortgage lender: Mortgage lenders about to face 45-day short sale approval deadline - 09/27/10 03:14 PM
The current real estate meltdown has been a true testing ground for anyone involved in its devastating turbulence. Homeowners have watched helplessly as their property values have headed south with little resistance. Home loan providers have worked under pressure for years to stay afloat in choppy waters full of creepy icebergs and many other deadly maritime hazards. Real estate agents are fighting to secure deals in a marketplace shrunk to a flat pie on life support from a full-blown strawberry cheesecake. The support industries are in it as deep as anyone else.
Something intriguing that could be rather meaningful for many … (15 comments)

mortgage lender: Las Vegas real estate may not be as affordable today as it seems - 04/20/10 08:58 PM
The housing market bust in Southern Nevada - home to communities like Summerlin, Silverstone Ranch, Henderson, Mountains Edge, North Las Vegas and Rhodes Ranch - has taken down with it homeowners, mortgage lenders, real estate agents and builders, and a host of others closely tied to the industry. It has been as brutal a segment collapse as any in history. One of the most plundered victims has been the price. Homes in some of the newer subdivisions have lost as much as 60% of their value in just a few years.
To scores of once-happy and optimistic homeowners the word underwater … (4 comments)

mortgage lender: FHA seeks operational change - Las Vegas mortgage applicants could benefit - 12/01/09 04:43 PM
The current housing market turmoil has delivered the conventional home loan sector a hard uppercut on the chin, sending it reeling, which left a huge void in its wake. This gave FHA, rather dormant home loan insurer in recent years, an opening to regain some its past luster and it has steadily gained market share ever since. Its low down payment requirement and more lenient underwriting criteria have allowed many of today's mortgage borrowers achieve home ownership. Many well-meaning industry observers have also dubbed FHA the new subprime lender.
FHA has run into trouble of late, though, like who hasn't, due … (2 comments)

mortgage lender: FHA struggling with climbing mortgage defaults - 04/05/09 12:49 PM
FHA, or the Federal Housing Administration, almost vanished from the home loan scene a few years ago when conventional mortgage lenders came up with their own attractive loan programs for subprime borrowers. In 2006 FHA's market share was a paltry 2%. Then the real estate market imploded, mauling the mortgage industry in the process into a bloody pulp. As a result banks were reluctant to make home loans unless they had a government insurance against possible defaults and all of a sudden FHA was back in the saddle, becoming for many the favorite go-to-guy. In the fourth quarter of 2008 FHA's … (23 comments)

mortgage lender: Las Vegas resales are up while prices are down in September - 10/09/08 10:54 PM
Single-family houses continued selling well in Southern Nevada in September, as was reported by the Greater Las Vegas Association of Realtors, or GLVAR, that used the MLS for its statistics. All in all 2,783 single-family homes were closed, a nice increase from 2,545 done in August and a considerable improvement from a year ago when only 990 homes were sold. Sales numbers have steadily moved up all year, a hopeful sign of better days ahead.  
The main reason to the accelerating sales is declining price levels that in turn are largely influenced by the record number of foreclosures. Median values … (6 comments)

mortgage lender: Subprime bailout? - 04/03/07 12:54 PM
All government levels are hesitant at this point to get involved in any meaningful way. Perhaps that's the correct call. In case there was a bailout, how would that shape up?
In a full bailout of affected borrowers, the banks would also be rescued. Including those that could be labeled the biggest culprits in this mess. Those who recklessly loosened their underwriting guidelines to keep meeting their target numbers. I wouldn't like to see my tax dollar go to save them. You wouldn't either, I bet. The society as a whole would be paying dearly to lift by the collar these irresponsible people and mortgage lenders … (5 comments)