Record High Foreclosures Again In April - 05/20/09 09:06 AM
A record 342,038 U.S. foreclosure filings, default notices, auction sale notices, and bank repossessions were reported for the month of April according to RealtyTrac, the leading on-line marketplace for foreclosures.   This report comes right on the heels of March's record number.  The report further shows that 1 in every 345 U.S. housing units received a foreclosure filing in April.  RealtyTrac says that this is the highest number of filings since they began reporting in January of 2005.  
The States leading the foreclosure charge are Nevada, Florida, and California in that order.   Nevada boasts that  1 in every 68 housing units received a foreclosure filing … (5 comments)

Elder Joins All Risks' New REO/Foreclosure Property Program - 05/19/09 08:23 AM
Tom Elder has joined the All Risks National Specialty Programs unit as the lead financial institutions underwriter for the new nationwide REO/Foreclosure and Lender Placed Property Insurance Program. At All Risks, he will target commercial banks, credit unions, savings and loans, mortgage banks, and financial institutions that service and/or invest in mortgage loans.
Previously, Elder worked for MetLife Bank as a regional reverse mortgage consultant. Prior to that, he owned a mortgage company for six years.
The REO/Foreclosure and Lender Placed Property Program is available nationwide on an admitted and non-admitted basis with an A.M. Best "A XIII" rated carrier. Features … (2 comments)

REO Risks for Private Money Lenders - 05/13/09 09:49 PM
It was a good time in the boom for rehabbers and hard money lenders alike.   There were plenty of properties to find and an easy profit to be made.   This combination of things made it very appealing to some to make hard money loans or private money loans.    I would class the folks who moved into this market as either amateurs or seasoned pros.   
Being in a sector of the market that directly observes the fall out from the bust real estate cycle that we are currently in, I get to see first hand the mistakes of the amateurs that decided … (0 comments)

REO Property and Liability Insurance - The forgotten costs of foreclosure. - 05/04/09 08:58 AM
With and ever increasing number of foreclosures in the market place, lenders are trying to contain costs that they incur in the whole foreclosure process.   Most people fail to realize the numerous costs involved with maintaining a portfolio of foreclosed properties.   One of these costs,  that can be significant with a large portfolio of properties, is Real Estate Owned property and liability insurance.  
Real Estate Owned (REO) Property Insurance provides lenders with physical damage for any portion of their portfolio of owned properties, foreclosed properties, and properties in the process of foreclosure. Coverage may also extend to properties held in trust for … (0 comments)

 
Tom_elder

Tom Elder, Mortgage Broker Compliance TILA, HMDA, ECOA, FCRA, RESPA, CFPB

Tom Elder, Chief Consultant

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