Posts Tagged ‘coester appraisal group’

Government Housing Strategy: The Industry Reacts

November 22, 2011

via Mortgage Solutions

The government has today published its strategy on “unblocking” the housing market, stimulating buying, lending, construction and job creation.

The Prime Minister David Cameron has promised the plan "will break the current cycle in which lenders won’t lend, builders can’t build and buyers can’t buy."

A key announcement was the widely touted government and house builder backed mortgage indemnity guarantee for new build properties, aiming to get 100,000 first-time buyers access to 95% LTV loans.

In addition, there were announcements around supporting the private rented sector, self build, tackling empty homes and overhauling social housing.

The property industry has largely welcomed the plans, but with notes of caution:

CML director general Paul Smee

This [new build MIG] scheme is good news for home buyers, developers and indeed the UK economy. Lenders will be able to reduce the level of deposit needed by home buyers in the new build sector, enabling more buyers to buy and so supporting the flow of new housing development, with all its positive consequences for jobs and the economy as a whole.

UK lenders will not be compromising the quality of their lending or increasing their risk of loss through this scheme.

It is also anticipated that lending within the scheme will attract relief on the regulatory capital that would otherwise be required on high loan-to-value lending, because of the significant mitigation of the lending risk.

Paul Broadhead, head of mortgage policy at the BSA

We welcome the government’s support for a new build indemnity scheme initiative aimed at helping those with a modest deposit buy their own home. This joined up thinking from mortgage lenders, builders and the government is good for borrowers, the housing industry and in turn jobs.

For the scheme to deliver its full benefits to consumers, it is important that lenders of all sizes can participate. We look forward to working with the government to help ensure this is the case.

Grenville Turner, chief executive of Countrywide

The measures announced today are a step in the right direction and address the key fundamental issues that have restricted the housing market in recent years.

The government needs to ensure that its promise of increasing house building is followed through and not restricted by planning red tape.

Whilst the proposed new build indemnity scheme is a welcomed boost to homebuilders and prospective buyers, it is disappointing to see a lack of measures to assist the vast majority of home movers.

A Stamp Duty holiday for all homebuyers up to £250,000 by would have been a welcomed boost to the resale market and should still be considered.

We also welcome the consideration of tax break measures for buy-to-let investors. Any government support to encourage investment in the buy-to-let sector will help to relieve the supply and demand imbalance.

Charles Haresnape, managing director of Aldermore Residential Mortgages

Any initiative designed to help the housing market and first-time buyers in particular, has to be welcomed.

However, it will be interesting to hear precisely how the government backed mortgage indemnity scheme will work and how the proposed £400m house building fund translates into new homes.

At the moment there are approximately 100,000 new homes being built every year, but that figure needs to increase to 240,000 if demand for new housing is to be satisfied. It is suggested that the government proposed new initiative will result in just 16,000 new properties, which still leaves the government woefully short of its target.

Graham Beale, chief executive of Nationwide

This scheme seeks to boost the supply of properties available with modest deposits and, as such, we are pleased to be part of it, helping to shape its design and development.

We would really like to see people who are saving for a deposit given more help through higher ISA limits and the flexibility to move their funds between cash and equity ISA products, without the restrictions that are in place now.

Paragon Group chief executive Nigel Terrington

It is pleasing that the government has recognized the important role the private rented sector plays in providing a home to millions of renters.

It is important that the private rented sector has a committed base of investor landlords to enable it to grow, and fostering a fiscal and regulatory environment that encourages that is vital.

Institutional investment will only play a complementary role to the mainstay of the private rented sector, the private landlord, and so whilst there is a focus on attracting greater levels of institutional investment into the sector, policies must not favor institutions over individuals.

Stewart Baseley, executive chairman of the HBF

This scheme will allow people to buy their new home on realistic terms and help in particular hard pressed first time buyers.

It will also be a huge boost to house building. Since 2007, the biggest constraint on homes being built has been mortgage availability. This scheme will see more desperately needed homes being built, create jobs and give the economy the boost it needs.

Helen Adams of FirstRungNow.com

Funding which only supports new build is good for the house builders who are being subsidised, but does little to move the whole market as there is no onward chain when a new home is purchased.

Tracy Kellett, managing director of buying agents BDI Home Finders

If the government and house builders are taking on the risk, what will the criteria be for people applying for these loans? The real number of people enjoying the scheme is likely to be far lower than the headline number. The devil, as ever, is in the detail.
The government has become so focused on the first-time buyer that it has forgotten the squeezed middle. Any housing strategy has to cascade upwards through the chain, not focus purely on the first link.
Given the scale of the market crisis, it’s unlikely it can do anything at all. Ultimately, only the market can make the market better.

 

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Clever Small Home Architecture Derived From Site Restrictions in Tokyo

November 22, 2011

By Amazing Architecture | Joseph Rossi

River Side House 5 Clever Small Home Architecture Derived From Site Restrictions in Tokyo

The River Side House is an impressive project designed by Mizuishi Architect Atelier and located in Tokyo, Japan. The small home was constructed on a triangle site and occupies a building area of 29.07 square meters. According to the architects, the structure of the residence includes functionally separate areas, as follows. The first is the dining & kitchen area, situated up the stairs and having high ceilings with a feeling of rise towards the roof top. The living space is low ceilinged and has full-opening windows on both sides of the bay, ensuring a feeling of floating. There is also a generous spare room to the east, for having guests over. The interior arrangements of this residence are minimalist and tasteful. The walls are painted entirely in white, inspiring openness and tidiness. Wooden accents and splashes of color here and there add a happy tone to the design. Do you find this project as intriguing as we do?

River Side House 2 Clever Small Home Architecture Derived From Site Restrictions in Tokyo

River Side House 3 Clever Small Home Architecture Derived From Site Restrictions in Tokyo

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River Side House 14 Clever Small Home Architecture Derived From Site Restrictions in Tokyo

 

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Not Every Real Estate Market Is Struggling

November 22, 2011

In the Obama years, home values lagged throughout the U.S., with a few exceptions.

Venessa Wong via Business Week

Want to know how bad the real estate market is? Just drive down almost any street in the U.S. and you’re likely to see “for sale” signs lining the road. Come back a month later, it’s a good bet the same signs are still there—and quite possibly a few new ones, too. But while there’s a lot of housing pain, there’s also some good news. That’s because in some markets across the country not only have home values improved, a few have even seen double-digit growth.

So where is this miracle occurring? Believe it or not, the city that has seen the biggest increase in home value is in Florida. That’s right—the state that has seen home values plummet 52.3 percent from 2006 peak levels. Nearly 96,000 loans were modified in Florida through August 2011 under President Obama’s Making Home Affordable program. Joblessness, foreclosures, and high inventory hamper recovery in nearly every corner of the state, with rare exceptions. In this case, the rare exception is Weston, a high-income city of more than 65,000 people near Fort Lauderdale where the median home value has risen 15.1 percent to $280,000 from February 2009 to August 2011.

A survey of the 1,000 largest cities nationwide by online real estate marketplace Zillow for Businessweek.com identified the markets with the biggest gains and losses in home value, ranking Weston the best-performing city since Obama took office. In contrast, the U.S. median home value fell by 9.9 percent over the same period.

What’s behind Weston’s success? Ines Garcia, an agent for EWM Realtors in Weston, describes the city as “Broward County’s cul-de-sac.” “It’s like driving into a gated community: the landscaping, the manicuring all around the city,” she says. “We were very lucky. Weston was one of the last communities to fall and one of the first to recover.”

Other winners: Arlington, Mass., where the median home value increased by 14.8 percent since February 2009; Brookline, Mass., at 13.6 percent; and the D.C. suburbs of Burke, Va., at 13.5 percent, and Vienna, Va., at 12.8 percent, Zillow data indicate.

Of course, the winners are far outnumbered by the losers. The city with the worst-performing market in the survey is only 50 miles from Weston in Homestead, Fla., where the median home value dropped by 48.8 percent since February 2009. Rounding out the bottom worst-performing markets: former manufacturing city Pontiac, Mich., with a 47.4 percent decrease, and New Jersey capital Trenton, at 46 percent.

While those in depressed housing markets hope for solutions from the White House, “I don’t see how any President is responsible for the housing market in a particular area,” says Steven Blitz, director and senior economist at ITG Investment Research in New York. The federal government and national housing policies have a limited impact on a local level.

OBAMA ACCOUNTABLE?

The Obama Administration, the inheritor of a collapsed housing market and financial crisis, has tried to help the hardest-hit housing markets through refinancing and loan modifications. Yet individual markets are influenced heavily by local conditions, such as jobs, school districts, and population growth. Both the best-performing market, Weston, and the worst, Homestead, are in the Miami-Fort Lauderdale metro area, for instance. As housing trends at their core are hyper-local, it makes it difficult to even craft regional solutions. Developing a catch-all national policy is even more challenging.

“The foreclosure prevention efforts by the Obama Administration have helped to slow the bleeding when it comes to foreclosures but have done little to help get the housing market off life support,” says Daren Blomquist, a spokesperson for RealtyTrac.

To stimulate buying, the housing industry has called on the federal government and lending institutions to facilitate mortgages to qualified home buyers. Rather than address housing specifically, says Jeffrey Lubell, executive director of the Center for Housing Policy, a research group in Washington, “the single most important thing that needs to be done now is get the economy back on track. Nothing can help housing more than putting people back to work.” The U.S. unemployment rate stood at 9.1 percent in September, according to the U.S. Bureau of Labor Statistics.

Job creation in the D.C. area, for example—driven by the government—helped nine cities in the capital region rise to the list of top 25 housing markets in Zillow’s research. The unemployment rate in the D.C. metro area was 6.2 percent in August, estimates the BLS.

“Housing will rise with jobs and income. Anything that improves confidence in the future trajectory of jobs and income will raise the arc of growth for housing,” says Blitz.

ONE METRO, MANY MARKETS

Weston, following patterns in the rest of the country, saw the median home value peak in 2006 at $478,000 before plunging. The median value bottomed out in May 2009 at $235,600, according to the Zillow Home Value Index, and has since climbed steadily.

By August 2011, the unemployment rate in Weston was down to 7 percent from a peak of 8.3 percent and the median home value had only recovered to $280,000, well below the peak. Still, among cities it was the best housing rebound in the last two and a half years. The foreclosure rate in September, about 1 in 338 housing units, remains far above the U.S. rate, though it is down 60.7 percent from a year earlier, show RealtyTrac data.

Helping this meticulously landscaped planned community—which offers bike trails, golf courses, scenic lakes, highly ranked schools, a low crime rate, and active homeowner associations—was a rebound in demand from young families, according to Susan Penn, an agent at EWM Realtors. The median household income is $78,030.

Weston also experienced an influx of middle- and upper-class immigrants from Venezuela and other parts of South America. The U.S. Census Bureau estimates the city’s foreign-born population increased to 43.9 percent in 2010 from 37.1 percent in 2006.

As Weston recovered some housing value, Homestead, a city only 50 miles south, was less fortunate. A Miami suburb and agricultural area with an Air Reserve Base, Homestead has struggled since being devastated by Hurricane Andrew in 1992. It has a poverty rate of 29.4 percent and median household income is $36,279 (lower than both the Florida and U.S. medians), according to 2009 Census data.

Lower-income areas and exurbs were generally hit harder by the recession. In Homestead, unemployment skyrocketed to 11.7 percent in August from 6.3 percent in February 2009, estimates the BLS. By August, the foreclosure rate remained high at 1 in 125 housing units and the median home value was 66.7 percent below peak at $76,600.

According to Zillow Senior Economist Svenja Gudell, under current conditions the median U.S. home value will likely fall another 3 percent to 5 percent and not reach trough until 2012 at the earliest. “We need to identify creative solutions,” such as repurposing foreclosed homes as rental housing, refinancing loans, and loosening credit, which involves many players, says Lubell of the Center for Housing Policy.

The Obama years have been bad ones for housing, yet government was not alone in breaking the housing market—and it cannot be alone to fix it.

Click here to see the 25 best- and 25 worst-performing housing markets under the Obama Administration.

 

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HUD Leader Touts Home Stabilization Efforts

November 15, 2011

Bob Christie via Bloomberg Businessweek

The Obama administration’s top housing official touted the government’s efforts to stabilize neighborhoods hard hit by foreclosures during a visit to Phoenix neighborhood on Thursday.

U.S. Housing and Urban Development Secretary Shaun Donovan visited two homes bought out of foreclosure, rehabilitated and put back on the market for sale to families by a nonprofit group awarded federal funds.

Efforts of groups such as Chicanos Por La Causa in cities across the U.S. are helping stop blight and home price declines triggered by vacant and foreclosed homes like those that had been prevalent in the South Mountain neighborhood where Thursday’s event was held, he said.

"When a foreclosure sign goes up on this house, it drops in value," Donovan said. "And so does the house next door and across the street."

The Phoenix home where Donovan spoke was bought out of foreclosure for just over $80,000 and Chicanos Por La Causa spent about $21,000 to fix it up.

A buyer has already agreed to pay $94,000 for the home. The group uses some of its $33 million in federal Neighborhood Stabilization Program grant to pay for the difference.

The government has poured nearly $7 billion into the program under both the Obama and Bush administrations.

The federal government is also poised to expand a program that helps homeowners who owe more than their home is worth to refinance at today’s much-lower interest rates. President Barack Obama announced the expansion of the Housing Affordable Refinancing Plan last month, with details due out later this month.

Donovan, in an interview with The Associated Press, said the government will remove the cap for refinancing mortgages held by Fannie Mae and Freddie Mac from the current 125 percent. The goal is to help homeowners free up an average of $2,500 a year they now spend on higher interest rates, thereby allowing people breathing room and an incentive not to walk away from their "underwater" homes.

The government will also ease rules for appraisals and other requirements to make it easier for people with those mortgages to refinance.

Donovan said the hope is that the federal action will set a model that conventional mortgage holders like banks can use to prevent foreclosures.

Donovan also urged Congress to act on Obama’s American Jobs Act proposal, but reiterated that the administration would use executive authority to make the moves it can even without the legislation.

"We need Congress to move," he told those at the event. "We need them to get back to work so we can get back to work."

Rep. Ed Pastor, D-Arizona, said critics who object to the government trying to help solve the foreclosure crisis are off the mark.

"The private sector has not done it, that’s the problem. If you had the financial institutions lending money for these types of projects, I think you would have the private sector getting involved. It’d be great to have the private sector, but they’re not stepping up right now, for various reasons, so now you need the public sector to be able to do it."

 

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MetLife Originates Over $1.6 Billion in Agricultural Mortgages

November 9, 2011

by Emily Phillips via MarketWatch

NEW YORK, Nov 08, 2011 (BUSINESS WIRE) — MetLife, Inc. MET +0.04% announced today that it has originated over $1.6 billion in agricultural mortgages in the first nine months of 2011. MetLife, through its agricultural investments unit, provides mortgage loans on farms, ranches, timberland and agribusiness facilities throughout North America.

"MetLife continues to be very active in the agricultural lending industry," said Robert Merck, senior managing director and head of agricultural investments for MetLife. "Our mortgage production to date demonstrates our expertise in providing borrowers with a reliable and trusted source of financing for the long-term growth and success of their business. At the same time, with the transactions we’ve completed this year, we have continued to further strengthen our high-quality portfolio of agricultural mortgages."

Some of MetLife’s Agricultural Investments unit’s recent transactions include:

Aurora Cooperative — Aurora, Nebraska

— $75 million of a $90 million senior secured loan

— Secured by fixed assets principally comprised of grain handling and storage facilities

— Aurora Co-Op is a grain merchandiser and specializes in handling and storage, as well as a merchandiser and distributor of crop chemicals, fertilizers and energy products

FIA Timber Partners, L.P. – Continental U.S.

— $80 million senior secured, 5.25 year fixed rate loan

— Secured by timberland located across the southern, southeastern, and northwestern United States

— Stands are primarily well distributed age classifications of Southern Pine and Douglas Fir

— Assets managed by Forest Investment Associates of Atlanta, GA

Central States Enterprises, LLC — Heathrow, FL

— $56 million first mortgage, 10 year fixed rate loan

— Secured by grain storage and handling facilities in Northeast Indiana

— Central States Enterprises provides grain and feed handling, merchandising and transportation logistics services

Woolf Enterprises – Fresno & Madera Counties, CA

— Three senior secured fixed rate loans with a combined total of $43 million

— Secured by irrigated field crop land, almonds, pistachios and wine grapes in the western San Joaquin Valley of California

— Woolf Enterprises is a diversified, vertically integrated, multi-generational family business

"MetLife has a deep understanding and knowledge of our industry and worked seamlessly with our banking group to provide us with an optimal structure of long and medium-term solutions," said Aurora Cooperative CFO Robert Brown. "I have worked with numerous financial institutions in my more than 30-year CFO career, and MetLife’s industry expertise was extremely valuable in supporting our financing needs."

Through its agricultural investments department, MetLife oversees a $13 billion agricultural portfolio, which consists of farm and ranch, food and agribusiness and timberland mortgages. MetLife has provided agricultural financing solutions since 1917 and is one of the largest agriculture mortgage lenders in North America. MetLife has agricultural investments offices in Fresno, Calif., Overland Park, Kan., West Des Moines, Iowa, and Bloomington, Ill., as well as a National Timber Office in Memphis, Tenn. For more information, visit http://www.metlife.com/ag .

 

 

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The Five Star Institute Announces Top Women in the Mortgage and Housing Industry Banquet

November 9, 2011

Mortgage Group Will Honor Industry Trailblazers at the 2011 MPact Conference and Expo

via Five Star Institute

The Five Star Institute, a mortgage industry group, announced today that it plans to honor several distinguished women in mortgage and the housing industry at the 2011 MPact Conference and Expo, held Dec. 4-6, 2011.

MPact will feature the honorees at the 2011 Top Women in the Mortgage and Housing Industry Banquet immediately before former U.S. Secretary of State Condoleezza Rice delivers her keynote address.

The Five Star Institute developed a list of several criteria to assess and determine final candidates for the banquet. The criteria included industry impact, "Big Picture" thinking, name brand equity and reputation, and a record of accomplishment with other companies.

The Five Star Institute is pleased to announce the following final honorees:

  • Caren Jacobs Castle, President, United States Foreclosure Network
  • Francene DePrez, CRP/SGMS, President, Fidelity Residential Solutions
  • Colleen Hernandez, President and CEO, Homeownership Preservation Foundation
  • Margaret M. Kelly, CEO, RE/MAX World Headquarters
  • Christine Larsen, COO of Trust and Securities Processing Division, JPMorgan Chase
  • Rebecca Mairone, National Mortgage Outreach Executive, Bank of America
  • Roseanna McGill, Chairman, PrimeLending
  • Frances Martinez Myers, President, Employee Transfer Corporation/ETCREO Management
  • Deb Still, President and CEO, Pulte Mortgage
  • Ivy Zelman, CEO, Zelman & Associates

"This select group of mortgage and housing industry leaders gives testimony to the strength of our democracy and exemplifies the importance of real leadership, above and beyond gender," says Ed Delgado, CEO of the Five Star Institute. "It is our great esteem and pleasure to recognize these trailblazers for their substantive and continuing contributions to our industry and markets at a time when we need strong leadership the most."

Additionally, the 2011 MPact Conference and Expo is focused on increasing the viability and success of mortgage industry professionals working in originations, servicing, data and analytics, and the secondary market.

 

 

 

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Credit Scores to Factor in More Consumer Data

November 9, 2011

Mary Ellen Podmolik via Los Angeles Times

Many consumers applying for a mortgage are going to start sharing more personal information with lenders next year, like it or not.

FICO scores, the industry standard for determining credit risk in mortgages backed by Fannie Mae, Freddie Mac and the Federal Housing Administration, largely have been based on a person’s credit history. But in an attempt to develop a more well-rounded picture of a person’s finances beyond credit, tools are being developed to help the lending industry dig deeper.

Fair Isaac Corp., or FICO, the company behind the widely used scoring formula, and data provider CoreLogic recently announced a collaboration that will result in a separate score that will be available to mortgage lenders and incorporates information that will include payday loans, evictions and child support payments. In the future, information on the status of utility, rent and cellphone payments may also be included.

Separately, the big three credit reporting companies — Experian, Equifax and TransUnion — recently began providing estimates of consumer income as a credit report option. And Experian this year began including data on on-time rental payments in its reports.

The new information could prove to be a double-edged sword for consumers: It may open the door to homeownership to some consumers who have, according to industry speak, a "thin file" or worse, a "no file," meaning that they lack sufficient credit histories.

On the other hand, the extra information may make a borderline borrower look even worse on paper. Also, it’s unlikely to quiet critics who complain that too much emphasis is put on a single number.

Still, there is thought among researchers that consumer transparency, if it demonstrates both good and bad behavior, has its place.

"You’re trying to convince someone to loan you an awful lot of money at a low interest rate," said Michael Turner, president of the Policy and Economic Research Council. "Only you know whether you’re going to pay it back. There is a harmony in this data exchange."

The FICO-CoreLogic partnership won’t result in a credit score that will rule out a borrower for a mortgage backed by Fannie Mae, Freddie Mac or the FHA, which together own or guarantee at least 90% of the mortgages being written. That’s because the report required for such a loan does not rely on CoreLogic data. However, it could affect mortgage fees or interest rates charged by lenders that in today’s lending environment have heartily adopted risk-based pricing.

"We’re fascinated to see, as we get into the data, whether that may expand the universe of people who can get a mortgage," said Joanne Gaskin, director of product management global scoring for FICO. "Banks are saying, ‘How do I find ways to safely increase loan volume, to find the gems out there?’"

As a result, there’s a rush by credit reporting firms to provide financial companies, including mortgage banks and credit card providers, with a wealth of information on individual customers.

"Before the [housing] bubble burst, there was a huge amount of interest in targeting the unbanked," said Brannan Johnston, an Experian vice president. "It was a desperate dash to try and grow and go after more and more consumers. When the bubble burst, that certainly dialed back some. They want to grow their business responsibly by taking good credit risks."

FICO scores have been around since the 1950s, but they didn’t become a major factor in mortgage lending until 1995, when Fannie Mae and Freddie Mac began recommending their use to help determine a mortgage borrower’s creditworthiness. The score, which ranges from 300 to 850, factors in how long borrowers have had credit, how they’re using it and repaying it, and whether they have any judgments or delinquencies logged against them.

The change comes as mortgage lenders reward the most creditworthy borrowers with low rates and tack extra fees onto loans for those with lower credit scores.

There are concerns about whether inquiries and charge-offs from payday and online lenders should be included in determining credit scores.

"Payday loans are extremely onerous," said Chi Chi Wu, a staff attorney at the National Consumer Law Center. "They trap people in a cycle of debt. To report on them is to cite that person as financially distressed. We certainly don’t think that’s going to help people with a credit score."

The extra information may also help more affluent homeowners who aren’t on the credit grid.

Two years ago, David Pendley, president of Avenue Mortgage Corp., worked with a college professor who didn’t believe in using credit. "He was putting down 40% and he had the hardest time getting a loan, even though he had $120,000 in the bank and he was 22 years on the job."

Eventually, Pendley secured a loan for the customer through a private bank, but he paid for it. "He didn’t get the lowest rate possible," Pendley recalled.

 

 

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Google Enters the Mortgage Loan Business

November 8, 2011

Business News Express via Melissa O’Neill

LoanSifter, Inc. (www.LoanSifter.com), provider of the mortgage industry’s most complete and intuitive product and real-time pricing platform, announced today a strategic relationship with Google Inc. that gives consumers access to mortgage loan products and real-time pricing based on LoanSifter’s technology, including side-by-side comparisons of mortgage loan products from multiple lenders through Google’s Comparison Ads.

Google’s Comparison Ads help consumers shop for mortgages online by retrieving quotes based on the borrower’s specific loan criteria.  Through a strategic relationship between both companies, Google will leverage LoanSifter’s industry-leading technology – which automates pricing for lenders using the largest real-time database of investor pricing and eligibility content available in the mortgage industry — to provide Google users with information on mortgage products and pricing from the lenders using LoanSifter.  When Google users get these rates, LoanSifter’s lenders will receive qualified online leads.

Greg Ulrich, production manager at Fairway Independent Mortgage Corporation in Colleyville, Texas, believes that Google’s popularity provides a great opportunity as another channel for borrowers to reach the company, without substantial investment costs.  ”This saves us money, allowing us to pass a greater savings to the consumer,” Ulrich said.

“We chose LoanSifter for our Google auto-quoting because it enables us to customize our pricing more accurately and effectively,” Ulrich added.  ”Other vendors require manual supervision, which would have been problematic in keeping up with market shifts.”

Consumers who search for popular mortgage-related terms or phrases on Google are drawn to Google’s proprietary mortgage Comparison Ads, where they can anonymously provide details such as their desired loan amounts and credit scores.  Google will then retrieve multiple reliable offers from dependable lenders, placed side-by-side so the borrower can compare them.  After investigating different scenarios and choosing a lender, the borrower is then able to contact the lender by phone or e-mail.  Borrowers do not have to fill out lengthy forms or click through walls of advertisements in order to access up-to-the-minute loan products and rates, and the leads generated to lenders are anonymous, so that borrowers can protect their private information until they are ready to move forward in the mortgage process.

“Our relationship with Google will be of tremendous benefit to both lenders and consumers,” LoanSifter President Bruce Backer said.  ”A growing number of borrowers are using the Internet to find the best possible mortgage deals, and Google’s immense popularity makes it a first stop for many.  Borrowers benefit from the side-by-side comparison in an open marketplace, while lenders benefit from LoanSifter’s ability to accurately price mortgage scenarios on their behalf.”

 

 

 

 

 

 

 

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Coester Warns On Lenders Not Being Ready for UCDP and UAD Deadlines

November 1, 2011

Brian Coester, Coester Appraisal Group

The Uniform Collateral Data Portal (UCDP) and Uniform Appraisal Dataset (UAD) deadlines are right around the corner and with the constant changes in appraisal regulations over the past years it’s easy to get lost in it all and just say ‘My Appraisal Management Company is taking care of this.’

The reality is — with these new UCDP and UAD changes, the updates are probably not being handled properly and you are probably not ready for the changes; changes that are taking effect December 1, 2011.

The UCDP is a part of Fannie Mae and Freddie Mac’s Loan Quality Initiative (LQI) that started these programs over two years ago under the Collateral Data Delivery (CDD) program. Brian Coester, CEO of Coester Appraisal Group, has been conducting presentations and educational seminars for local Mortgage Bankers Associations (MBAs) around the country. Coester expressed his shock at the lack of preparation by both Appraisal Management Companies (AMCs) and lenders. “We had six AMCs at our last MBA seminar and none of them had any idea about what was going on nor were they registered to handle the files for their clients. We’ve been preparing for this for more than a year and it’s shocking that a such a big change would go unnoticed or unaccounted for."

Coester also warns that lenders are still unprepared and a Wells Fargo correspondent rep at one of the UCDP seminars confirmed this. Coester states, "The reps have indicated their correspondents are just getting around to looking at this. The problem arises because the time it takes to register and get what you need set-up and done, is 7-10 business days. Now they are telling people 20 business days, which falls just before the December 1, 2011 transition date. If lenders don’t jump on this they may not be able to close loans or sell loans at all.” Fannie Mae and Freddie Mac require registering for the UCDP which most lenders have not yet completed. “They think they don’t have to register or aren’t going to be held responsible for this. Most of the feedback though, is that they their investor would be handling this; the reality is that’s not the case." says Brian Coester.

Coester is fully registered for the UCDP and will be handling the complete end-to-end delivery, review, and submission files for its clients. "With us it’s pretty simple: login to the UCDP portal, type in our name, add us a Lender Agent, and you’re done. Very few companies will be able to say that it was that easy for them and we are glad we can help our clients." says Brian Coester. Coester admits that he has been working on the project for over a year now.

About Coester Appraisal Group:

Coester Appraisal Group is a nationwide Appraisal Management Company specializing in high quality appraisal reports that comply with all industry guidelines and regulations. With its headquarters in Rockville, Maryland, Coester Appraisal Group was founded in 1970 as a local appraisal company but has since developed into a formidable force in the appraisal management segment. For more information, please visit Coester Appraisal Group online at http://www.CoesterAppraisals.com.

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Coester Warns On Lenders Not Being Ready for UCDP and UAD Deadlines

November 1, 2011

Brian Coester, Coester Appraisal Group

The Uniform Collateral Data Portal (UCDP) and Uniform Appraisal Dataset (UAD) deadlines are right around the corner and with the constant changes in appraisal regulations over the past years it’s easy to get lost in it all and just say ‘My Appraisal Management Company is taking care of this.’

The reality is — with these new UCDP and UAD changes, the updates are probably not being handled properly and you are probably not ready for the changes; changes that are taking effect December 1, 2011.

The UCDP is a part of Fannie Mae and Freddie Mac’s Loan Quality Initiative (LQI) that started these programs over two years ago under the Collateral Data Delivery (CDD) program. Brian Coester, CEO of Coester Appraisal Group, has been conducting presentations and educational seminars for local Mortgage Bankers Associations (MBAs) around the country. Coester expressed his shock at the lack of preparation by both Appraisal Management Companies (AMCs) and lenders. “We had six AMCs at our last MBA seminar and none of them had any idea about what was going on nor were they registered to handle the files for their clients. We’ve been preparing for this for more than a year and it’s shocking that a such a big change would go unnoticed or unaccounted for."

Coester also warns that lenders are still unprepared and a Wells Fargo correspondent rep at one of the UCDP seminars confirmed this. Coester states, "The reps have indicated their correspondents are just getting around to looking at this. The problem arises because the time it takes to register and get what you need set-up and done, is 7-10 business days. Now they are telling people 20 business days, which falls just before the December 1, 2011 transition date. If lenders don’t jump on this they may not be able to close loans or sell loans at all.” Fannie Mae and Freddie Mac require registering for the UCDP which most lenders have not yet completed. “They think they don’t have to register or aren’t going to be held responsible for this. Most of the feedback though, is that they their investor would be handling this; the reality is that’s not the case." says Brian Coester.

Coester is fully registered for the UCDP and will be handling the complete end-to-end delivery, review, and submission files for its clients. "With us it’s pretty simple: login to the UCDP portal, type in our name, add us a Lender Agent, and you’re done. Very few companies will be able to say that it was that easy for them and we are glad we can help our clients." says Brian Coester. Coester admits that he has been working on the project for over a year now.

About Coester Appraisal Group:

Coester Appraisal Group is a nationwide Appraisal Management Company specializing in high quality appraisal reports that comply with all industry guidelines and regulations. With its headquarters in Rockville, Maryland, Coester Appraisal Group was founded in 1970 as a local appraisal company but has since developed into a formidable force in the appraisal management segment. For more information, please visit Coester Appraisal Group online at http://www.CoesterAppraisals.com.

 

 

 

 

 

appraisal management

fha appraisals

appraisal management companies

fha appraisal compliance

reverse mortgage appraisals

appraisal services

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coester appraisal

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best appraisal management company