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DIMONT Launches New Technology to Assist Servicers

20. October, 2017|DS News|No comments

DIMONT, a provider of insurance claims adjusting and collateral loss mitigation services to the residential mortgage and auto lending industries, has announced the launch of its online loss drafts portal with technology developed by IndiSoft, a solutions development firm specializing in the financial industry. The purpose of this new web portal is to assist servicers …

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Industry Reacts to OCC’s Community Reinvestment Act Revised Policies

20. October, 2017|DS News|No comments

It’s been a week since the OCC outlined its policies on downgrading a bank due to discriminatory or illegal credit practices. See what response the regulator has generated.

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Forecasting Vs. Reality—Where do Home Prices Stand?

19. October, 2017|DS News|No comments

On Thursday, leading analytics company CoreLogic compared their CoreLogic HPI Forecast released in June 2016 to the actual HPI Index that came out in August. How accurate were they? Read on to see.

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Top 5 Cities for the SFR Market

19. October, 2017|DS News|No comments

Where are the top locations for investors looking into the single-family rental market? A recent study reports the MSAs that are bound to provide investors with the best deals.

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19. October, 2017|DS News|No comments

Which companies are merging, and what professionals are moving? See some highlights in this update of the housing and mortgage industries. Ellie Mae announced on Monday that it has launched a new release of Encompass, its all-in-one mortgage management solution. The purpose of Encompass 17.4 enhancements is to help lenders of all sizes originate more loans, …

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Black Knight: Harvey, Irma Boosted Mortgage Delinquency Rate in September

19. October, 2017|MortgageOrb|No comments

Hurricanes Harvey and Irma significantly boosted the U.S. mortgage delinquency rate in September, resulting in the first annual rise in delinquencies since July 2010, Black Knight says in its First Look report.

The delinquency rate as of the end of September stood at 4.40%, an increase of 11.85% compared with August and an increase of 2.96% compared with September 2016.

About 2.245 million homes nationwide were 30 days or more post due, an increase of about 242,000 compared with August and an increase of about 80,000 compared with September 2016.

The bulk of the increase was in the FEMA-declared hurricane disaster areas, Black Knight says. Non-current inventory rose by about 84,000 (48%) in Irma disaster areas and by about 52,000 (67%) in those related to Harvey.

Prior to the hurricanes, Texas and Florida ranked 20th and 22nd among states by non-current mortgage rates; after the storms, they now rank third and fifth, respectively.

The serious delinquency rate was also up by about 19,000 properties nationwide compared with August.

The foreclosure inventory – which won’t see any impact from the storms for quite some time – continued to decrease. It stood at about 0.70%, as of the end of September, a decrease of 7.17% …read more

CoreLogic Now Validating its Home Price Index Forecast

19. October, 2017|MortgageOrb|No comments

For validation purposes, CoreLogic is now publicly comparing the forecasts in it home price index (HPI) report with the actual HPI increase.

For the 12-month period ended June 2017, the firm forecast that U.S. home prices would, on average, increase 5.4%. However, the actual HPI increase was 6.1%, according to CoreLogic’s new HPI Forecast Validation Report, which will be published twice a year. The first installment of the report was released this week.

In terms of forecasting home prices in major metropolitan areas, CoreLogic was most accurate in its forecast for the Phoenix-Mesa-Scottsdale, Ariz. area. For the 12 months ended in June, that area saw home prices increase 6.2%, on average. CoreLogic had forecast an increase of 6.6%. As such, the firm’s forecast came within 0.4% of the actual HPI increase.

The firm’s forecast saw the widest disparity in the Seattle-Bellevue-Everett, Wash., area. For that area, CoreLogic had forecast a 5.9% increase in home prices, on average, but the actual HPI increase was 14.3% – a difference of 8.4%.

CoreLogic says the variance in this “over-valued” area was “due to unexpected acceleration in prices in early 2017 after a price deceleration earlier in 2016.”

“Our clients leverage the CoreLogic …read more

Investor Urges Owners to Quick Close Homes

19. October, 2017|DS News|No comments

Certain investment practices in buying homes for cents on the dollar are being viewed as capitalizing on the damages caused by the recent hurricanes, according to a recent article, but other organizations have a different plan to aid homeowners. Investors like CEO of Waypoint Homes, Gary Beasley and Bryan Schild claim that by investing in …

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DIMONT Announces Expanding Staff

19. October, 2017|DS News|No comments

DIMONT, a Dallas-based provider of insurance claims adjusting and collateral loss mitigation services to the residential mortgage and auto lending industries, announced on Tuesday the addition of three industry experts to its staff. “Our recent appointments of these three great contributors will greatly enhance our ability to grow and service our mortgage and auto clientele,” …

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Freddie Mac: Mortgage Interest Rates Ticked Back Down

19. October, 2017|MortgageOrb|No comments

After increasing for the previous two weeks, mortgage rates edged back down during the week ended Oct. 19, with the average rate for a 30-year, fixed-rate mortgage (FRM) at 3.88%, down from 3.91% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.

A year ago at this time, the 30-year FRM averaged 3.52%.

The average rate for a 15-year FRM was 3.19%, down from 3.21%. A year ago at this time, the 15-year FRM averaged 2.79%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.17%, up from 3.16%. A year ago at this time, the five-year ARM averaged 2.85%.

“Rates came down slightly this week, ending a brief, two-week streak of increases,” says Sean Becketti, chief economist for Freddie Mac, in a release. “The 10-year Treasury yield dipped six basis points, while the 30-year fixed mortgage rate fell three basis points to 3.88 percent.”

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Mortgage Delinquencies Experience First Increase in Seven Years

19. October, 2017|DS News|No comments

September experienced its first annual rise in mortgage delinquencies since July 2017. Learn why and what else the September data reveals . . .

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ARMS Vs. FRMS—Which Loan Comes Out on Top?

18. October, 2017|DS News|No comments

CoreLogic analyzed the mortgage performance of different loan types and found which loan—the adjustable-rate mortgage or fixed-rate mortgage—has lower credit risk characteristics.

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ARMs Show Lowest Credit Risk In A Decade

18. October, 2017|DS News|No comments

What’s the culprit behind the decrease in delinquency rates of affordable- and fixed-rate mortgages? A new report suggests current day rates for ARMs and FRMs are being heavily influenced by older loans.

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Customer Pain Points Are Your Greatest Asset

18. October, 2017|MortgageOrb|No comments

312582ab3e977efda76eb841e0228488 Customer Pain Points Are Your Greatest Asset

In our industry, the ability to innovate and evolve is paramount to future success. However, I continue to see companies that are focusing on delivering the next bleeding-edge solution while truly failing to address real market needs or even provide a tangible benefit to their customers.

Companies are exhausting their internal and external resources in an effort to outdo each other. And during that time, they are inadvertently overlooking opportunities that would directly address industry challenges and customer concerns.

As the perceived pressure to deliver more “bells and whistles” intensifies, we think that success will ultimately come to those who resist the hype and instead focus on developing and delivering meaningful tools that address actual customer pain points.

We have found that some of our most successful innovations were born directly out of insights gained through conversations between our business development team and our customers.

As simple as it sounds, I believe that aggregating first-hand knowledge of these pain points can be your company’s greatest asset. Working together with your customers provides invaluable insight into their …read more

Federal Reserve: What’s the Status of the Economy?

18. October, 2017|DS News|No comments

The Federal Reserve District released its September 2017 Beige Book Wednesday, which reports the Fed’s economic outlook based on information collected before October 6, 2017. Overall, the Fed reports from all 12 Federal Reserve Districts that economic activity increased in September through early October—noting the pace of growth was “split between modest and moderate.” According to the report, …

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