Wells Quits Wholesale and Realtor JVs, BofA Repurchase Demands, GA FCs, HARP High LTVs, 38k Short Sales, Best Cities To Buy, Fed’s Addiction, FHA Delinquencies, Reverse Originations, Refi Activity, 2012. CFPB and Title Agents, Clear Capital Report, Non QM Won’t Exist

BillCoppedge_26Nov2011original content selection by MortgageNewsClips.com

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Wells Fargo Calls it Quits on Wholesale Lending – Wells Fargo — the nation’s largest funder of home mortgages through loan brokers — is calling it quits on wholesale lending, dealing yet another devastating blow to this struggling origination channel. … She said the cut-off date is Friday, July 13. … According to NMN and the Quarterly Data Report, Wells ranked first in 1Q in wholesale lending, table funding $7.3 billion of mortgages through brokers. Provident Funding Associates, Burlingame, Calif., ranked a close second with $7 billion. … Wells’ decision to exit the channel comes in the wake of a fair lending settlement with the Justice Department …National Mortgage News

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(Wells drops realtor JV’s) Wells to Realtors: Drop Dead. OK, Not All of You – Paul Muolo – … Oh, but there’s a back story to the Wells Realtor JV thing. One long-time source who I trust offers up this scenario: HUD made Wells kill those JVs. At one point it had more than 200. By yearend it will have just 14. Apparently someone at HUD doesn’t like the idea one bit of consumers buying a home via a Realtor and then walking three feet to the left in the realty office to get a mortgage. (That’s where the JVs come in.) If the mortgagor immediately picks the Realtors’ mortgage firm it kills the whole concept of comparison shopping. … – National Mortgage News

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(correspondent repurchase demands) Bank of America Won’t Quit While It’s Ahead – BY ROBERT SIEGEL AND PHILIP R. STEIN – Mortgage Crisis Watch

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Georgia Shoots To Number One In Foreclosures Nationwide In May – by Donna S. Robinson  – Realty Biz News
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(interesting numbers) High-LTV Originations See Sharp Increase Under HARP – BY: KRISTA FRANKS BROCK – Overall, mortgage originations declined in April. However, originations for loans with high loan-to-value ratios have been on the rise the past few months with April as no exception, according to the latest data from Lender Processing Services (LPS) released Monday. – The M Report
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HOPE NOW Reports 38,000 Short Sales in May – BY: TORY BARRINGER – … In addition, HOPE NOW reported that an  estimated 63,000 homeowners received permanent, affordable loan modifications during the month, 17,590 of which were completed under HAMP. Approximately 45,000 loan modifications were completed via proprietary programs. An estimated 81 percent of all proprietary modifications were mods with reduced principal and interest payments-73 percent of proprietary modifications reduced principal and interest payments by 10 percent or more. Fixed-rate modifications accounted for 90 percent of all proprietary modifications. … – DS News
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(list) The Best And Worst Cities In Which To Be A Home Buyer – Rob Wile – Business Insider 
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(addicted to easing) Fed officials warn of looming crisis for economy – By Martin Crutsinger – AP – The Federal Reserve is open to taking further action to support the struggling U.S. economy. But minutes of the Fed’s June meeting show policymakers at odds over whether the economy needs more help now. … Investors appeared disappointed by the division within the Fed. …  USA Today
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FHA mortgage delinquencies skyrocket more than 25% – by OC Housing News – … FHA had good underwriting, but the tiny down payments and falling prices have trapped all of their borrowers underwater. … The FHA will need to approve many short sales from underwater borrowers in 2007-2011 vintage loans, … Of course, that assumes the owner bothers with the short sale process. With no equity, it’s easy for an FHA borrower to simply stop paying and move on. To them, the house was no different than a rental. … The real problem is that prices went down, and the only viable choices for FHA borrowers are short sale or strategic default. Either ones means the FHA insurance fund takes a hit, … I think a bailout is inevitable. …
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Reverse Mortgage Market Sees Surprising Uptick Following MetLife Exit – by ehegarty – … shows optimism when considering the increase in case numbers issued for May and an increase in HECM endorsements in June, according to a recent report from Reverse Market Insight. With MetLife’s exit, the industry could have followed the same downward pattern that resulted from last year’s Wells Fargo exit.  There has instead been a 16.9% increase in endorsement growth and an increase in number of cases issued, totaling 6,992, according to the report. … – Reverse Mortgage Daily

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(4 graphs) US mortgage refinancing activity going strong – for those who are eligibleSober Look Blog

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(makes 6 points) Here’s what to expect from the housing market for the rest of 2012 – Mike Simonsen – Altos Research

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ALTA: Proposed CFPB closing rule could reduce title agent role – … Korsmo says her association believes while the lender should be responsible for the numbers and forms they provide, settlement agents should remain liable for closing disclosures, allowing them to continue to serve as an independent, third party to the process ... – Housingwire 
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(lots of data) Market Report – Clear Capital® June Home Prices Provide Further Evidence of Budding Recovery. Forecast Indicates Further Increases Through 2012. The West leads the way, Midwest showing early signs of stability and growth. – Clear Capital Press Release

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(non QM loans will simply not exist?) Mortgage lenders cringe at substantial litigation costs under QM – By Jon Prior – Housingwire – hattip NDP who says: Good way to stop credit creation
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