News on Home Mortgage and Title Insurance Fronts
Links to important news stories affecting the housing market
Palm Coast, FL – October 29, 2010 – It’s difficult to keep track of all the changes that effect the housing market. Mortgage interest rates remain at or near historic lows. At the same time, the median selling price for Palm Coast, Flagler County single family homes (MLS) is about half the 2005 – 2006 high. Yet, tighter lending standards, high unemployment, low consumer confidence levels, a challenged economy, and an uncertain political climate hold back buyers. As if that were not enough, a foreclosure crisis has been exposed. Missing or improperly created documentation have raised serious questions about whether the chain of title can be verified for properties on which mortgages were sold into the securitized bond markets.
For those GoToby.com readers who want to stay on top of what’s happening and how events are most likely to affect the housing market, here are some industry news links:
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FICA scores have always been an important tool for lenders to predict the probability a borrower will be able to repay a loan. Now, a new Mortgage FICA score has been established designed to better predict borrows future ability to meet purchase mortgage obligations. Read more>>>>>
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The foreclosure documentation crisis created concerns among Title Insurance companies. Title Insurance companies might be exposed to high levels of claims if many foreclosures were discovered to be improper. Three major title insurance companies began to require written indemnification from lenders for REO (lender owned) homes when they are resold. Lender pushed back. Read more>>>>>
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Wells Fargo will correct and resubmit for foreclosure 55,000 mortgages. Read more>>>>>
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Foreclosures: More evidence of bogus paperwork. Read more>>>>>
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20 highest metro foreclosure rates include 4 Florida metro areas. Deltona – Daytona Beach – Ormond Beach ranked ninth. Read more>>>>>
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