Realtor Coaching & Training: broker
Here below is the first Chapter in our Agent REO Secrets Ebook Series. For more info, please enjoy the following video… 
What Is a BPO?
A BPO Is simply a broker price opinion. A bank will pay you to get them a reasonably accurate opinion of the current price of a particular property. With the massive increase in the amount of homes in foreclosure, banks need BPOs more than ever.
And, with the changing housing market, Real Estate Agents can use them to make easy and predictable money. You can make great money, right now with BPOs, and have a predictable income to relax and fuel the rest of your business. But it’s important to take it seriously, to work hard, and to be the best resource for the asset managers.
HREU students get a list of all the BPO asset managers in their areas…
Step 1 To BPO Success: Get all your required info together so you are prepared to fill out BPO vendor applications.
a) Your Real Estate License
b) Errors and Omissions Insurance ( expiration date, policy amount)
c) List of References ( past clients, associates in your office, friends)
d) Completed 1099 ( usually provided by each of the vendors)
e) Coverage Area (the areas you want to cover by zip code) create your zip code list in word or notepad so you can easily copy and paste the zip code list into each BPO Vendor Application.
Step 2: Reference the HREU Top Secret List (see the last page)… Start Submitting Applications
Submit BPO applications through the internet, email submissions, fax and by calling. It’s a different environment in a bank: don’t give up until you get your application in to a BPO Company. Make sure to confirm they got your application…
SECRET: When filling out your applications, discover which email address is associated with your cell phone address in all of your BPO vendor applications. When a BPO Assignment gets Most cell phones have an email address associated with that cell phone, if you don’t know the email address call your cell phone service provider, and get that email address.
Then take that email address, and enter that email blasted out to the all real estate agents in your service area zip code you will be alerted by text to your cell phone, giving you an edge over the general population. This way you can get right back to the BPO Company and accept the assignment, build rapport and start even getting their REO listings!
Step 3: Create a filing system for each BPO Company. …So you don’t get BPO’s mixed up. This will also help you keep track of who you spoke with at each company, so that you can create a tickler system for your follow up system. Make sure to follow up with that specific person if you can. This will help you build rapport. Get friendly make small talk, it goes a long way.
Want to take the next steps toward becoming an REO Listing agent? Want access to Harris Real Estate University’s complete list of BPO Contacts?
Enroll in Agent REO Secrets Now!
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Real Estate Recovery?
We are in a constant ongoing..never ending…search for the latest real estate news. We are on the look-out for anything that will help you to be of service to your real estate clients. There has been much talk about the ‘Green-Shoots’ in the economy. The question is…are those Green Shoots signs of recovery…or really weeds that will need to be pulled.
So, is it time time pop the champaign corks….or get out the Weed-B-Gone?
Read this and share your comments…
In the Sacramento Delta suburbs east of San Francisco — where home prices soared and fell as viciously as anywhere in the country — a housing market rebound is feverishly underway.
A 1,600-square foot rancher listed for $179,000 — after last selling for $425,000 in 2004 — drew multiple offers last month with a high of $210,000 in cash. The topper: The property was a “short sale” whose owner needs lender approval to sell for less than the mortgage owed — and which buyers wouldn’t touch just three months ago.
Housing emerges from the woods“My phone was ringing off the hook, my voice mail was on overload and people were coming into the office receptionist saying they couldn’t reach me,” said Christy Howard, a Coldwell Banker Coon and McCreary agent who listed the Antioch house. “Everyone was waiting for the bottom, and the problem is they waited to long, because the bottom has already come and gone.”
Spurred by markdowns up to 80% from market highs, first-time buyers and investors both American and foreign descended en masse in the last three months on San Francisco’s hardest-hit hinterlands as Wall Street and the economic climate improved. They’re picking clean the Delta region’s banked-owned inventory as soon as properties hit the market and are engaged in unprecedented bidding wars even on short sales.
We have been reporting on this for months on our main blog. Agent REO Secrets students and Agent Short Sale Secrets students are experiencing multiple offers for their listings…..flash back to 2006!
The panicked buying — fueled by buyers’ fear they’ll miss out on fire-sale prices — belies the doom-and-gloom evoked by recent reports of rising mortgage delinquency rates and foreclosure activity. It is one of several overlooked signs the U.S. housing-market turnaround has started in the nation’s hardest-hit markets, which is critical to driving an overall recovery:
After spending most of the 1990s in the $250,000 range, the median-priced home that was sold in the seven-county San Francisco area rose to a staggering $850,000 by its May 2007 peak. It since fell to a low of $399,000 in February — a 53% drop in just 21 months — before posting its first monthly gain in March, albeit a 1% uptick. The median is expected to continue rising at a healthy clip in months ahead since it’s now at the level of nine years ago, before the bubble began inflating.California’s statewide inventory of unsold homes — based on the number on the market divided by the present monthly sales rate — stood at a 15.2 months supply in February, 2008. That figure was down to 5.8 months in March, near the historic average.
At roughly 22,000 units, Las Vegas’ inventory is not far off its recent record high. Yet total sales closed in March showed flourishing demand, the fourth best on record. That monthly record — set during the height of the boom — is expected to be broken this summer.
Looking on Realtor.com confirms a dramatic drop in available homes that are priced within the FHA loan limits. Homes in Vegas uner $200,000 are selling very fast….
“Things have been looking up but it’s going unnoticed,” says Forrest Barbee, a board member with the Greater Las Vegas Association of Realtors and a broker for Prudential American Group Realtors. “It’s just going to take the data a little longer to catch up with reality.” Listen to one analyst’s thoughts about housing having hit bottom.
Adds Rick Sharga, senior vice president of RealtyTrac, which compiles home sales and foreclosure data: “We’ve overshot the market in places like Las Vegas and Arizona in terms of fair value and buyers are bidding prices up again on many properties. The challenge is going to be whether there is enough financing to eat up the inventory that’s yet to come.”
Ok, read that last comment again. What Mr.Sharga is referring to is the massive wave for foreclosures coming and REOs hitting the market now. Read this blog article: The Truth Behind The Shadow Inventory.
Mixed signals
The specter of rising foreclosures — born now of the recession rather than just overleveraged subprime borrowers — is the wild card in future health of the U.S. housing market and the economy by extension. Read about the difficulty borrowers are having with mortgage modifications.
The number of U.S. homeowners behind on payments or in foreclosure shattered the record in the first quarter, the Mortgage Bankers Association reported last week. Nearly one in eight mortgage holders were either delinquent or in the foreclosure process — and prime mortgages in trouble for the first time outnumbered subprime loans on a percentage basis. Read more on the record jump in foreclosures in the first quarter.
Yesterday we had a conference call with a high-up in one of the big 3 banks. He told us that in California alone they have seen 110,000 homeowners fall behind 60 days in the mortgage. Thats counting just 2 lenders. (BOA and Wells). You can assume that the actual number for the entire state is 5-6 times that number. In case you didn’t know it, 95%+ of the time once a homeowner misses 2 payments the house becomes a foreclosure. Bottom line, be ready. You still have time to become a REO Listing Agent. Watch the Free Agent REO Secrete video then download the FREE Agent REO Secrets book…
Yet the number of pending sales of existing U.S. homes took a surprising upswing in April, rising 6.7 percent in the biggest monthly gain in more than seven years, the National Association of Realtors reported Tuesday. That increase lags the 9.2% jump in October 2001, but that spike owed to buyers temporarily putting off home shopping following 9/11. See the latest data on pending home sales.
And in an overlooked report that belies the first-quarter delinquency numbers, defaults on privately insured mortgages — where borrowers are more than 60 days behind — fell 3% in April and were down 24% from a record 106,482 in February, the trade group Mortgage Insurance Companies of America reported Friday.
Most importantly for gauging the strength of the nationwide market is how conditions are improving in the most-depressed regional markets.
With those markets now stabilizing, banks are no longer anxious to dump real-estate owned properties, as houses in their foreclosure portfolios are called, fearing they’ll get appreciably less three months from now for their foreclosed properties.
Lets HOPE that is true. Lets hope (and pray) that he lenders are smart enough NOT to flood the market. Here is a great article on our blog that you will want to read NOW.
As a result, they’ll be more judicious about the pace at which they release foreclosures onto the market. The new goal: To maximize the value of supplies in hand rather than unload it helter-skelter and torpedo the housing market like they did while they were shell-shocked by the devastation they’d wrought.
With the banks themselves now somewhat more stable, they’ll also be less likely to want to part with their “toxic assets” knowing the most-scorched, still-serviceable mortgages will be the most valuable on a credit-risk markup once the economy recovers. In fact, the price stabilization in the most-depressed U.S. markets will allow a clearer valuation of the toxic assets we now all hold by virtue of bank bailouts — a modicum of certainty that will hasten the overall recovery.
Key marketsHomeowners in most of America know by their own property’s value that the spike in U.S. median home values was driven in considerable measure by soaring prices and volume in major markets, especially in California, Florida, Nevada and Arizona. By virtue of their climates and economic-growth rates, those four states have been on the extremes of the U.S. boom-and-bust housing cycle since the 1950s.
You can’t discount how critical an upturn in those states will be, considering they account for 46% of foreclosures nationwide. If foreclosures there are more quickly consumed as they’re starting to be now — fueled in part by foreign buyers who recognize their value — we’ll all reap a return on our bailout money a lot faster.
“The banks are getting smarter and realizing that if they don’t sell it in a short sale, they lose more money going the foreclosure route,” Barbee said.
Adds Sharga: “The banks will be very particular and thoughtful about how they’ll release new foreclosures, because they know now how flooding the market will have a disastrous effect.”
That, and if the chastened lenders would just swallow crow and pony up for rights to an encouraging Beatles song to play on their delinquent-payers’ hold line: “We can work it out.”
Article Source: MarketWatch.
Popularity: 1% [?]
Harris Real Estate University
From our favorite CNBC Real Estate Reporter Extraordinaire….Diana Olick….
You’ve probably never heard of it; I know I hadn’t until I read a New York Times article about it a few months ago, but think of it like that enormous warehouse you see at the end of “Raiders of the Lost Ark”, where important artifacts and documents go to die.
Then think of your home mortgage as the lost ark. It’s called MERS, short for Mortgage Electronic Registration Systems, and it is the keeper of your loan. Nope, not your bank, lender, broker, investor, but Virginia-based MERS.
In order to save tons of cash on all the legal mumbo jumbo involved in documenting your loan and how it gets bought and sold and traded, lenders hire MERS, which is a private database, emphasize private. It is currently used by about 3,000 financial services firms.
Since MERS is the final resting place for loans, it is also the name on the foreclosure documents. As the foreclosure crisis deepens, savvy lawyers are helping borrowers avoid foreclosure by demanding to know who owns the loan in question. Judges want to know as well, but MERS wouldn’t or couldn’t say…until now.
This week MERS unveiled a new program that will “inform 60 million borrowers of changes to the owner of their loan.” Why? Well they had to. Under the “Helping Families Save Their Homes Act of 2009,” signed by President Obama, the “Truth in Lending Act” was amended to require that when a loan is sold, transferred or assigned, the new owner of the loan must notify the borrower in writing within thirty days.
“We are excited to support Congress and the Obama Administration’s efforts to help distressed borrowers stay in their homes,” said R.K. Arnold, MERS President and CEO in a press release. “This program will be another tool for the real estate finance industry and the Administration’s efforts to bring greater transparency and accountability to the mortgage lending process.”
I call that progress.
Questions? Comments? RealtyCheck@cnbc.com
Popularity: 1% [?]
The HREU featured real estate blog of the week is The Phoenix Real Estate Guy. The blog is owned by Jay and Francy Thompson. We asked Jay’s OK to repost this and he graciously agreed. Read this article and let us know what you think….
The recent “Blogstorm O’ Controversy” surrounding the complaint filed by an Indianapolis real estate broker to MIBOR (Metropolitan Indianapolis Board of Realtors), and the subsequent “clarification” by the NAR (National Association of Realtors) that an agent can not post IDX/MLS listings that can be indexed by search engines has unleashed a flurry of reactions across the blogiverse, in the hallways at the NAR Midyear Conference, and beyond.
I won’t rehash the debate. It’s the reason I was invited to Washington D.C. to address the MLS Committee. You can read the initial post and its 372 comments on Agent Genius if you want all the gory details.
What amazes me the most about this mess are the things I keep hearing from (some) real estate brokers and others “in the business”:
“If I acquire the listing it should be my decision where, when and how it is displayed, and keep some details accessible only through me.”
“If it goes on Google, I want it to be under my company’s name and not that of my competitor.”
“Why should some techy agent outrank me in Google and get my leads from my listing?”
“We’ve let too much information get into consumers hands. We should be the keepers of listing information.”
“My listing shows up with their name on it, and leads I would otherwise be able to get are directed to my competitors site.”
“It’s my listing, everything should point back to my site”.
I could go on and on. To be blunt, talk like this sickens me.
Here’s what I just can’t wrap my mind around.
When I take a listing, the goal is unified and simple – sell the home. Isn’t… that… the… point???
I don’t take a listing to generate leads. I don’t take a listing in the hope that I will “double side” the transaction (a practice known as dual agency – where the agent represents both the buyer and seller in the same transaction). In fact, I abhor dual agency. And I don’t see anything wrong with providing information.
So why, WHY would any real estate broker have a problem with their listing being splayed all across the Internet, and beyond? (assuming of course, all other rules and regulations with regard to advertising are followed. You Arizona types should pay particular attention to Commissioner’s Rules A.A.C. R4-28-502 ).
Well, the only thing that makes sense is some brokers DO want to generate leads from a listing and/or they DO want to double-side the transaction. Or perhaps they want to keep information out of the consumers hands so they can “add value” via data access.
Not this broker. I want to sell my listings. Period.
Standard of Practice 12-4 in the Realtors Code of Ethics states:
Realtors® shall not offer for sale/lease or advertise property without authority.
In other words, no broker can advertise a Thompson’s Realty listing without the authorization of the designated broker (that would be me).
If you’re reading this, consider yourself duly authorized.
You want to put one of our listings on your web site? Run an ad in the Sunday paper? Place a 2 page fully color glossy ad in Homes & Land Magazine? You want to hike up Camelback and sing the praises of our listings from the top of the mountain?
Knock yourself out.
Please advertise our listings. Send out mailings, buy ads, build websites – doesn’t bother me one iota.
And what if your web page / blog post / single property web site outranks me in Google? Will I go crying to my local board that it’s not fair?
Hell no. In fact, if you want help advertising one of my listings on the internet, call me.
I want the listing sold. Period. If you want to advertise that listing and help it get sold, more power to you. And if you get a “lead” from advertising a Thompson’s Realty listing, I hope it’s the strongest lead you ever get that leads to the biggest commission check of your lifetime.
Popularity: 1% [?]
Zillow Z-Estimates Accurate?
I have never met a Realtor who liked Zillow’s Z-Estimates.
From an agents perspective the information is sometimes out of date and not accurate. This creates massive problems when it comes to helping sellers price their homes correctly. For those agents who have sellers not willing to price their homes to sell (vs sit) because of what Zillow said their home was worth…share this article with them:
Are Internet sites like Zillow and Trulia a valuable tool for buyers and sellers trying to gauge a volatile real estate market?
Or are the vast resources on the Net a simple matter of too much information?
Take Zillow’s home value report for the first quarter of 2009, for example. It revealed that values in Redding, which encompasses Anderson and Shasta Lake, declined 34 percent from a year ago to $197,193.
Wait, though, Zillow doesn’t rely solely on recent or comparable sales. The site contends there’s more that goes into values than what a house sold for recently in a particular neighborhood – it eliminates the bias present in median sales prices.
Alas, with the toxic nature of today’s real estate market, values are changing almost daily, so Web sites like Zillow can be very pedestrian in a fast-paced market, area experts say.
So go ahead and use them but don’t take the information to the bank.
“The problem is that it’s so volatile, so any price is really a guess,” Chico State University economics professor David Gallo said. “The market has got to settle down, and as long as it doesn’t, there might be a pretty good spread for prices on individual properties in neighborhoods.”
Gallo said the person with the best information is probably your local real estate agent.
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Redding real estate agent Fredericka Martin said home value Web sites aren’t too accurate.
“When I list a property, I want to stay ahead of the curve; we can’t list it for what it’s worth today,” Martin said.
(Note: Some of Zillow’s biggest detractors are real estate agents and appraisers.)
For a true value in today’s market, Martin suggests using a real estate agent who lists or sells a lot of property.
“Get a comparative market analysis or broker price opinion from an active agent,” Martin said.
And ask your agent to see copies of any market data he or she starts advocating, Martin said.
“You have to be able to support that opinion with valid data,” Martin said.
Greg Lloyd, former president of the Shasta Association of Realtors, agreed that sites like Zillow are off the mark.
“It’s not their fault, they’re not trying to mislead anybody. They just don’t have the hands-on local knowledge,” Lloyd said.
Lloyd said a Web site can’t give you the specific features of a home that could affect the price.
Joe Rodola, a consumer credit counselor, has been trying to sell his Redding home for several months. Rodola also teaches a monthly first-time homebuyers class in Redding.
Rodola, whose wife is a real estate agent, said the more information buyers and sellers can get, the better. He will click on sites like Zillow and Trulia.
“I think you need to use several sources because prices are so volatile . . . . Then you go to your real estate agent who has the multiple listings capabilities,” Rodola said.
A multiple listing service can point to homes that have closed in the neighborhood over the last six months, for example.
“It (listing) can give you an average price based on the recent sales,” Rodola said.
SOURCE: Redding.com
Popularity: 2% [?]
Next Up: McMansion REOs!
HREU Students, many of you who sell in higher end areas are now experiencing the full blunt of the housing crash. Here is a great article from Bloomberg.com that describes what is going on in two of the countries most prestigious places to live…Newport Beach California and The Hamptons.
Chuck Dayton put down a quarter of the $950,000 purchase price when he bought his house in Newport Beach, California, in 2004. He was making $500,000 a year with his drywall company and he expected home values to keep rising.
Then the mortgage market collapsed, new construction stopped and builders no longer needed his services. Dayton, 43, went into default four months ago because he couldn’t afford payments on the three-bedroom home, located within a block of the Pacific Ocean. He hopes his lender will agree to sell the seven-year-old house for less than he owes to avoid a foreclosure.
“It’s just wait and see right now,” Dayton said.
Borrowers such as Dayton, whose 2004 compensation was almost 10 times the median U.S. household income, are becoming trapped by the same issue facing the poorest subprime homeowners: falling home prices erase equity and make it impossible to sell or refinance without losing money.
The number of U.S. homes valued at more than $729,750, the jumbo-loan limit in the most affluent areas, entering the foreclosure process jumped 127 percent during the first 10 weeks of this year from the same period of 2008, data compiled by RealtyTrac Inc. of Irvine, California, show. The rate rose 72 percent for homes valued at less than $417,000 and 78 percent for all homes, RealtyTrac said.
‘Trickle Up’
“It’s the trickle-up effect,” said David Adamo, chief executive officer of Luxury Mortgage Corp., a home-loan bank in Stamford, Connecticut. “Just like homeowners in smaller homes, these homeowners anticipated being able to refinance mortgages to continue making payments and at a future date sell for a gain and put it toward their next home. That strategy backfired when the market for jumbo mortgages dried up.”
Jumbo loans are larger than what government-controlled Fannie Mae and Freddie Mac will buy or guarantee, currently $417,000 in most areas. Jumbo lending slowed in the fourth quarter to $11 billion, or 4 percent of the mortgage market, the lowest quarterly figure since Inside Mortgage Finance, a Bethesda, Maryland-based trade publication, started tracking the data in 1990.
Subprime loans were made available to borrowers who never proved they could make monthly payments on time. The loans accounted for more than 20 percent of the U.S. mortgage market in 2005, up from less than 8 percent in 2003, according to Inside Mortgage Finance.
Subprime Implosion
Defaults by subprime borrowers began rising in 2007. Since then, financial institutions that had bet on earning cash flow from home loans packaged into securities have announced credit- market losses and writedowns of almost $1.4 trillion, data compiled by Bloomberg show.
Among all homeowners, 21.8 percent were underwater in the first quarter, Seattle-based real estate data service Zillow.com said in a report today. At the end of the fourth quarter, 17.6 percent of homeowners owed more than their original mortgage, while 14.3 percent had negative equity three months earlier.
Property values dropped 14 percent from a year earlier in the first quarter, reducing the median value of all U.S. single- family homes, condominiums and cooperatives to $182,378, Zillow said. The gain in underwater homeowners will lead to more bank repossessions, the company said.
The U.S. government has lent banks $392 billion to stem the losses through its Troubled Asset Relief Program. Another $12.4 trillion was spent, lent or guaranteed by the government and the Federal Reserve to stop the longest recession since the 1930s.
Loan Losses
About $500 billion of prime-jumbo mortgages are bundled into bonds, according to Memphis, Tennessee-based FTN Financial. In February, JPMorgan Chase & Co. analysts John Sim and Abhishek Mistry in New York almost doubled their projections for losses on those mortgages to as much as 10 percent because of increasing defaults.
Foreclosures have come to the Hamptons, the beach towns about 100 miles east of New York City on Long Island, where homeowners have included Blackstone Group LP Chief Executive Officer Stephen Schwarzman, hedge fund manager John Paulson and Goldman Sachs Group Inc. CEO Lloyd Blankfein.
Almost 90 borrowers entered the foreclosure process in the towns of East Hampton and Southampton in the first 10 weeks of 2009. That compared with 109 in the same period last year and 73 in the first 10 weeks of 2007, according to the Real Estate Report in West Islip, New York.
Hamptons Sales Fall
Home sales in the Hamptons fell 67 percent in the first quarter from a year earlier, the most since records were first kept in 1982, according to Town & Country Real Estate of the East End LLC. The median sale price slid 28 percent from a year earlier.
Rule changes spurred by rising defaults now require lenders to work with delinquent New York homeowners before beginning the foreclosure process, said Pat Ammirati, president of the Real Estate Report.
“There was this unrealistic view that the crazy financing was limited to subprime when of course it was across the board,” said Andrew Laperriere, Washington-based managing director at research firm International Strategy & Investment Group. “A lot of jumbo mortgages were nothing down with high debt-to-income ratios.”
Short Sale?
Dayton said he financed the purchase of his home, 40 miles south of Los Angeles in Orange County, with a payment-option adjustable-rate mortgage now serviced by JPMorgan’s Washington Mutual. The option allowed him to pay less each month than the interest on the loan, with any unpaid amount added to his debt.
Realtors, the best solution for homeowners like Mr.Dayton is often a short sale. Learn how to easily list and sell short sales. In every market across the US knowing how to do short sales is no longer optional. Watch the FREE Agent Short Sale Secrets video and download the FREE Agnet Short Sale Secrets book NOW.
Dayton refinanced in February 2007 with a $1 million loan from Washington Mutual, and used some of the proceeds for business expenses, said Robin Milonakis, his agent at Altera Real Estate in Dana Point, California. He also took out two private mortgages and now has a balance of $106,000 on those loans, she said.
Dayton went into default on Jan. 29 and owes $46,584 in delinquent payments and penalties, according to First American CoreLogic, a Santa Ana, California-based mortgage data firm. Dayton said he’s found a buyer willing to pay $950,000.
The foreclosure process typically takes about a year. That means jumbo-loan defaults, which are climbing at the fastest pace in at least 15 years, will increase over the next year, according to LPS Applied Analytics in Jacksonville, Florida.
Goodbye Jumbo
President Barack Obama’s Homeowner Affordability and Stability Plan has no provision to help jumbo mortgage borrowers. The plan focuses on shoring up home loans eligible to be bought by Fannie Mae and Freddie Mac, also called conforming loans.
“The government has thumbed their noses at people who have jumbo mortgages,” said Steve Habetz, president of Threshold Mortgage Co. in Westport, Connecticut.
The share of U.S. homes in the foreclosure process that are valued at more than $729,750 increased to 2.83 percent this year through March 10 from 2.21 percent in the same 10 weeks of 2008, according to RealtyTrac. In the same 10-week period, the share of homes valued at $417,000 or less in foreclosure fell to 87 percent from 89.7 percent in 2008, RealtyTrac said.
Price Slump
California is hardest hit by luxury-home foreclosures. More than 1,500 borrowers with properties in the state that once sold for more than $1 million defaulted on their mortgages in February, said Mark Hanson, managing director of the Field Check Group, a real estate company in Palo Alto, California.
About 3 percent, or 254,745, of the state’s 8.5 million houses are assessed for more than $1 million by county assessors, according to San Diego-based MDA DataQuick, a real estate monitoring company.
While sales for all homes in the state increased 2.5 percent last year from 2007, sales of homes valued at more than $1 million declined 43 percent to the lowest since 2003, MDA DataQuick reported. Part of the reason is falling prices as California’s median home price dropped 41 percent in February to $247,590, according to the state’s Association of Realtors.
Another explanation may be stricter lending guidelines, Hanson said.
“You have to have income of $250,000, a 20 percent down payment and near perfect credit to buy a $1 million home now, so the number of buyers isn’t what it was,” Hanson said. “There just aren’t enough buyers to sop up supply. We’re seeing the collapse of the high-end market.”
‘What to Do’
Values have taken longer to decline in more affluent areas, taking some homeowners by surprise, said Philip Tirone, president of Los Angeles-based Mortgage Equity Group Inc.
“People are coming to me to do a refinance or buy another property, and what they thought they had in the equity of the home they don’t have and they don’t know what to do,” Tirone said.
Delinquencies are caused by people who owe more on their mortgages than their houses are worth, said James McLauchlen, a broker and appraiser in Southampton, New York, for James R. McLauchlen Real Estate Inc. and Hamptons Appraisal Service Corp.
“They throw their hands up and say I’m not going to kill myself trying to take care of this debt,” McLauchlen said. “Some folks work hard to make payments. Others just can’t pay. They offer a deed in lieu of foreclosure and off they go.”
Dayton said he doesn’t know when he’ll restart his drywall business, which he shut down in November for lack of work.
“This market is not even close to bottoming out, in my opinion,” Dayton said. “It continues to drop.”
Source: Bloomberg
Popularity: 2% [?]
2007-12-18 : 1st Choice Mortgage
2009-01-16 : 1st Republic Mortgage Bankers
2009-01-23 : 21st Mortgage – Wholesale
2007-06-27 : ACT Mortgage
2007-11-05 : AMC Lending
2007-09-27 : Aapex Mortgage (Apex Financial Group)
2008-06-04 : Accredited Home Lenders, Home Funds Direct
2008-08-22 : Accredited Home Lenders, Lone Star Funds – Wholesale
2008-10-24 : Ace Mortgage Funding, LLC
2006-04-14 : Acoustic Home Loans
2008-05-22 : Advantage – Morgan Stanley
2007-08-06 : Aegis
2007-07-23 : Alera Financial (Wholesale)
2007-09-07 : All Fund Mortgage
2007-07-13 : Alliance Bancorp
2007-06-26 : Alliance Mortgage Banking Corp (AMBC)
2008-01-25 : Allied Lending Corp. (Wholesale)
2008-01-29 : Allpointe Mortgage (Broker Program)
2007-08-28 : Allstate Home Loans / Allstate Funding
2007-04-10 : Alterna Mortgage
2007-08-06 : Alternative Financing Corp (AFC) Wholesale
2007-06-27 : Altivus Financial
2008-04-10 : AmeriBanc Corp.
2008-04-11 : American Bank Mortgage Group – Wholesale
2007-01-30 : American Freedom Mortgage, Inc.
2007-08-02 : American Home Mortgage / American Brokers Conduit
2009-04-17 : American Sterling Bank
2007-03-16 : Ameriquest, ACC Wholesale
2009-02-23 : Ameritime Mortgage Co. LLC
2007-03-05 : Ameritrust Mortgage Company (Subprime Wholesale)
2008-11-26 : Amlak Finance PJSC
2007-08-22 : Amstar Mortgage Corp
2008-05-28 : Assured Lending Corp. – Wholesale
2006-11-21 : Axis Mortgage & Investments
2008-01-25 : BF Saul Wholesale Lending
2007-08-22 : BNC Mortgage (Lehman)
2007-12-19 : BSM Financial
2008-10-28 : Banco Popular North America – Wholesale
2007-10-25 : Bank of America (Wholesale)
2008-12-11 : BankUnited – Wholesale
2007-12-04 : BayRock Mortgage
2008-03-16 : Bear Stearns Residential Mortgage
2008-02-01 : Beazer Mortgage Corp.
2008-10-15 : Bradford and Bingley plc
2007-06-27 : Bridge Capital Corporation
2007-10-18 : BrooksAmerica Mortgage Corp.
2007-06-01 : Bryco (Wholesale)
2007-09-11 : C & G Financial
2008-11-10 : CBRE Realty Finance
2007-09-10 : CFIC Home Mortgage
2007-08-28 : CIT Home Lending
2008-08-29 : CSB Mortgage
2008-10-31 : CTX Mortgage Co. – Retail
2009-02-12 : CU National Mortgage
2007-08-16 : Calusa Investments
2007-08-23 : Capital Six Funding
2008-08-26 : Carteret Mortgage Corporation
2008-05-07 : Casa Blanca Mortgage/Shearson – Wholesale
2007-08-31 : Castle Point Mortgage
2008-03-31 : Centennial Mortgage and Funding, Inc./Award Mortgage
2009-03-10 : Central States Mortgage
2008-04-02 : Century Bank, F.S.B. – Wholesale
2007-11-27 : Charter One (Wholesale)
2008-05-15 : Chase Home Equity – Wholesale
2009-04-03 : Chase Home Mortgage – Construction Lending
2009-01-13 : Chase Prime – Wholesale
2008-05-15 : Chase Subprime – Wholesale
2008-10-03 : Chevy Chase Bank – Wholesale
2007-08-20 : Chevy Chase Bank Correspondent
2007-07-12 : Choice Capital Funding
2008-04-25 : Citi Residential Lending
2008-03-17 : CitiMortgage – Home Equity Wholesale
2007-12-03 : Citigroup – FCS Warehouse
2007-11-05 : Citimortgage Correspondent (2nds)
2007-01-08 : Clear Choice Financial/Bay Capital
2007-12-12 : Coast Financial Holdings/Coast Bank
2007-02-16 : Coastal Capital
2008-10-20 : Coldstream Financial Svcs.
2009-02-09 : Colonial National Mortgage – Wholesale
2007-05-17 : Columbia Home Loans, LLC
2008-10-03 : ComCor Mortgage – Wholesale
2007-12-06 : ComUnity Lending
2008-01-18 : Community Resource Mortgage
2007-06-26 : Concord Mortgage Wholesale
2007-01-31 : Concorde Acceptance
2007-03-17 : CoreStar Financial Group
2008-01-11 : Countrywide Financial Corp.
2007-11-14 : Countrywide Specialty Lending
2007-04-30 : Dana Capital Group
2007-09-21 : Decision One (HSBC)
2007-01-31 : DeepGreen Financial
2007-12-06 : Delta Financial Corp
2007-08-09 : Deutsche Bank Correspondent Lending Group (CLG)
2007-10-24 : Diablo Funding Group Inc.
2008-04-03 : Diversified Mortgage, Inc.
2007-07-13 : Dollar Mortgage Corporation
2007-03-02 : DomesticBank (Wholesale Lending Division)
2008-10-16 : Downey Savings and Loan – Wholesale
2008-04-22 : E*Trade Wholesale Lending
2008-10-22 : E-Loan
2007-02-12 : ECC Capital/Encore Credit
2007-02-25 : Eagle First Mortgage
2008-03-14 : East West Mortgage Co. of VA
2007-11-07 : Edgewater Lending Group
2007-12-04 : Empire Bancorp
2007-07-25 : Entrust Mortgage
2007-01-19 : EquiBanc
2009-02-17 : EquiFirst
2008-08-05 : Equipoint Financial Network, Inc.
2007-07-31 : Equity Funding Group
2008-10-29 : Equity One Commercial
2008-05-09 : Evergreen Investment & Carnation Banc
2007-10-31 : Exchange Financial (Wholesale)
2007-09-12 : Expanded Mortgage Credit Wholesale
2007-08-13 : Express Capital Lending
2007-03-09 : FMF Capital LLC
2009-01-15 : Fairfield Financial Mortgage Group
2007-12-20 : Family First Mortgage Corp.
2008-09-08 : Fannie Mae
2008-03-28 : Fidelity Home Mortgage Corp.
2007-11-19 : Fieldstone Mortgage Company
2009-01-26 : First Active – Ulster Bank
2008-01-04 : First American Bank (Wholesale)
2008-10-16 : First Call Mortgage Co.
2007-04-02 : First Consolidated (Subprime Wholesale)
2009-01-26 : First Federal – Wholesale
2007-12-19 : First Fidelity Financial
2008-02-28 : First Franklin – Merrill Lynch
2007-04-11 : First Horizon Subprime, Equity Lending
2007-08-15 : First Indiana Wholesale
2009-02-05 : First Interstate Financial – Wholesale
2007-12-11 : First Madison Mortgage
2007-08-16 : First Magnus
2007-10-12 : First Mariner Wholesale
2008-01-11 : First NLC Financial Services
2007-08-21 : First National Bank of Arizona
2008-02-25 : First National Mortgage Sources
2009-03-24 : First Security Loan Corp
2007-04-09 : First Source Funding Group (FSFG)
2007-06-18 : First Street Financial
2007-10-26 : FirstBank Mortgage
2007-07-07 : FlexPoint Funding (Wholesale & Retail)
2007-07-20 : Flick Mortgage/Mortgage Simple
2008-11-24 : Fortes Financial – Wholesale
2007-10-02 : Foxtons, Inc.
2008-11-07 : Franklin Bank, SSB
2008-07-11 : Freddie Mac
2007-07-02 : Freestand Financial
2007-03-02 : Fremont General Corporation
2008-12-23 : Frontier Investment Co.
2007-01-19 : FundingAmerica
2008-05-22 : Future Mortgages – Citigroup
2008-10-28 : GE Money, Wizard Home Loans
2007-08-15 : GEM Loans / Pacific American Mortgage (PAMCO)
2008-10-17 : Gateway Bank, F.S.B. – Wholesale
2008-03-06 : Global Mortgage, Inc.
2007-08-20 : GreenPoint Mortgage – Capital One Wholesale
2007-08-30 : Group One Lending
2008-05-01 : Guaranty Bank – Correspondent
2007-03-29 : H&R Block Mortgage
2008-09-17 : HBOS
2008-12-08 : HCL Finance Inc. – Wholesale
2008-11-05 : HMS Capital, Inc.
2009-03-02 : HSBC – HFC & Beneficial
2008-11-18 : HSBC Mortgage Corp. – Wholesale
2007-03-22 : HSBC Mortgage Services (correspondent div.)
2006-12-20 : Harbourton Mortgage Investment Corporation
2007-12-26 : Heartland Wholesale Funding
2007-06-26 : Heartwell Mortgage
2007-06-04 : Heritage Plaza Mortgage
2007-04-13 : Home 123 Mortgage
2007-04-16 : Home Capital, Inc.
2007-04-20 : Home Equity of America
2009-03-18 : Home Loan Consultants, Inc.
2007-08-28 : Home Loan Specialists (HLS)
2007-08-07 : HomeBanc Mortgage Corporation
2009-01-21 : Homebridge Mortgage Bankers – Refinance.com
2008-09-03 : Homecomings Financial, LLC
2007-04-12 : Homefield Financial
2007-12-21 : Homefront Mortgage Inc.
2007-05-03 : Homeland Capital Group
2008-09-21 : Hometown Commercial Capital
2008-03-11 : Homewide Lending Corporation
2007-10-23 : Honor State Bank
2007-06-04 : Horizon Bank Wholesale Lending Group
2008-10-04 : Hypo Real Estate Bank
2008-07-29 : Ideal Mortgage Bankers, Ltd. – Wholesale
2007-09-20 : Impac Lending Group
2008-07-07 : IndyMac Bancorp
2007-04-19 : Innovative Mortgage Capital
2007-03-15 : Investaid Corp.
2008-07-25 : Irwin Union Bank & Trust Co. – Wholesale
2007-02-26 : Ivanhoe Mortgage/Central Pacific Mortgage
2009-01-23 : J.B. Nutter & Co. – Wholesale
2009-02-26 : JPMorgan Chase – Warehouse
2008-02-21 : KH Financial
2007-03-22 : Kellner Mortgage Investments
2008-09-17 : Kemper Mortgage, Inc.
2007-08-13 : Kirkwood Financial Corporation
2008-12-05 : LIME Financial Svcs. – Wholesale
2008-03-27 : LMI Funding, Inc.
2007-06-04 : Lancaster Mortgage Bank (LMB)
2008-07-07 : Lehman Brothers SBF
2008-01-17 : Lehman/Aurora Loan Services
2007-02-08 : Lender’s Direct Capital Corporation (wholesale division)
2007-08-13 : Lexington Lending
2007-11-01 : Liberty American Mortgage
2008-08-06 : Liberty Home Lending
2008-09-12 : Liberty Mortgage Funding Co.
2009-01-05 : Liberty One Lending
2007-03-20 : LoanCity
2007-09-14 : Long Beach (WaMu Warehouse/Correspondent)
2007-04-04 : LowerMyPayment.com
2007-09-05 : LownHome Financial
2008-02-21 : Lydian Mortgage
2007-04-20 : MILA
2006-12-29 : MLN
2007-08-08 : MLSG
2008-03-10 : Macquarie Mortgages USA Inc.
2007-03-31 : Madison Equity Loans
2007-01-24 : Mandalay Mortgage
2007-03-10 : Maribella Mortgage
2007-11-15 : Marlin Mortgage Company
2007-03-14 : Master Financial
2008-01-15 : Maverick Residential Mortgage
2007-08-16 : Mercantile Mortgage
2006-05-06 : Merit Financial
2006-11-08 : Meritage Mortgage
2008-09-18 : Mid Atlantic Capital LLC
2007-01-25 : Millenium Bankshares (Mortgage Subsidiaries)
2007-04-27 : Millenium Funding Group
2008-03-25 : Millennium Mortgage – Wholesale
2008-04-24 : Montgomery Mortgage Capital Company
2007-08-23 : Mortgage Investors Group (MIG) – Wholesale
2008-11-07 : Mortgage Lion, Inc. – Wholesale
2008-12-01 : Mortgage Network Inc. – Wholesale
2007-05-16 : Mortgage Tree Lending
2008-12-11 : MortgageIT
2007-11-12 : MortgageIT-DB (Retail)
2008-06-25 : Mortgages Ltd.
2007-08-07 : Mylor Financial
2007-05-02 : Nation One Mortgage
2007-12-31 : National City Corp. (Wholesale)
2008-03-31 : National Wholesale Funding
2007-07-28 : Nations Home Lending
2007-09-24 : Nationstar Mortgage
2007-05-21 : NetBank Funding, Market Street Mortgage
2007-03-08 : New Century Financial Corp.
2009-01-13 : New South Federal Savings Bank – Wholesale
2007-10-12 : New State Mortgage Company
2008-03-12 : New Vision Residential Lending
2007-06-01 : No Red Tape Mortgage
2007-08-17 : NovaStar, Homeview Lending
2008-02-20 : OMG Wholesale Lending
2007-06-08 : Oak Street Mortgage
2007-04-19 : Opteum (Wholesale, Conduit)
2007-08-01 : Optima Funding
2007-12-04 : Option One – H&R Block
2008-03-13 : Origen Financial, Inc. (Correspondent)
2007-01-08 : Origen Wholesale Lending
2006-12-07 : OwnIt Mortgage
2007-12-21 : PNC Bank H.E.
2008-09-04 : Pacific Community Mortgage, Inc. – Gold Reverse, Inc.
2007-10-12 : Paragon Home Lending
2007-11-26 : Paul Financial, LLC
2007-03-14 : People’s Choice Financial Corp.
2007-04-05 : People’s Mortgage
2009-02-17 : Perfect FHA – Wholesale
2007-04-11 : Platinum Capital Group (Wholesale)
2007-01-09 : Popular Financial Holdings
2008-01-28 : Popular Warehouse Lending
2007-01-03 : Preferred Advantage
2007-07-11 : Premier Mortgage Funding
2007-08-30 : Premium Funding Corp
2007-10-22 : Priority Funding Mortgage Bankers
2007-05-25 : Pro 30 Funding
2008-10-15 : Prospect’s Metrocities Mortgage – Wholesale
2007-08-22 : Quality Home Loans
2007-08-16 : Quick Loan Funding
2009-02-05 : Realty Mortgage Corp.
2007-11-05 : ResMAE Mortgage Corp.
2009-02-16 : Residential Loan Centers of America
2008-01-16 : Residential Mortgage Capital
2008-02-22 : Resource Mortgage (Wholesale)
2007-06-07 : Right-Away Mortgage
2007-01-23 : Rose Mortgage
2007-09-28 : SCME Mortage Bankers
2008-02-13 : Saxon Mortgage (Wholesale)
2007-08-31 : Sea Breeze Financial Services
2006-12-06 : Sebring Capital Partners
2007-12-07 : Secured Bankers Mortgage Company (SBMC)
2007-01-05 : SecuredFunding
2008-04-21 : Shearson Financial Network, Inc.
2008-07-01 : Silver State Bank – Wholesale
2007-02-14 : Silver State Mortgage
2008-12-11 : Solstice Capital Group – HSBC
2007-04-09 : Solutions Funding
2008-01-03 : Soma Financial
2008-03-20 : South Pacific Financial Corp. – Wholesale
2007-04-02 : SouthStar Funding
2007-12-10 : Southern Star Mortgage
2006-12-15 : Sovereign Bancorp (Wholesale Ops)
2007-08-15 : Spectrum Financial Group
2007-07-06 : Starpointe Mortgage
2007-06-29 : Steward Financial
2007-07-07 : Stone Creek Funding
2007-01-25 : Summit Mortgage
2007-10-12 : Summit Mortgage Company
2008-07-24 : SunTrust Bank Equity Wholesale
2009-01-31 : SunTrust Mortgage – FHA Wholesale
2007-03-22 : Sunset Direct Lending
2007-07-31 : Sunset Mortgage
2009-01-08 : Sunshine & Madison Mortgage Corp
2009-01-19 : Superior Mortgage Corp – Wholesale
2008-11-26 : Tamweel PJSC
2007-10-12 : The Lending Connection
2007-05-25 : The Lending Group (TLG)
2008-08-14 : The Mortgage Business plc
2007-09-12 : The Mortgage Store Financial
2007-06-18 : The Mortgage Warehouse
2008-09-03 : Thornburg Mortgage
2007-12-07 : TransLand Financial
2007-08-28 : Transnational Finance Wholesale
2007-11-16 : Tribeca Lending Corp. (Wholesale)
2007-03-05 : Trojan Lending (Wholesale)
2007-08-08 : Trump Mortgage
2009-02-06 : U.S. Mortgage Corp. – Retail
2007-11-14 : UBS Home Finance
2009-02-02 : USA Home Loans – Wholesale
2008-02-29 : Unique Mortgage Solutions (UMS, LLC)
2007-07-02 : Unlimited Loan Resources (ULR)
2007-10-18 : Valley Vista Mortgage
2008-05-22 : Vanguard Mortgage & Title, Inc.
2009-02-03 : Vertice
2007-11-16 : WAMU Comm. Correspondent
2007-10-12 : WMC
2007-12-12 : WaMu (Subprime)
2007-03-06 : Wachovia Mortgage (Correspondent div.)
2008-07-21 : Wachovia Mortgage, FSB – Wholesale
2009-01-16 : Wall Street Financial Corp – Wholesale
2007-03-30 : Warehouse USA
2009-02-10 : Warwick Finance
2008-10-01 : Washington Mutual – Retail and Warehouse
2008-04-07 : Washington Mutual – Wholesale
2008-03-10 : Washington Savings Bank, F.S.B. – Wholesale
2007-11-20 : Webster Bank (Wholesale)
2007-09-27 : Wells Fargo (various Correspondent and Non-prime divisions)
2007-11-26 : Wells Fargo – Home Equity
2007-12-12 : Wescom Credit Union
2008-08-13 : Western Residential Mortgage
2008-06-17 : Wilmington Finance – Wholesale
2007-08-02 : Winstar Mortgage
2007-04-04 : Zone Funding
Bank Failure FDIC Watchlist
Popularity: 11% [?]
