DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/119281
As of August 2012, about 68,000 (15 percent) were still open; 275,000 (60 percent) were prepaid voluntarily; and 112,000 (25 percent) were foreclosed on or are currently in foreclosure proceedings. Out of the loans that were still open, 51,500 (76 percent) were current; 5,000 (7 percent) were 30 days delinquent (an early-stage delinquency often reversed in the subsequent month); and 11,500 (17 percent) were 60 or more days delinquent. The researchers just focused on the loans that were still open and found only 11 percent of the open loans were not underwater. Despite the depressing state of the loans, the researchers found the first-lien payments on the mortgages have fallen "dramatically," with about one-third of ARM borrowers seeing a 40 percent reduction compared with five years ago. In addition to the decreased payments, prices in the area have been on the rise since February 2012 after falling by more than half from peak to trough, according to the researchers. In eight months through October, prices have risen 9 percent, or at an annualized growth rate of more than 13 percent, the blog post noted. "Overall, the situation in San Bernardino County appears to be improving. While a large fraction of borrowers remain dramatically underwater, a number of life rafts in the form of low interest rates, loan modifications, and recently increasing house prices have kept many from drowning," the authors wrote. The authors concluded by advising that such facts "should be important considerations in the cost-benefit analysis of the eminent-domain idea or related proposals." RES.NET Unveils Plans to Upgrade Agent Portal RES.NET unveiled plans to enhance its Agent Portal with several new features. One newly added element will give agents the ability to order title and closing services. RES.NET also developed its own e-signature technology as part of an effort to further simplify and expedite real estate transactions. The company also added a live chat feature to improve the customer service experience. The upgrades became available February 16. "Whether agents are handling an REO, short sale, or a traditional transaction, the Agent Portal lets them manage every aspect of their business," said Todd Mobraten, 82 COO and president of RES.NET. "Agents invite and create logins for customers, prospects, and staff, including transaction coordinators and assistants, to ensure transparent communications among all parties involved. Agents can send instant messages, assign tasks, and share and e-sign documents. By creating our own e-signature technology, RES.NET made it possible to provide this invaluable tool without increasing the cost of the platform or charging a per-document fee." The enhancements follow other recent upgrades to the Agent Portal such as a redesigned dashboard that lets agents geomap their assignments based on territory, as well as a widget to help new users take full advantage of key components of the system. Headquartered in Lake Forest, California, RES.NET, provides an array of portals designed for different aspects of the real estate industry and integrates servicers, brokers, outsourcers, third-party service providers, homeowners, and buyers. California Cities Post Highest Single-Family Rent Increases California cities claimed seven spots on a top 10 list of cities experiencing the highest rental price increases for three-bedroom single-family homes. RentRange, LLC, a Westminster, Colorado-based data and analytics provider for the single-family rental market, observed changes in rent prices for three-bedroom single-family homes located in cities with at least 25,000 residents. The data firm found the greatest growth in La Quinta, California, where rents increased 35.75 percent from December 2011 to December 2012. The city's single-family rents rose $932 over the year to a median rent price of $2,607. Fullerton, California, ranked second with a rent increase of 26.1 percent—$605—and Palm Springs, California, ranked third with an increase of 20.55 percent—$391. Not only did California cities dominate the top 10 list, but three of the top 10 cities were located in Riverside County, California. Riverside cities claimed the No. 1, No. 3, and No. 7 spots on the list. The anomalous non-California cities on RentRange's list were Harker Heights, Texas, ranking No. 4 with a 20.52 percent increase; Sarasota, Florida, ranking No. 7 with a 16.57 percent increase; and Mableton, Georgia, ranking No. 9 with a 15.93 percent increase. "Rental price movement over time is one of many important metrics that investors utilize when evaluating suitable marketplaces," said Walter Charnoff, founder and CEO of RentRange. "As popular markets become saturated with investment activity, it is important for purchasers to leverage specialized rental market intelligence to identify attractive markets that competitors have yet to notice," Charnoff added. STAT INSIGHT 348,600 Amount of Californians back to work in January 2013 compared to January 2012. Source: Wells Fargo Securities Be confident that the industry is hearing your message. Advertise with DS News today. Call 214.525.6700 or visit DSNews.com.