DS News - Digital Archives

» eRecording vendor broadens opportunities to electronically submit land records for recordation. Document submitters who use eRecording see advantages such as shorter recording timelines, fewer document rejections, faster rejection handling, and more secure transmission of documents. "We're looking forward to a long relationship with CSC. We're confident that this new partnership will allow us to quickly and economically process even more electronic document recording submissions," said Connie Ingmire, Morgan County clerk and recorder. CSC's submitters include the nation's largest banks and major title insurance companies, among others. Potential for Loan Application Fraud Inches Up in Q1 A new report from Kroll Factual Data, a provider of risk mitigation and verification services, shows the chances for fraud increased slightly in the first quarter of this year—though some regions saw possible fraud rise 30 percent or higher. Kroll recorded a 1.06 percent increase throughout the country of "possible fraudulent activity associated with loan applications processed by the company between the first quarter of 2013 and the fourth quarter of 2012." Despite the relatively small national increase, "large increases in certain metropolitan statistical areas (MSAs) coupled with seesawing data from quarter-to-quarter point to a disconcerting state of unpredictability in certain locations," the Loveland, Coloradobased company stated. Of particular concern were the Sacramento, California, and Barnstable-Yarmouth, Massachusetts, markets, which each posted a nearly 38 percent increase in possible fraudulent activity despite experiencing two of the biggest decreases in fraud risk in Q 4 2012. "The fact that these two MSAs could fall from among those with the largest decreases to those with the largest increases in the span of three months is a reminder to lenders that they cannot let their guard down when it comes to ensuring the integrity and accuracy of mortgage application data," said Kroll president Rod Bazzani. Wilmington, Delaware-New JerseyMaryland; Syracuse, New York; and Fort Pierce-Port St. Lucie, Florida, made up the remainder of the top five markets reporting increases in potential fraud in the first quarter. RE/MAX: Home Prices Up Annually for 17 Straight Months Home prices and home sales posted annual gains for at least 17 straight months in June, according to RE/MAX's housing report, which covers 52 metropolitan areas. At $193,750, the median price of a home in June sat 12.6 percent above the year-ago level and 5 percent above May. Out of the 52 metros tracked by the Denver-based real estate franchisor, Albuquerque, New Mexico, was the only market to experience a yearly decrease after prices fell 4.2 percent. Home sales also stood higher compared to last year, increasing 4.1 percent in June. The improvement marks the 24th month of consecutive gains. On a monthly basis, sales decreased, falling 4.3 percent from May to June. Thirty-one out of the 52 metros experienced an annual increase in sales, and 13 of those areas reported double-digit gains. The metros that stood out for their gains in June included Albuquerque, New Mexico, where sales surged 42.9 percent, as well as Providence, Rhode Island (+25.3 percent); Chicago (+20.7 percent); Charlotte, North Carolina (+19.6 percent); and Baltimore (+18 percent). "Summer sales are traditionally the strongest of the year, but this year we're seeing sales at a double-digit pace above last summer," commented Margaret Kelly, CEO of RE/MAX, LLC. "Even after the recession, interest in homeownership remains quite high. Low mortgage rates and attractive home prices are still creating opportunities with the best home affordability the market has seen in years." According to RE/MAX, it's still a seller's market, with supply at 3.9 months. From June 2012 to June 2013, the company reported inventory fell 23.9 percent. From May to June, inventory decreased 2.3 percent. On an annual basis, 49 out of the 52 metros included in RE/ MAX's study had lower levels of inventory. On the upside, 18 metros saw inventory increase on a monthly basis, prompting RE/ MAX to state: "[T]he problem of low home inventories may be in the early stage of a rebound." Homes were taken off the market at a faster pace in June, with days-on-market at the lowest level in a year. It took 65 days for a home to sell, RE/MAX reported, down from 84 days in June 2012 and 70 days in May. VISIT US ONLINE @ DSNEWS.COM Connecticut rank: 6 90+ Day Delinquency Rate Foreclosure Rate June 2013 2.7% Unemployment Rate 4.8% 8.1% year ago 2.7% 5.6% 8.5% year-over-year change -1.0% -13.0% -4.7% Top County Windham CounTy 90+ Day Delinquency Rate Foreclosure Rate June 2013 3.5% 7.5% year ago 4.2% 8.3% year-over-year change -16.5% -10.2% Top Core-Based Statistical area WillimanTiC, CT 90+ Day Delinquency Rate June 2013 3.5% Foreclosure Rate 7.5% year ago 4.2% 8.3% year-over-year change -16.5% -10.2% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the June 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary June 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. STAT INSIGHT 1,131 REO Inventory owned by Fannie Mae and Freddie Mac in the state of Connecticut as of the end of the first quarter. Source: Federal Housing Finance Agency 113

• Cover