TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/81276
skyscraper-m-report-tree-ad-april.ai 1 3/29/2012 10:15:09 AM The Source of Confidence is Certainty. MONTH IN REVIEW An antitrust lawsuit within the industry created critical commentary recently, while the sale of a Hawaiian island put housing in the headlines. Rely on a brilliant source. July 6 Mortgage Applications Headed for More Declines Turn to the original. C M Y CM MY CY CMY K First American Data Tree provides lenders and servicers a suite of standardized and customizable products and services, designed to streamline operations and provide the necessary data and analytics for making sound lending decisions. Be Certain.™ June 22 Billionaires Strike a Deal for the Island of Lanai Making housing headlines well beyond the Pacific, billionaires Larry Ellison and David Murdock reached an acquisition agreement for the Hawaiian island of Lanai. Ellison, the founder of Oracle, pur- chased an estimated 98 percent of the 141-square-mile island from Murdock in a deal that's rumored to have cost him between $500 million and $600 million. When Lanai belonged to Murdock, wealth watchers said he lost around $20 million annually while maintaining the island, due to the expenses associated with running Lanai's hotel and golf resorts. Ellison's contract with Murdock will allow him to retain his Lanai residence, as well as the rights to build a wind farm that would pro- vide power for nearby Oahu. June 29 SourceLink Offers MORE for the Refinancing Boom www.DataTree.com/theMreport First American Data Tree LLC makes no expressed or implied warranty respecting the information presented and assumes no responsibility for errors or omissions. a division of First American Financial Corporation. All rights reserved. ©2012 First American Data Tree LLC, 14 | THE M REPORT SourceLink has launched a new platform for lenders seeking strong refinancing prospects. The company recently debuted its MORE program, which SourceLink describes as "an innovative campaign solution that gives lenders the ability to reach prime mortgage refinance prospects by utilizing direct mail and person- alized campaign microsites." SourceLink's chief strategy officer, Matt Graham, noted, "With his- torically low interest rates, many homeowners are responsive to refinance offers. MORE's personal- ized, interactive savings calculator, combined with a sophisticated modeling strategy, ensures that lenders are spending their time with prequalified prospects with reasonable expectations." July 2 Midwest Markets Declared 'Best' for Buyers San Francisco, San Jose, and Las Vegas metro areas were named as the top markets for sellers, while Chicago, Milwaukee, and Cleveland were categorized as markets where buyers have more power, according to a new study from Zillow. In the top sellers' markets, price cuts are uncom- mon and homes often sell for at or near asking prices. In markets where buys are favored, homes are taking longer to sell and buy- ers receive discounts averaging 5 percent below the asking price. Sellers' markets were not neces- sarily ones where home values are rising but places sellers are more likely to sell their home for close to asking price and where listings spend less time on the market. As the nation celebrated Independence Day, mortgage applications fell 2.1 percent during the week, according to data from the Mortgage Bankers Association (MBA). The trade group found declines for applications amid new historic lows for mortgage rates. The MBA's study also revealed average contract interest rates for home loans broke new records across the board. New lows for interest rates included the 30-year fixed-rate mortgage with conforming balances (3.79 percent), the 30-year loan with jumbo loan balances (4.05 percent), and the 15-year loan (3.15 percent). July 9 Amalgamated Bank Launches Residential Mortgage Division Amalgamated Bank has announced the launch of its own full-service Home Mortgage Division. In an official statement from the bank, Amalgamated noted the new division was launched in response to a growing need among working people for a more affordable local source for home financing. With affordable home prices and low borrowing costs influencing the housing market, Amalgamated opted to enter the mortgage market to help people who are seeking to buy a home in New York. To assist buyers, the bank is offering a range of fixed- and adjustable- rate mortgages, as well as home equity loans and lines of credit.