Tag Archives: Attorneys & Title Companies

According to a report from Bloomberg, "people with knowledge of the matter" said Wells Fargo is removing 2,300 jobs--about 20 percent of its 11,406 loan officers as of March 31. In its story, Bloomberg cited an internal memo written by Franklin Codel, head of mortgage production at Wells Fargo, in which he noted that refinances have fallen to nearly half of total loan share--down from 70 percent in the year's first half. As a result, Codel said, the bank has "had to recalibrate [its] business to meet customers' needs."

Vacancy rates in commercial real estate (CRE) markets are projected to continue declining at a moderate pace as rent grows modestly.

The FDIC's list of federally insured bank failures grew to 20 so far this year as two more banks collapsed.

The NAACP, in light of the government's recent regulatory focus on Wall Street, applauded President Obama, enthusiastically supporting his refusal to endorse the Corker-Warner legislation, a bill that would remove the institutions of Fannie Mae and Freddie Mac and replace the Federal Housing Finance Agency (FHFA) with yet another government backstop, both of which they see as posing a direct threat to the middle-class and minorities' financial well-being and ability to own or finance homes.

A broad range of economic indicators paints a picture of an improving economy, according to the latest Conference Board Leading Economic Index (LEI) released Thursday. The LEI increased 0.6 percent in July, reaching 96 for the month. An index score of 100 reflects the economic conditions in 2004. "The improvement in the LEI, and pick up in the six-month growth rate, suggest better economic and job growth in the second half of 2013," said Ken Goldstein, a Conference Board economist.

Harland Financial Solutions announced that clients using LaserPro can now take advantage of new services resulting from the company├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós expanded alliance with eLynx.

In Pennsylvania, LoanLogics unveiled enhancements to its LoanDecisions pricing and eligibility platform.

The seasonally adjusted annual rate of new home sales dropped a stunning 13.4 percent to 394,000 in July. Economists surveyed by Bloomberg expected June sales to drop to 487,000 from June's originally reported 497,000. June sales were revised to 455,000. The report for July showed a slight shift to higher-priced homes as houses priced at $500,000 or more accounted for 11 percent of July sales, up from 9 percent in June. Homes priced at $300,000 or less represented 62 percent of all July sales, down from 64 percent in June.

The housing market experienced another downshift in July, with the number of homes under contract within two weeks falling to under 30 percent.

Nationwide Title Clearing, Inc. (NTC), a leading service provider to the mortgage and financial industry, ranked on Inc.'s 500|5000 list again this year, coming in hundreds of spots higher than in 2012.