Tag Archives: Company News

Before the Five Star Conference went into full swing last week, one firm, Valuation Vision, announced the participation of one of its members at one of the industry event├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós noteworthy academic courses. The Oceanside, California-based valuation products company, a subsidiary of The Kirchmeyer Group, revealed that Bill Mohler, director of product development, would join other distinguished panelists in the class titled ├â┬ó├óÔÇÜ┬¼├àÔÇ£Opposing Values: BPO vs. Appraisals vs. Desktops vs. AVMs.├â┬ó├óÔÇÜ┬¼├é┬Ø

Prudential California Realty has appointed real estate executive Leeann Iacino as COO. Iacino has extensive experience as a leader in the real estate industry, working as a top-selling agent with Moore and Company in Colorado and eventually founding Prestige Real Estate Group, an independent company that amassed more than $1 billion in sales in the Denver-Boulder area.

After bailing out American International Group, Inc. at a price tag of $182.3 billion, Treasury and the Federal Reserve are expecting to see their full investment back, plus a return. On Monday, Treasury estimated a return of $12.4 billion after selling about $18 billion in shares. On Tuesday, Treasury then announced it expects to see an additional $2.7 billion after underwriters exercised their over-allotment option to purchase more shares. Treasury's proceeds from the public offering are expected to reach $20.7 billion.

Lexington Realty Trust, a national realty investment trust that owns, manages, and invests in single-tenant office, industrial, and retail properties, announced a multi-million-dollar acquisition Thursday with a transaction value of about $480 million. Lexington is acquiring Inland American Sub├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós portion of Net Lease Strategic Assets Fund L.P., which was a joint venture between Inland and Lexington. Lexington has owned and managed these properties for the past several years, since prior to 2007 when it entered the venture with Inland to create Net Strategic Assets Fund.

SunTrust is taking steps to improve its position in the market. The bank has continued to grow its mortgage banking division, which earned $258 million last quarter, according to FBR Capital Markets. While this was offset by repurchase provisions, the bank has now settled short-term losses, leaving FBR with expectations of profitability ├â┬ó├óÔÇÜ┬¼├àÔÇ£especially as the refi boom continues.├â┬ó├óÔÇÜ┬¼├é┬Ø FBR expects SunTrust will bring in $531 million from its mortgage banking division this year and close to twice that next year.

Online lending continues to boom, and at least one mortgage-shopping website is reporting that the housing market is heating up, based on site statistics. Citing strong findings from August, MortgageMarvel.com revealed that the number of applications for purchases and refinances submitted during the month quadrupled on a year-over-year basis.

The September data release from Clear Capital heralds good news for home pricing around the country. According to the company's Home Data Index Market Report, national price improvements observed through the end of summer mark four consecutive months of year-over-year gains. U.S. home pricing rose by 2.9 percent on a year-over-year basis to end August, and Clear Capital noted that the recorded growth "on this non-seasonally influenced metric shows fundamental strength fueling gains, rather than a boost from the summer buying season."

Move, Inc. acquired TigerLead Solutions, LLC, a lead generation and lead management system for real estate professionals.

Struggling borrowers in need of alternative home loan modifications are getting a helping hand from a Texas-based mortgage lender and servicer. Homeward Residential, Inc., has rolled out a new program for consumers who are unable to qualify for modification options through federal initiatives.

In California, a financial institution is selling the majority of its mortgage business to facilitate a return of capital agreement in conjunction with a previous acquisition deal. Redding-based Bank of Commerce Holdings has announced that 51 percent of Bank of Commerce Mortgage has been sold back to Simonich Corporation, following a 2009 capital stock purchase transaction between the two entities.