August 29, 2012

Consolidation of Small Banks on the Rise

The Washington Post
A growing number of small and medium-sized banks are merging as shrinking profit margins, tepid loan demand and low interest rates place pressure on their operations. Conditions are unlikely to improve as the Federal Reserve contemplates another round of stimulus that could push rates even lower. Community banks also are contending with the added cost of complying with new regulations stemming from the Dodd-Frank financial reform law. Industry watchers say all of these factors will spur buying activity in the coming quarters. Read More »

Fannie and Freddie Issue New Standard Short Sale Guidelines

American Land Title Association
Last week, at the urging of the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac issued new guidelines to their mortgage servicers to align and consolidate their existing short sales programs into one standard short sale program. The new guidelines, which go into effect November 1, 2012, will permit homeowners to short-sell their homes even if they are current on their mortgages if they can prove an eligible hardship. The goal of the announcement is to smooth out the differences between Fannie and Freddie’s existing policies and to expedite the short sale process for struggling homeowners. Read the Fannie announcement here and the Freddie announcement here.

Return of the Jumbo Mortgage

The Wall Street Journal
By most measures, the housing market's recovery has been slow. But private-market "jumbo" mortgages—larger, higher-cost home loans that aren't guaranteed by the federal government—are making a much faster comeback. Private-market jumbo loans accounted for about 15% of the total dollar amount of mortgages distributed by Bank of America Corp. during the second quarter of 2012, up from 4% a year earlier, says a spokesman for the bank. At Wells Fargo & Co., private jumbo volume more than doubled in the first half of the year from the same period last year, according to Brad Blackwell, portfolio business manager for the bank's home-mortgage unit. Citigroup Inc. also says it has increased jumbo lending. Read More »

TDI Issues Call for Underwriter Stat Data - Deadline September 24

The Texas Department of Insurance (TDI) has issued its call for Underwriter Statistical Data. The completed report must be postmarked or submitted electronically by September 24, 2012. You may read the bulletin and download all of the necessary forms here. If you have any questions, contact Betty Flores at TDI at 512.322.5029 or e-mail her here.

TLTAbay Coming Soon!

We Need Donations!
The TLTAbay online auction is an annual fundraiser benefiting the TLTAPAC. This year's auction will begin on Thursday, November 8 and run through Thursday, November 15. We need your help to secure auction items and ensure another spectacular year. Suggested donation items include: electronics, gift cards, sporting event tickets, travel vouchers, vacations, spa packages and jewelry. Don't know what to donate? You can make a monetary donation and we'll do the shopping for you! Read more about the auction and make a donation here or contact Ryan Poulos for more information.