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Reported incidents of mortgage fraud and misrepresentation by professionals in the mortgage industry in continued on page 15
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• Walk away with the immediate knowledge and tools to build your own compliant and proﬁtable credit repair business. • Be able to explain to your staff and clients how ﬁxing their credit is legal and is your right to dispute any derogatory content in their reports under the Fair Credit Reporting Act (FCRA). • Master the intricacies of FICO scoring cards. • Advise clients on how they can beneﬁt from credit repair.
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Commercial and multifamily mortgage origination volumes decreased 46 percent in 2009 among repeat reporters, with mortgage bankers reporting $82.3 billion of closed commercial and multifamily loans, according to the Mortgage Bankers Association’s (MBA) 2009 Commercial Real Estate/Multifamily Finance: Annual Origination Volume Summation report. Commercial banks and savings institutions were the largest single investor group for commercial and multifamily mortgages, responsible for $19.8 billion, or 24 percent, of the closed loan volume. Multifamily properties were the dominant property type—representing
MARI reports mortgage fraud still on the rise
NORTH CAROLINA MORTGAGE PROFESSIONAL MAGAZINE
MBA finds commercial/multifamily originations down 46 percent in 2009
$36.5 billion, or 44 percent of the lending total. “Relatively few commercial mortgages were made in 2009, as the recession curtailed both the supply of and demand for new mortgage debt,” said Jamie Woodwell, MBA’s vice president of commercial real estate research. “As the recession has receded, origination volumes have picked up slightly, but the absolute levels remain low.” Among the key findings are: Decreases were seen across most property types and investor groups, and were led by declines in loans
Lending for office properties had the largest percentage decrease in originations by property type, followed closely by retail properties and hotels/motels. Year-over-year changes are based on the changes in volume among “repeat reporters” that participated in both the 2008 and 2009 surveys. For more information, visit www.mortgagebankers.org.
erties during the month, a decrease of 13 percent from the previous month— when auction activity peaked with more than 158,000 properties scheduled for auction for the first time. Auction activity was up one percent from April 2009. Bank repossessions and real estateowned (REO) properties hit a record monthly high for the report in April, with a total of 92,432 properties repossessed by lenders during the month—an increase of one percent from the previous month and an increase of 45 percent from April 2009. Bank repossessions were less than one percent above their previous peak of 92,182 in December 2009. Nevada posted the nation’s highest state foreclosure rate for the 40th straight month, with one in every 69 housing units receiving a foreclosure filing in April—more than five times the national average. A 57 percent monthly increase in REO activity pushed the state’s overall foreclosure activity up 10 percent from the previous month, but overall foreclosure activity was statistically unchanged from April 2009. Arizona foreclosure activity decreased nearly 15 percent from the previous month, but the state’s foreclosure rate moved from third highest in March to second highest in April thanks to an even bigger decrease in California. One in every 169 Arizona housing units receiving a foreclosure filing in April—more than twice the national average. Florida posted the nation’s third highest foreclosure rate, with one in every 182 properties receiving a foreclosure filing, despite monthly and annual decreases in foreclosure activity. California posted the nation’s fourth highest foreclosure rate, with one in every 192 housing units receiving a foreclosure filing, and Utah posted the nation’s fifth highest foreclosure rate, with one in every 221 housing units receiving a foreclosure filing. For more information, visit www.realtytrac.com.
intended for: Credit companies; REITS, mortgage REITs and investment funds; and Commercial mortgage-backed securities (CMBS), collateralized debt obligations (CDO) and other asset-backed security (ABS) conduits. $15.9 billion of multifamily loans were closed for Fannie Mae, a 32 percent decline from 2008. $15.2 billion of multifamily loans were closed for Freddie Mac, a 24 percent decline from 2008. $5.8 billion of loans were closed for the Federal Housing Administration (FHA)/Ginnie Mae, a 168 percent increase from 2008. Loans for Fannie Mae and Freddie Mac accounted for 85 percent of the total reported multifamily volume in 2009.
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