Patti Mazzara MMS
Vice President-Venture Development
Corporate Real Estate Benefits Director
Venture Introduction
Welcome to our corporate benefits site! We are excited to be able to share this unique program with you and your company. Let us demonstrate how it can be of value. Since 1995, we've been helping individuals and companies with their mortgage and real estate needs. Our goal is to be your mortgage and real estate benefits provider of choice. Only through your satisfaction will this goal be achieved. We understand customer service and would like to be on your team of benefit providers.
Real Estate News
Mortgage News
Foreclosures Fall to Lowest Level in Over 4 YearsThe number of new foreclosure filings fell below 200,000 for only the second time in more than four years. California was responsible for more than half of the latest improvement. Meanwhile, Boston saw a major increase in new filings.
Residential loan servicers filed foreclosure notices on 188,780 properties during April. Filings include default notices, scheduled auctions and repossessions.
The last time foreclosures were this low was in July 2007, when 179,599 U.S. properties were hit with a filing.
BofA Goes National With Short Sale Payouts
After testing a program that pays delinquent borrowers to help unload their properties through a short sale, Bank of America Corp. is now expanding the program.
The pilot program tested last year by BofA in Florida offered borrowers up to $20,000 to sell their home in a short sale. Nearly 11,000 borrowers took the bank up on its offer, and several hundred have closed so far.
Now BofA is taking the program national, though sand states are expected to see the most participation. Maximum payouts have been increased.
Subprime Foreclosures Improve Despite Rise in Overall Rate
Past-due payments on home loans have fallen for three consecutive quarters, though performance on mortgages to veterans deteriorated. But the rate of foreclosures was higher despite an improvement in subprime foreclosures.
Residential delinquency of at least 30 days was 11.79 percent as of the first quarter.
The rate fell from 11.96 percent in the fourth quarter. Delinquency has been lower each quarter since the second-quarter 2011, when the rate was 12.87 percent.
Residential Issuance Drives Up Ginnie Activity
Thanks to strong residential activity, securitizations at the Government National Mortgage Association soared last month. Even multifamily issuance was stronger. But reverse mortgage volume was lower.
Mortgage-backed securities guaranteed by Ginnie Mae during April leapt 25 percent from March, according to monthly data.
Securitizations were 38 percent stronger than in April 2011 at the Washington, D.C.-based company.
