Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. Bank of America will be able to serve the majority of eligible customers – homeowners whose mortgages are serviced by Bank of America or Countrywide and who do not have mortgage insurance on their current loans. Additional borrowers will be included as systems become operational. Bank of America announced that it has completed the transfer of the servicing of about 180,000 Ginnie Mae-securitized mortgage accounts previously serviced by Taylor, Bean and Whitaker (TBW) to its home loans servicing portfolio. Letters welcoming those homeowners to Bank of America will be mailed this week and should arrive by September 4.
Michael Keating, national servicing executive of Bank of America said “Bank of America BAC Home Loans are pleased and fully prepared to welcome these homeowners to the largest and one of the most advanced servicing platforms in the mortgage industry,” also “We are striving to make this a smooth and efficient transition and to begin offering former TBW customers the full range of our world-class services as soon as possible.”
Now, that all loans have been boarded on the BAC Home Loans servicing system. The Buyer Agent Commission (BAC) that is larger than what is generally offered. Most home sellers offer a commission of 6 percent to the agents that assist to sell their homes. Half of the commission or 3 percent goes to the agent that listed the home for sale. The other 3 percent goes to the agent who represents the buyer in the transaction. By offering an inflated BAC, the listing agent is hoping that the agent representing the buyer will show and recommend their home before the home that only has a 3 percent commission. This service is providing by the Bank of America who assures homeowners that during this transition if TBW, rather than BAC Home Loans Servicing, receives a payment in timely fashion, no late fee or derogatory credit reporting will be imposed with respect to that payment and the payment will not be treated as late for any other purpose. This protection will remain in place through the October payment period.
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In the US the housing sector is recovering quickly after the economical destabilization which is a very positive sign for housing industry.US home prices have posted their first quarterly increase in three years after rising for a second month in a row in June. Now figures are showing a good and smooth positive change in the housing sector in the US. The unstable economy has put burden on the housing sector which was declining due to the economical destabilization, the chief economist Steven wood said in an interview at Insight Economics in California “The recession appears to be over, with consumer attitudes lagging behind broad economic developments”. According to the housing index of the Standard & Poor’s/Case-Shiller shows that the prices of US single family homes rose by 1.4 per cent in June from May, after creeping up by 0.5 per cent in April, suggesting the crippling housing slump was easing. While the Case-Shiller 10- and 20-city indexes have plunged by 54.3 per cent and 45.3 per cent, respectively, from their 2006 peaks, June’s improvement was broad based, with 18 of 20 metropolitan areas logging gains for the month.
So, the housing slump is seems to be almost over and these positive changes were brought by the continues efforts of the President Barak Obama and his administration and we are hoping a very quick and positive recovery .These changes will make the US again stronger and healthier financially and the economically.
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The US mortgage applications fell last week, reflecting a drop in demand for home refinancing loans as interest rates soared to their highest levels since June, data from an industry group showed on Wednesday. As we know that the US trying to get rid of the current worst economical situation but they are still struggling with the major disaster was the loan rates on homes were raised high by the banks. This rise in home loans laid a very bad impression on the people in the US. Most of the people get homeless and now the situation is that the economically US facing their life’s worst phase and this situation affecting country badly.
After Fed announcement of no change in rates the World stock markets shot higher Thursday, after the US Federal Reserve said the world’s largest economy appeared to be “leveling out” from its worst ever recession. “We have more and more confirmation the US recession is ending and investors are currently buying into this,” said John Mar, co-head of sales trading, Daiwa Securities SMBC Co. in Hong Kong.
So, these rapid changes are affecting many sectors but the major thing is to save the industry specially the mortgage industry. As president Obama has promised with their nation that he and his administration will bring the change in the country and we are waiting for that change because the change in Stocks, economical destabilization and applications for loans to buy homes, an early indicator of sales, rose slightly and affecting economically.
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Median home prices fell down to a record of 15.6% during the three months ended June 30, compared to the same period in 2008, according to an industry report. The National Association of Realtors said on Wednesday that home prices continue to drop in more than 80 percent of urban areas in a recent survey. The NAR said, the median price of an existing single-family home dropped to $174,100 or 15.6 percent, the most in records dating to 1979. However, the good thing in the survey reported by Association that median home price rose 4% compared to the first quarter of 2009 — to $174,100 from $167,300.
The increased median price is not so surprising because it was the seasonal selling time which resulted in higher value. The major aspect which is certain behind the declined prices exceptional to this season selling is the worst economy decline. Lawrence Yun said, “With low interest rates, lower home prices and a first-time buyer tax credit, we’ve been seeing healthy increases in home sales, which are a hopeful sign for the economy”. This economy down fall not only affected a single area but its impact was wider and remained in widening its impact so far. However, the some of the decline can be traced to an increase in the percentage of foreclosures and short sales. They accounted for 36% of all transactions during the quarter…read more.
Watch the video “Home Prices, Historical Data Chart – Glenn Beck explains the housing bubble, why prices must fall”
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After the arrival of Obama, economic sectors in the USA are gradually getting better during the current year though very slow but improvement is still there like Mortgages. People were scared and fed up by the increased and over burden Inflation and the high mortgage rates. Now, the good thing is that the mortgages rates are falling modestly this week after getting higher last month, according to Freddie Mac’s (FRE) weekly survey of mortgage rates. To obtain the rates, the fixed-rate mortgages and the five-year adjustable rate required payment of an average 0.6 point and the one-year ARM required an average 0.5 point. A point is 1% of the mortgage amount, charged as prepaid interest.
So, now we can say that this is a good recovery right after sinking to historic lows earlier this year, rates on the benchmark 30-year fixed-rate mortgage rose back above 5% as treasury gave up some of their gains and home buying activity picked up. Higher treasury yields generally result in higher mortgage rates. The 30-year fixed-rate mortgage averaged 5.22% for the week ended Thursday, down from last week’s 5.25% average and 6.52% a year ago. So, in future we can expect some more good results from other sites as Obama is doing a good job!
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