Analysis: ResCap bidders line up for rare subprime mortgage sale

The New York-based mortgage lender stayed in business through the housing crisis because it was part of Ally, which was previously known as GMAC Financial Services and offered auto loans and home and commercial mortgages. When Ally received $17 billion in government bailout money, billions went to shoring up mortgage losses. Other subprime lenders, in contrast, did not have financial backing to carry them through the sharp downturn.
Source: newstand247.com

Video: The Business ? Mortgage Mentality

John Sayre to Lead Business Development at Vericrest

Vericrest Financial Inc. has announced that John Sayre has joined the company as senior vice president of business development. Sayre brings 25 years of experience in the mortgage banking industry to his new role, in which he will focus on identifying and pursuing new business and strategic opportunities including subservicing transactions and the acquisition of mortgage servicing rights.
Source: nationalmortgageprofessional.com

Commercial Mortgage Financing

Ever wondered what you could do with a commercial mortgage? Nicely, to be fairly candid, there is a plethora of approaches to make use of a commercial mortgage. Such a mortgage can be used to finance several diverse kinds of properties, so lets take a minute to review these properties. Of course, not all commercial investments are made equal. Some inherently involve a lot more threat than other individuals. As an outcome, some banks and economic institutions that supply commercial mortgages might or could not offer a product that finances 1 of the following. As often, it will be up to you to shop about and uncover a commercial loan broker that delivers a commercial mortgage package that fits your needs.
Source: mytoptendeals.com

Shore seeks space as mortgages boom

Fast-growing United Shore Financial Services LLC has signed a long-term lease for 100,000 square feet for a new headquarters in Troy and has an option for an additional 100,000 square feet to accommodate expansion. United Shore needs more space because it has more than tripled its loan volume since president and CEO Kip Kirkpatrick joined the company in March 2011. It?s on track for almost $7 billion in originations this year. It has doubled its employee total by hiring 400 since Kirkpatrick?s arrival and plans to hire another 400 over the next 12 months. The company, formerly Shore Mortgage Financial Services Inc., houses many of its employees in 25,000 square feet at 555 S. Adams Road in Birmingham, a former Farmer Jack grocery store Shore bought in 2003. Kirkpatrick?s office is there, with other management and some back-office functions across the street in a smaller office at 770 S. Adams Road. The company will combine those offices and the Shore Mortgage division ? which handles retail and internet operations at 825 Bowers St., around the block from the main office ? in the new headquarters at 1414 E. Maple Road. Current tenants there are Entertainment Publications LLC and the Art Institute of Michigan. The Capital Mortgage Funding division, which serves the upper end of the mortgage market and was sold by founder Harry Glanz to Shore in 2010, will retain its Southfield headquarters and its loan centers in Taylor and Farmington Hills. United Shore will occupy the vacant second and third floors of the five-story, 300,000-square-foot building. Kirkpatrick said the company hopes to start moving employees in by the end of the year. Kirkpatrick said he is in the final stages of negotiations for the build-out. Eric Banks of Birmingham-based Core Partners LLC is the broker. ?We?d been looking for a new site for about six months, and we were approached late in the game about this building,? said Kirkpatrick. Kirkpatrick was recruited from a career in private equity in Chicago to orchestrate Shore?s growth. At the time, it was doing about $1.8 billion in mortgage originations. That July, he told Crain?s he wanted to grow Shore?s business to at least $8 billion a year in three years, and he is on pace to hit that target well ahead of schedule. Kirkpatrick said the growth has been largely driven by the United Wholesale Mortgage division, headed by Mat Ishbia, the son of Shore founder Jeff Ishbia. United Shore changed its name from Shore Mortgage early this year to reflect that unit?s importance. ?We?re starting to become one of the big boys, which is fun,? said Kirkpatrick, whose company now ranks third in Southeast Michigan in mortgage originations. Last year, Detroit-based Quicken Loans Inc. was the area?s largest mortgage originator, with about $30 billion. Troy-based Flagstar Bancorp Inc. was No. 2, with $26.3 billion. Both should be up sharply this year. Ranked fourth is Ann Arbor-based Gold Star Mortgage Financial Group Corp., expecting to go from $1.2 billion last year to $1.6 billion this year. ?Quicken and Flagstar are the behemoths, and that?s who we?ve patterned ourselves after,? said Kirkpatrick. The rapid growth has given the company fodder for workplace humor; space is so tight at 555 South Adams that employees recently posted a humorous video on the firm?s internal website that purports to show off one of the company?s interim expansion options. A camera follows one employee down a flight of stairs to the storage room in the basement and then pans to a loan officer wedged between columns of cardboard boxes. He is sitting at an old toilet that is no longer connected to any pipes, sitting backward on the toilet, facing the tank, his laptop open on top. (See related story at right.) United Shore?s planned expansion follows a similar expansion by Flagstar. In January, it announced it had signed a lease for 95,000 square feet of space in the Troy Officentre complex along Big Beaver Road near Livernois, not far from the company?s headquarters on Corporate Drive near Crooks Road. That space became available when Bank of America exited the mortgage business. BOA had used the space to house mortgage servicing operations. Flagstar also houses its mortgage service operations and more than 500 employees there. ?We?re already about to run out of space in that building,? said Michael Tierney, president of Michigan operations for Flagstar. ?We?re trying to be thoughtful about how long this mortgage boom will last. Do we want to make another big move? We?re deciding that now. We may end up doing a short-term lease.? As with United Shore, the lion?s share of Flagstar?s growth has been in wholesale originations for other lenders, including banks, credit unions and mortgage companies, for buyers with good credit. Much of it is driven by refinancing deals stemming from record low interest rates. According to Origination News, an industry publication, United Wholesale Mortgage was the second-fastest-growing mortgage wholesaler in the first quarter this year, growing originations by 240 percent from the first quarter of 2011 to $663 million. Among companies of any size to speak of, United Wholesale was No. 1. The top company was a Tacoma, Wash., firm that grew from $2 million to $10 million. Flagstar ranked No. 10, growing 117 percent quarter over quarter to $2.9 billion. ?We?re off the charts this year, up 100 percent year over year,? said Tierney. In the first six months, Flagstar did about $23.7 million in originations. Tierney declined to give a projection for the year. ?I know Jeff Ishbia and have a lot of respect for him. He?s got a great business. They?re a strong competitor. There?s plenty of room in this marketplace for competitors. It?s not going to bother us at all to see them double their business,? said Tierney. ?Until the megabanks like Bank of America and Citigroup come back into the mortgage business ? and they will, eventually ? there will be a void for Flagstar and Shore to fill. There?s plenty of business for all of us,? he said. Paula Silver, vice president of communications at Quicken, said her company set a record with its $30 billion last year and will set another record this year, although she declined to provide a figure. Quicken had 5,201 employees to start the year and now has 8,156 nationwide. Tim Ross, president of Royal Oak-based Ross Mortgage Inc., said his company is also growing, adding 14 employees this year to total 163, and will go from $500 million in originations last year to $600 million this year. His company added small loan offices in Clarkston, Newaygo and Bay City in the first quarter this year, and added offices in Livonia and Grand Rapids in the second quarter. Last April, Kirkpatrick told Crain?s that eventually he wanted to add a range of financial services to his company?s offerings, including a retail banking operation. That would be an adoption of the model espoused locally by John Hantz of the Southfield-based Hantz Group Inc., which offers a wide range of financial services. In April 2010, the Hantz Group created a banking division when it bought Davison State Bank from the struggling Fentura Financial Inc. of Fenton. Since then, Hantz Bank has opened branches in Southfield, Clinton Township and Ann Arbor. Kirkpatrick said he still wants to expand United Shore into banking and other financial services, but that those plans have been put on hold. ?The opportunity in our core business has been so big, we haven?t focused on some of the other financial services opportunities,? he said. Tom Henderson: (313) 446-0337, thenderson@crain.com. Twitter: @tomhenderson2
Source: crainsdetroit.com

vincentsmit0: kate upton ? Answers Archive ? Commercial Mortgage Financing

Ever wondered what you could do with a commercial mortgage? Nicely, to be quite candid, there is a plethora of techniques to make use of a commercial mortgage. Such a mortgage can be used to finance numerous diverse types of properties, so lets take a minute to review these properties. Of course, not all commercial investments are made equal. Some inherently involve much more danger than other people. As an outcome, some banks and economic institutions that provide commercial mortgages might or might not offer you a product that finances one of the following. As often, it will be up to you to shop about and locate a commercial loan broker that provides a commercial mortgage package that fits your demands.
Source: blogspot.com

Commercial Mortgage Financing

Ever wondered what you could do with a commercial mortgage? Nicely, to be quite candid, there is a plethora of approaches to make use of a commercial mortgage. Such a mortgage can be used to finance numerous diverse types of properties, so lets take a minute to review these properties. Of course, not all commercial investments are made equal. Some inherently involve a lot more threat than other individuals. As an outcome, some banks and economic institutions that provide commercial mortgages might or might not offer a product that finances 1 of the following. As often, it will be up to you to shop about and locate a commercial loan broker that delivers a commercial mortgage package that fits your needs.
Source: typepad.com

The perils of home buying without a rainy

The growth in HELOCs ? up roughly 170 per cent since 2001 ? is the chief reason why so many mortgage holders don?t have emergency funds. But HELOCs don?t work for everyone. You need a down payment of 20 per cent or more to get one, and one out of five homeowners don?t have that kind of equity. (An unsecured credit line may be an alternative for some people.) You also need the fiscal discipline not to blow your credit line on impulse purchases.
Source: novikmortgage.com

Commercial mortgage lender CMLS Financial plans to offer residential mortgages

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Source: winnipegfreepress.com

Real Estate Experts urge Homeowners to Take Action before the Mortgage Debt Relief Act Expires this Year

According to the spokesperson for whatisashortsale.org, many people who are short selling their home may not be aware of the limited time left for them to take action. However, the website urges homeowners to take a more informed rather than a hasty decision. Sharing a few words regarding the Mortgage Debt Relief Act and its effects on short sales, the spokesperson said, ?Back in 2007, the number of underwater borrowers was alarming. Since this tax-relief act was introduced, a great number of homeowners have opted for short sales. Yet, as it nears its expiration date, there are still a lot of people who are unaware of their options.?
Source: businessreviewusa.com

Olympics Damage UK Commercial Market

Large high street retailers across the nation began to make profit predictions whilst smaller companies joined in; and there came a natural, long awaited expectation of success in the air. Britain?s commercial businesses had been struggling at a phenomenal scale to meet financial targets, make repayments on commercial mortgage loans, leasehold finance and other such arena?s due to falling sales that resulted from the rise of internet shopping. Soon, the boarded up high street became a symbol synonymous with Britain?s business sector however, London 2012 was destined to change all of that.
Source: co.uk

Business mortgage interest deduciton

A business loan can be a mortgage (secured) or simply a commerical loan (unsecured).? Unlike residential real estate (where to deduct the interest on a home acq the loan must be secured by the home), a business can borrow money (secured or unsecured) to construct a bldg and (after the construction period where the interest must be capitalized) deduct interest paid as an "ordinary and necessary" expense of doing business (IRC Sec 162.? In other words, interest expense paid by a business can be deductible whether the loan is secured or not.
Source: intuit.com

Calculating Your Early Repayment Possibilities with a Mortgage Calculator

You can also use a mortgage calculator to see how producing extra payments toward principle will impact your loan. For example: If you have an eight%, 30 year mortgage for $100,000, you will spend back $264,153. An enormous chunk of that quantity, $164,153, will go toward interest. Employing a mortgage calculator, you can see how creating an further $50 payment every single month toward principle will save you in the extended run. By making an extra payment each and every month of $50, you will save $39,908 in interest. You will also pay off your mortgage 6.08 years earlier.
Source: welcometocoastcity.org

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3. The Fundamental Analysis for Mortgage
4. How Rick Perry Fed the Subprime Mortgage Monster
5. Stock Market Analysis: Mortgage Rates 11/28/11 November 28, 2011

Source: http://mortgagebuz.com/analysis-rescap-bidders-line-up-for-rare-subprime-mortgage-sale/

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