Inman Blog challenge: The buzz on relocation biz

Editor's note: The following excerpt is from today's Inman News Blog. We've heard the situation with referral fees in the relocation business referred to as a "coming crisis." What has been happening with fees in your market? Click here to join the discussion.

The Buzz on the Relo Biz  more...

Connecticut suspends Mortgage Lenders Network's licenses

Connecticut's banking commissioner today suspended the licenses of Mortgage Lenders Network USA Inc. to grant mortgages and act as a secondary mortgage broker in the state, and restated an intent to collect millions in penalties for failing to fund loans it closed.

Connecticut authorities on Jan. 19 issued a temporary cease-and-desist order to MLN, claiming the company failed to fund "in a timely fashion" 97 loans in Connecticut and 1,409 loans in other states.  more...

Subprime lender cuts ties to 8,000 mortgage brokers

A subprime lender that was experiencing an early default rate of nearly 6 percent last summer has stopped doing business with 8,000 mortgage brokers who were "highly correlated" to the sudden rise in defaults.  more...

Refinance.com to add 80 new loan officers

Mortgage banker Refinance.com says it is adding more than 80 new loan officers as part of an expansion of its New York City offices.

The new, 15,000-square-foot office on East 59th Street will occupy the entire fourth floor of a luxury commercial condominium, and serve as the headquarters for senior management.   more...

Countrywide's mortgage profits decline

Countrywide Financial Corp. posted record earnings in 2006, even as profits in mortgage banking fell 15 percent from 2005.

Countrywide's net earnings of $2.67 billion, or $4.30 per share, represents a 6 percent increase from the $2.53 billion posted in 2005. Earnings for fourth-quarter 2006 were $622 million, down 3 percent from the same quarter a year ago,  more...

Consumer confidence up in January

Although improving job market conditions boosted consumer confidence in January, the outlook for the next six months grew weaker, The Conference Board reported today.

"This month's slight increase in confidence was solely the result of an improvement in the present situation index, fueled primarily by a more favorable job market," said Lynn Franco, director of The Conference Board Consumer Research Center, in a statement. "Looking ahead, however, consumers are not as optimistic as they were in December.  more...

Virginia home prices grow in buyer's market

Although decreased demand for Virginia real estate cooled sales statewide for the 16th straight month in December, the overall median home price posted growth, the Virginia Association of Realtors reported.

Realtors recorded 8,351 sales of existing single-family homes last month, down 21 percent from 10,565 in December 2005, but the state's median existing-home price -- the point at which half the homes sold for more and half sold for less -- gained 4 percent during the period, rising from $192,225 to $199,973.

Melanie Thompson, president of the Virginia Association of Realto  more...