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Calyx Point gets 'SmartGFE' service

By Inman News, Monday, October 12, 2009.

Loan originators using Calyx Point will soon have access to ClosingCorp's SmartGFE service, allowing them to compare actual rates offered by title insurance companies and other settlement services providers at the national, regional and local level.

The integration of the SmartGFE service into Calyx Point in November will help loan originators comply with changes to the Real Estate Settlement Procedures Act (RESPA) taking effect Jan. 1, ClosingCorp said.  more...

Sellers stung by wishful thinking

By Dian Hymer, Monday, October 12, 2009.

A charming home in a coveted Oakland, Calif., neighborhood almost sold last year, even though the market for high-end listings was challenging at best. The sellers selected a list price that their agent thought was a good price for the market.

Two offers materialized, one at the asking price and one for $20,000 more. The sellers had their mind set on a higher price, so they refused both offers and eventually took the home off the market.

After realizing they'd made a mistake, they offered their home for sale again this year at a lower price to reflect changes in the market over the past year.  more...

Dial 'R' for real estate mysteries

By Inman News, Monday, October 12, 2009.

For all Realtors who've sworn they could write a book on some of their more colorful clients and transactions, Nancy Lynn Jarvis, owner of HomeScape Realty in Santa Cruz, Calif., is on her third.

"Readers get a look at how real estate works. Sometimes it's a tough business and sometimes some pretty funny stuff happens," says Jarvis, author of "The Death Contingency" and "Backyard Bones," and founder of the publishing company selling her titles on Amazon.com and through her Web site, www.goodreadmysteries.com.  more...

Why fewer Danes default on loans

By Jack Guttentag, Monday, October 12, 2009.

My first column in this series pointed out that the Danish housing finance system, which is tightly regulated but completely private, has emerged from the financial crisis barely scratched. The Danish mortgage bond market where all new mortgage loans are funded has continued to function normally. In contrast, the private secondary market in the U.S. has shut down, leaving the system almost entirely dependent on the federally controlled secondary market agencies: Fannie Mae, Freddie Mac and Ginnie Mae.

The mortgage crisis that erupted in 2007 had its genesis in the prior bubble period, when home prices were rising rapidly. Price increases reduce the perceived riskiness of mortgages, encourage investors to accept mortgages that in a stable environment would be viewed as unacceptably risky, and induce lenders to increase loan volume by liberalizing their underwriting requirements.  more...