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Archive for the ‘Tampa Bay’ Category

Florida Mortgage Brokers Leave Industry

Throughout the Florida property boom from the mid-2000s, probably the most lucrative methods to earn a living – or commit fraud – was to become a large mortgage broker.

A lot more than 82,000 Floridians have received a license just 4 years ago, however the collapse from the housing industry, more powerful certification needs and background inspections, and harder loan needs have cut that number by roughly 90 %: the condition presently licenses about 10,600 loan originators, because the profession has become known as.

Most got from the business or moved elsewhere. A few of the small percentage who committed crimes visited prison.

“Everyone thought about being a home loan broker or perhaps a Real estate agent, since it only agreed to be becoming an order taker,” stated Mike Ferrie, a Tallahassee realtor and district v . p . for that Florida Board of Real estate agents. “It had been easy pickings. Once the bottom hit, it got much more realistic.”

Lenders, re-named loan originators by new legislation, have the effect of verifying that loan candidates are financially qualified. They’re compensated a commission through the loan provider, typically between .5 and 1.a quarter of the borrowed funds or $500 to $1,250 per $100,000. They might work for banks as well as be used as realtors.

In Florida, many were carrying out fraud. Within the last 2 yrs, the condition has brought the country undoubtedly in mortgage fraud and it has been at or close to the top in several prior years. Florida paid for in excess of 27 percent of home financial loans across the country which were looked into this year, the LesixNexis Mortgage Resource Research Institute reported in May.

In 2008, The Miami Herald discovered that the condition had licensed 4,000 brokers who had criminal skills, with people of this group carrying out $85 million in fraud. Most of them were establishing hay purchasers to be eligible for a mortgages after which stole the cash.

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April home sales number shows decline in Tampa Bay

It seems that economy still is in a weak stage as the April’s single-family home sales numbers fell. The decline is in a range of 12% in Hernando, Hillsborough, Pinellas and Pasco counties. In Tampa-St. Petersburg-Clearwater, home prices fell 14.56% in March 2011 relative to the same month in the prior year.

Source: TampaBay.com

Pending Home Sales Rise in March

March showed another sign of improvement in pending home sales as contract activity rising unevenly in six of the past nine months, according to the National Association of Realtors®.

The Pending Home Sales Index rose 5.1 percent to 94.1 in March from a downwardly revised 89.5 in February. The index is 11.4 percent is still below 106.2 in March 2010.

The data reflects contracts but not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said home sales activity has shown an uneven but notable improvement. “Since reaching a cyclical bottom last June, pending home sales have posted an overall gain of 24 percent and demonstrate the market is recovering on its own,” he said. “The index means modest near-term gains in existing-home sales are likely, which would be even stronger if tight mortgage lending criteria returned to normal, safe standards.”

Source: NAR

SBA Issues Disaster Loan Declaration for Florida Counties

Pinellas County, FL (April 8, 2011) – The Small Business Administration (SBA) has issued a disaster loan declaration for Pinellas, Hardee, Hillsborough, Manatee, Pasco and Polk counties based on the impact of the March 31 tornado outbreak. This clears the way for low-interest federal loans to affected business owners.

Under this declaration, qualified businesses may be eligible for business disaster loans to repair or replace disaster-damaged real estate or property.  SBA can also lend additional funds to businesses to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future. Importantly, this declaration also makes available the SBA’s Economic Injury Disaster Loan program to eligible small businesses and most private, non-profit organizations of any size to help meet working capital needs caused by the disaster.

Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. Loan applications for physical damage can be filed until the close of business on June 6, 2011, and economic injury applications can be filed until the close of business on January 9, 2012.

Source: PCed.org



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