Tag Archives: Cross River NY Homes

Quicken Loans surpasses BofA in home lending | Cross River Real Estate

Leave a reply

Quicken Loans surpassed Bank of America as the nation’s third-biggest mortgage lender during the last three months of 2012, according to rankings from Mortgage Daily.

Wells Fargo maintained its top spot with 23 percent market share and $125 billion in fourth-quarter origination volume, followed by Chase with 10 percent market share and $51.6 billion in volume.

Quicken Loans’ market share was 5 percent in the fourth quarter with $25.1 billion in originations, while Bank of America came in at 4 percent market share and $22.5 billion in mortgage production.

Overall originations rose 30 percent in 2012 to $1.89 trillion, with a 17 percent year-over-year increase in the fourth quarter to $537 billion. First-quarter originations are expected to fall 16 percent from the fourth quarter, the Mortgage Daily said.

Of all 2012 loan originations, some 93 percent were backed by the government — about 20 percent were either insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, and about 73 percent were financed by Fannie Mae or Freddie Mac.

via inman.com

IRS keeping an eagle eye on payments to independent contractors | Cross River NY Real Estate

Leave a reply

If, like most real estate pros, you’re a sole proprietor, you must file Schedule C with your return to report your business income and expenses, and show whether you have a net profit or loss for the year.

Two new lines have been added to the beginning of Schedule C, labeled “I” and “J.” Line I asks whether you made any payments during the year that required you to file IRS Forms 1099. If you answer yes, you have to answer in Line J whether you have already filed, “or will you file,” the forms.

Similar questions have been added to IRS Form 1065, U.S. Return of Partnership Income; Form 1120, U.S. Corporation Income Tax Return; and Form 1120S, U.S. Income Tax Return for an S Corporation. The same question was added to Schedule E for IRS Form 1040 in 2011.

These new questions are an attempt by the IRS to persuade businesses to file all required 1099s, particularly Form 1099-MISC, the form used to report payments to independent contractors. This is part of the IRS’s ongoing effort to prevent businesses from failing to report all their income.

via inman.com

Fed watches as banks gain mortgage profits | Cross River Real Estate

Leave a reply

Fed watches as banks gain mortgage profits

via housingwire.com

Freddie Mac: Mortgage rates decline | Cross River Real Estate

Leave a reply

After showing little change, fixed-mortgage rates recently started to decline, Freddie Mac said in its Primary Mortgage Market Survey. 

Falling from 3.56% a week ago, the 30-year, fixed-mortgage rate reached 3.51% for the week ending Feb. 28, a decline from 3.90% a year ago.

The 15-year, FRM averaged 2.76%, down just a little from 2.77%, but significantly down from 3.17% a year earlier.

Also decreasing, the 5-year Treasury-indexed ARM averaged 2.61%, down from 2.64% last week and from 2.83% a year earlier.

Following suit, the 1-year Treasury-indexed ARM averaged 2.64%, down 1% from 2.65% a week ago, but down 2.72% from a year ago.

“Mortgage rates eased somewhat as the consumer price index in February held steady for the second month in a row. House price indicators, however, showed gains in 2012. The Standard & Poor’s/Case-Shiller national home price index rose 7.3% last year, reflecting the largest four-quarter growth since the third quarter of 2006,” said Frank Nothaft, vice president and chief economist for Freddie Mac.

Nothaft added, “This, in part, was a driving force that pushed up the number of existing and new home sales in February to the highest levels since July 2007 and July 2008, respectively.”

via housingwire.com