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QuestSoft Survey: Nearly One in Five Mortgage Lenders Seeking New LOS

18.05.12

LAGUNA HILLS, Calif., Apr 23, 2012 (BUSINESS WIRE) -- As the mortgage industry and economy begin to recover, lenders are increasingly reevaluating their technology options. According to a QuestSoft survey of 461 lenders nationwide, 18.7 percent of mortgage lenders are considering changing their loan origination software (LOS) in the next 12 months. This is the highest percentage looking to switch in the six years QuestSoft has been conducting its annual survey.

When QuestSoft, a leading provider of mortgage compliance software, began conducting their annual compliance and technology survey in 2008, the number of lenders considering replacing their LOS remained consistently around ten percent each year (22 of 207 lenders in the survey's first year). However, last year, the percentage of lenders jumped to 17.75 percent, with a new high of 18.7 percent looking to change this year.

Source: MarketWatch (press release)

Foreclosures Continue to Fall in Sedgwick County

18.05.12

Foreclosures are down 8.4 percent so far this year compared with the same period of 2011, and down 23.1 percent from the same period of 2010.

In fact, the number of foreclosures this year is close to the number in early 2007, the start of the subprime mortgage bubble.

That reflects the fact that Wichita’s housing market is tied directly to the underlying economy, and both are slowly improving, said Stan Longhofer, director of Wichita State University’s Center for Real Estate.

“The foreclosure situation here is not being driven by problems with exotic mortgages, but more by employment,” he said. “So, it started rising later here and is moderating because the employment situation isn’t getting any worse.”

Daren Blomquist, vice president of real estate tracking firm RealtyTrac, agreed that Wichita’s foreclosure mess is probably on its way down permanently.

But that’s not true nationwide, he said, where housing is still in worse shape than the economy as a whole – and his company expects foreclosures nationwide to go back up this year.

Source: LoanSafe