Fannie Mae unveils automated loan serviceMortgage lenders...

INDUSTRY WATCH

April 30, 1995

Fannie Mae unveils automated loan service

Mortgage lenders will be able to originate and approve any conventional home loan in just over an hour through an automated service unveiled last week by the Federal National Mortgage Association (Fannie Mae), the nation's largest source of mortgages.

Fannie Mae's new electronic loan system, and a similar one offered by the Federal Home Loan Mortgage Corp. (Freddie Mac), are expected to revolutionize the way borrowers get loans.

The systems should help lenders do away with stacks of paper, speed mortgage approvals and eventually allow loans to close in no more than 10 days. Now it takes 30 to 60 days to settle on most properties.

Nineteen lenders have signed up for Fannie Mae's computerized Desktop Originator and Desktop Underwriter systems, which will allow them to make faster loan decisions for consumers starting in May. The automated systems will ultimately reduce the costs of the mortgage process by more than $1,000, Fannie Mae said.

Desktop Originator gives lenders access to brokers and information on loan products and rates, while Desktop Underwriter can make underwriting decisions on conventional loans in as little as 4 minutes, saving 45 percent of the cost of underwriting a loan.

Lenders who plan to use the systems include Crestar Mortgage Corp., Fleet Mortgage Corp. and Temple-Inland Mortgage Corp.

Peter Miller writes book on selling homes

Peter G. Miller, author and host of America Online's real estate forum, has written a new book on selling homes, "How To Sell Your Home In Any Market: With or Without a Broker."

Published by Harper Perennial, the book covers such topics as preparing for the sale, dealing with buyer brokers, using self-selling to create marketplace leverage, the best ways to work with brokers and how to avoid high-risk deals.

A glossary of real estate terms is included.

Mr. Miller is also the author of "The Common Sense Mortgage Guide," "Buy Your First Home Now" and "Successful Real Estate Investing."

"How to Sell Your Home In Any Market" is available at bookstores.

Belair-Edison holds open house today

The Belair-Edison Housing Service holds its third annual Community Open House from 1 p.m. to 4 p.m. today, April 30, at 3412 Belair Road.

More than 50 homes with prices ranging from $50,000 to $80,000 are open for viewing. Prospective buyers can get maps and information on the houses at the Belair-Edison Housing Service.

Home seekers will also have an opportunity to meet community residents, enjoy refreshments and receive a $75 coupon that can be applied toward the cost of a real estate appraisal.

For more information, call the Belair-Edison Housing Service at 485-8422.

Fleet Mortgage holds picnic for homebuyers

Fleet Mortgage is throwing a picnic "for everyone who has ever dreamed of owning a home" from 5:30 p.m. to 8:30 p.m. Thursday at the Pikesville Hilton.

A free old-fashioned family barbecue and entertainment for children will be provided.

Real estate agents will be present. There will also be information on homes for sale and the benefits of homeownership over renting.

Call (800) 877-3013 to make a reservation.

NEWS IN BRIEF

* Avery-Hess Realtors, based in Vienna, Va., has been named Washington-area broker for PHH Homequity of Wilton, Conn. The PHH Real Estate Network includes 450 real estate firms with 54,000 salespeople in 2,100 offices across the United States, Canada and Mexico.

* The Counselors of Real Estate, Capital Region Chapter, has elected John J. Hentschel, of Hentschel Real Estate Services, chairman; Morton Hoffman, of Morton Hoffman and Co., vice chairman; and Christopher J. Whyman, of Eastern Realty Investment Corp., secretary and treasurer. The chapter's jurisdiction includes Maryland, Virginia and Washington.

* Crossland Mortgage Corp., a subsidiary of the First Security Bank of Utah, signed an agreement to acquire Performance Mortgage Company of Santa Ana, Calif., including company offices in Maryland.

* Ruppert Landscape Co. announced the opening of its metropolitan Baltimore location at 10711 Philadelphia Road in Perry Hall. Chuck Whealton will head landscape management and Bill Meissner landscape installation.

ON THE MOVE

* O'Conor, Piper & Flynn announced that Roni Schultz was appointed manager of the firm's Greenspring office, at 10807 Falls Road in Lutherville.

* P R Limited has opened for business as a development consulting partnership in Columbia. The principals are Louis H. Pinkney and Michael G. Riemer. Mr. Pinkney is experienced in the "public area of zoning, land use regulation and transportation administration." Mr. Riemer will continue as the chairman of Riemer Muegge & Associates Inc., a company he began in 1979.

* Prudential Preferred Properties has chosen Louis Perkins to manage its Severna Park office.

WHAT'S NEW?

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