We can’t help but notice some ambitious retail restaurant projects opening up around us and snapped some photos to share with you.

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Wow! It’s been a while since we’ve posted our last blog. Well things are jumpin at MojoAgent and.. whew! ..that’s meant social media’s taken a backseat for a while.

That’s no fun. We love reporting on our industry. So, stay tuned. We’re digging into exciting work here and will stream over more updates soon.

The Congressional Oversight Panel’s February oversight report, “Commercial Real Estate Losses and the Risk to Financial Stability,” expresses concern that a wave of commercial real estate loan losses over the next four years could jeopardize the stability of many banks, particularly community banks. Commercial real estate loans made over the last decade – including retail properties, office space, industrial facilities, hotels and apartments – totaling $1.4 trillion will require refinancing in 2011 through 2014. Nearly half are at present “underwater,” meaning the borrower owes more on the loan than the underlying property is worth. While these problems have no single cause, the loans most likely to fail are those made at the height of the real estate bubble.

The Panel found that “a significant wave of commercial mortgage defaults would trigger economic damage that could touch the lives of nearly every American.” When commercial properties fail, it creates a downward spiral of economic contraction: job losses; deteriorating store fronts, office buildings and apartments; and the failure of the banks serving those communities. Because community banks play a critical role in financing the small businesses that could help the American economy create new jobs, their widespread failure could disrupt local communities, undermine the economic recovery and extend an already painful recession. You can read more and watch the video by linking here.

FHA- As of mid February HUD will require all appraisals to be ordered through a management company ( HVCC) just like all conventional loans are ordered today. They’re also eliminating the 90 day flip rule as of next month, but only for sellers that have a 20% or less profit margin ( which basically means the rule still exists)

They’re apparently going to re-visit the rule later this month to see if they can make it more effective, stay tuned. Lastly they are raising their MIP premium from 1.75% to 2.25% by this spring, and lowering the seller credit down from 6% to 3% by this summer.

Two associations of REALTORS® offer REALTOR® iPhone application through customized My AOR app

Real Estate Mobile Technologies LLC (REMT), the New Jersey Association of REALTORS® (NJAR), and the North-Shore Barrington Association of REALTORS® (NSBAR) today announced the launch of NJAR and NSBAR Stats, the localized versions of My AOR. My AOR is the first native iPhone application developed for REALTOR® associations nationwide. The mobile application is available at no charge for members of NJAR and NSBAR. Designed for the iPhone/iTouch, My AOR features: Current loan information; association resources; the ability to search for education courses; hot item news alerts; and links to information that may be of interest to association directors.

The My AOR interface is a scalable, data-driven application that can be licensed and branded by other local and state associations from REMT.  Application updates are distributed through iTunes. iPhones and iTouches automatically will notify users when such updates are available for installation. Additional smartphone platform capabilities also are under development.

REMT’s website states “My AOR” App gives you the ability to:

• Create your own custom App icon, splash screen, and menus
• Share data and information in customizable sections
  such as:
  • Local/regional market data
  • Local and national real estate news alerts
  • Inman News
  • Association Resources
  • Education programs
  • And more…
• Update data anytime, 24/7 via an easy-to-use web interface that takes
  the data you enter and updates the App immediately

Click here for Screenshots

The FHA’s Latest Press Release on its New Measures to Better Manage Risk, While Maintaining Support for the Housing Market and Access for Underserved Communities. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov

1. Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
   • The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.
   • If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.
   • This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing
   • The initial up-front increase is included in a Mortgagee Letter to be released tomorrow, January 21st, and will go into effect in the spring.
2. Update the combination of FICO scores and down payments for new borrowers.
   • New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
   • This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.
   • This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.
3. Reduce allowable seller concessions from 6% to 3%
   • The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.
   • This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.
4. Increase enforcement on FHA lenders
   • Publicly report lender performance rankings to complement currently available Neighborhood Watch data – Will be available on the HUD website on February 1.
     • This is an operational change to make information more user-friendly and hold lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available.
   • Enhance monitoring of lender performance and compliance with FHA guidelines and standards.
     • Implement Credit Watch termination through lender underwriting ID in addition to originating ID.
     • This change is included in a Mortgagee Letter to be released tomorrow, January 21st, and is effective immediately.
   • Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process
     • Specifications of this change will be posted in March, and after a notice and comment period, would go into effect in early summer.
   • HUD is pursuing legislative authority to increase enforcement on FHA lenders. Specific authority includes:
     • Amendment of section 256 of the National Housing Act to apply indemnification provisions to all Direct Endorsement lenders. This would require all approved mortgagees to assume liability for all of the loans that they originate and underwrite
     • Legislative authority permitting HUD maximum flexibility to establish separate “areas” for purposes of review and termination under the Credit Watch initiative. This would provide authority to withdraw originating and underwriting approval for a lender nationwide on the basis of the performance of its regional branches

Nearly 307,000 households, or one in every 417 homes, received a foreclosure-related notice in November, down 8 percent from a month earlier, RealtyTrac Inc. said Thursday. Banks repossessed about 77,000 homes last month, down slightly from October.

NPR has a pretty neat Interactive Map detailing RealtyTrac’s data.

The new Spanish Web site mirrors the English version of HomePath.com, featuring an interactive search tool of Fannie Mae-owned properties nationwide, details about HomePath® financing, a mortgage payment calculator, property alerts, and information on foreclosure prevention and the Making Home Affordable program.

For more information about HomePath, visit www.HomePath.com and click “En Español”, or for direct access to the Web site in Spanish, visit www.es.HomePath.com.