Phoenix, AZ Timeless rock stars The Moody Blues are paying it forward throughout their Voyage 2011 Precious Cargo tour, by teaming up with Ear Candy Charity to host a week-long Instrument Drive® to support Title I schools in the Phoenix Area. Throughout the week of May 5-12, community members can donate a new or slightly used instrument at any of the eighty fire stations in Phoenix, Avondale, Glendale, Scottsdale or Tempe. A special collection will also take place or at the band’s concert at the Comerica Theatre on May 12. Tickets for the show are on sale now at and the box office.
The Moody Blues know that the benefits of music education in the lives of children are undeniable, yet in these troubling economic times, budgets for music education are being slashed. To address these shortfalls, Ear Candy Charity created Instrument Drives® to collect slightly used instruments for children who otherwise cannot afford them. Individual
According to the Mortgage Bankers Association’s (MBA) 4th Quarter 2010 Mortgage Bankers Performance Report released this week, independent mortgage banks and subsidiaries made an average profit of $1,082 on each loan they originated in the fourth quarter of 2010, down from $1,423 per loan in the third quarter of 2010.
This decline was driven by lower net secondary marketing income that decreased to $3,870 per loan (188 basis points) in the fourth quarter 2010, from $4,069 per loan (203 basis points) in the third quarter 2010.
“Rising interest rates during the fourth quarter, particularly in the month of December, had an adverse impact on net gain on sale for many independent mortgage bankers” said Marina Walsh, MBA’s Associate Vice President of Industry Analysis.
Walsh continued, “During the month of December, the average thirty-year fixed mortgage rate was 4.82 percent, about 37 basis points higher than in November and 55 basis points higher than in October. Considering such variables as the timing of rate locks, pull-through expectations, and hedging effectiveness, some mortgage bankers’ earnings were hurt by the rapid change in rate environment in the fourth quarter.”
Key Findings of MBA’s Quarterly Mortgage Bankers Performance Report
- The refinance share of total originations ($) for this sample of independent mortgage bankers and subsidiaries rose to 63 percent in the fourth quarter 2010, compared to 57 percent in the third quarter 2010 and 45 percent in the fourth quarter 2009.
- The average pull-through (the number of closings divided by the number of loan applications) rose to 74 percent from 68 percent in the third quarter of 2010.
- The “net cost to originate” increased to $2,827 per loan in the fourth quarter of 2010, from $2,720 per loan in the third quarter of 2010. The “net cost to originate” includes all production operating expenses and commissions minus all fee income, but excludes secondary marketing gains, capitalized servicing, servicing released premiums and warehouse interest spread.
- Total personnel expense rose slightly to $3,124 per loan in the fourth quarter of 2010, compared to $3,034 per loan in the third quarter of 2010. In the fourth quarter 2009, personnel expenses averaged $2,756 per loan.
- 84 percent of the firms in the study posted pre-tax net financial profits in the fourth quarter of 2010, compared to 88 percent in the third quarter of 2010 and 76 percent in the fourth quarter of 2009.
- With the favorable third-quarter refinancing rally after an inauspicious start in the first quarter 2010, full-year 2010 production profits will be lower than 2009 but probably within $200 per loan of 2009 levels. In comparison, average production profits in 2009 were $1,135 per loan originated. Ave
Over recent years, a favorite past time of most real estate shoppers, watchers, and pundits, has been to make multiple guesses as to when the market bottom has arrived, will arrive, or is arriving. Buyers who seek to time a market and purchase at the exact summit of the decline appear to be most interested in identifying the market bottom, and the rest of us who make a living off of such undulations in market prices work to understand the pitches and heaves to best represent our clients.
It is obvious that buyers are anxious to recognize a market bottom, but there’s one key group that is in such a hybrid state of panic sprinkled optimism it makes the Red Bull chugging, market timing buyers look downright lethargic: Sellers.
Tempe, Ariz.- In April and May, the Cahill Senior Center, 715 W. Fifth St., will host a class each month focusing on either blues or opera music. No musical background is necessary.
In Intro to the Blues on Wednesday, April 20 from 9-10:30 a.m., participants will
examine the cultural impact of blues while learning about historical and contemporary information about the different forms of blues. There will be live demonstrations that will provide an opportunity for group participation and interaction with the toe-tapping, hand-clapping, emotion-driven music that is the blues.
In Intro to Opera on Wednesday, May 18 from 9-10:30 a.m., students will be introduced to the plots and characters of famous operas through discussion and examples.
The spectacular 1,614-room JW Marriott Marquis Hotel Dubai is set to become one of the region’s most desirable destinations, offering a spectrum of business facilities for discerning travelers. Opening in 2012, its first 807 rooms will soar above Dubai’s business district, on Sheikh Zayed Road, and will reside in the city’s Business Bay area. Read full article…
Talk about pricey real estate: A London apartment has been sold for 135.4 milliion pounds, The Telegraph reported Saturday, citing Land Registry documents. That’s about $221 million.
The newspaper said the buyer of the UK’s most expensive flat — “Flat a” at the One Hyde Park development — had previously purchased the penthouse in cash in 2007.
The kicker — the new owner bought the apartment with bare walls and no amenities and is thought to be spending up to 60 million pounds to finish it.
The Telegraph said the buyer is a Ukrainian who used an offshore company called Water Property Holdings to buy the flat, which covers the top three floors in the complex, which is next to Knightsbridge.
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