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LATEST U.S. MORTGAGE NEWS
Last Updated Sunday, May 19, 2013 11:14 AM Central |
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free preview | full story
| May 17
Two years ago, it was mortgage servicers that were doing most of the recruiting in real estate finance. Today, however, it is increased mortgage originations that are driving mortgage recruiting efforts.
Staffing at NewDay USA has grown from around 265 employees as of Dec. 31, 2012, to 360 employees as of May 15, the Fulton, Md.-based firm reported to Mortgage Daily. By next year, the reverse mortgage lender hopes to grow to a thousand employees.
The April 18 approval of a jobs incentive program for Digital Risk by the city commissioners of Lake Mary, Fla., is expected to result in the addition of 300 jobs by the end of this year, according to meeting minutes.
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free preview | full story | May 17
Although overall new mortgage activity was slower this week, purchase financing was up, albeit only slightly. Adjustable-rate mortgage activity also ticked higher.
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free preview | full story
| May 17
A Texas bank has been fined, and a Texas builder has agreed to a settlement over alleged violations of the Real Estate Settlement Procedures Act tied to joint ventures.
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free preview | full story
| May 17
Regulators in the Commonwealth of Massachusetts have ordered a mortgage company to stop servicing loans in the state as a result of mishandled escrow accounts.
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free preview | full story
| May 17
After spending less than a year on the job, the president and chief executive officer of the eighth biggest residential lender has been replaced.
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free preview | full story
| May 16
Strong economic reports this week pushed mortgage rates higher. But Treasury market activity suggests that most of the increase could be wiped out in the next report.
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free preview | full story
| May 16
The outlook for this year's refinance volume has been increased at the expense of purchase production. Expectations for government share were lifted for 2013.
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free preview | full story
| May 16
Since early March, at least 20 mortgage companies saw executive-level management changes. Over a dozen of the changes involved senior-level executives -- including two high-level company departures. The majority of appointments involved new hires as just one person was promoted.
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free preview | full story
| May 16
Many mortgage originators are not aware that a government lending program for rural properties can also be used to finance homes in not-so-rural areas.
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free preview | full story
| May 16
A recent survey of credit unions found that complying with the Dodd Frank Wall Street Reform and Consumer Protection Act of 2010 means that interest rates on loans will be higher, hiring will be reduced and third-party servicing will increase. Some financial institutions even intend to scale back mortgage originations.
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mortgage news archives back to 1999
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California Real Estate Continues to Outperform Nation
April 29, 2013
Real estate prices continue to rise, and housing markets in the West are leading the way. Some East Coast markets are exhibiting weakness.
In March, the median sales price for new homes was $247,000, increasing from the previous month's $226,400, according to the Census Bureau and the Department of Housing and Urban Development. The average sales price fell, however, to $279,900 from $286,300.
<read full story>
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Former Wells Chief: Eliminate GSEs
May 3, 2013
The former chief of Wells Fargo & Co. says that Fannie Mae and Freddie Mac must go. He sees the Federal Housing Administration as the government's ongoing tool for housing subsidies.
While he was in Charlotte, N.C., for the Wells Fargo Championship, the former chairman and chief executive officer of the San Francisco-based company, Dick Kovacevich, talked about the economy, Wells Fargo's acquisition of Wachovia Corp. and his take on the government sponsored housing enterprises.
<read full story>
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GSEs, MERS and Lenders Fight Fee Litigation
April 25, 2013
Municipalities are now taking Fannie Mae and Freddie Mac to court, citing the conversion from government-sponsored enterprises to a private companies as grounds for the loss of the exemption from paying taxes and fees. Lawsuits against MERS continue with many municipalities citing a ruling from a Michigan-based federal trial court as precedent. And a government fraud investigator has prevailed in his lawsuit accusing a mortgage lender of fraud.
Erie County in New York has joined the ranks of municipalities suing Fannie Mae and Freddie Mac in order to recoup unpaid transfer taxes. The county filed a lawsuit on March 20 in federal court that seeks $2 million. A check of court records indicates that an answer has not yet been filed.
<read full story>
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Former Mortgage Chief Departs Chase
April 29, 2013
The executive who was in charge of JPMorgan Chase & Co.'s mortgage business until just a few months ago has left to run a related company.
Frank Bisignano was put in charge of mortgage lending at the New York-based financial services company in February 2011.
<read full story>
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Guides Released for Several CFPB Rules
May 3, 2013
Guides have issued for small mortgage firms on three rules that were published earlier this year. The guides address compliance with the Home Ownership and Equity Protection Act, the Equal Credit Opportunity Act and the Truth in Lending Act.
Several rules issued in January by the Consumer Financial Protection Bureau included the 2013 HOEPA Rule, the ECOA Valuations Rule, and the TILA Higher-Priced Mortgage Loans Appraisal Rule.
<read full story>
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