Mortgage News for the Mortgage Industry | National Mortgage Loan and Rates News

News by Subject
Complete list of specialty news sections

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feed

Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home

HOT Topics

Legal

Servicing

Production

Jobs

Appraisal

Compliance

Branch

Fraud

Site Map

LATEST U.S. MORTGAGE NEWS
Last Updated Tuesday, May 22, 2012 08:19 PM Central

MOST READ (Past 7 Days)


Appraisal Compliance Made Easy May 22 Appraisers, appraisal management companies and mortgage lenders have been overwhelmed with new regulatory requirements during the past few years, but a host of offerings promise to make compliance almost routine. Meantime, a number of recent technology enhancements promise to improve the validity of appraisal values. Some appraisal firms are reporting extraordinary growth. A new workflow engine added to the eTrac appraisal management technology "will grossly expand user customizability to achieve virtually limitless possibilities for custom workflows, and enable accessibility to the industry's newest technology features," Global DMS said in an April 23 statement. Users can customize the workflow engine, enabling them to create unique business rules that automate user-designated actions and guide each appraisal order to the next appropriate step.
Citi Fined for Faulty Pre-Crisis RMBS Reporting May 22 The investment banking unit of Citigroup Inc. has been hit with a regulatory fine because it provided inaccurate performance data on nonprime residential mortgage-backed securities in the two years leading up to the global financial crisis.
States Divert Servicer Settlement Funds May 22 When the mortgage servicer settlement was announced earlier this year, state and federal officials said the states' cash portion of the agreement would mainly fund housing counselors and legal aid organizations. But a new report found that nearly 40 percent of the funds will be used to pay down budget deficits or fund programs unrelated to the foreclosure crisis.
Mortgage Firm Makes 10 Best Places to Work May 22 One of the biggest mortgage originators in the country was ranked among the 10 best U.S. employers. Meanwhile, a growing mortgage hub was home to the four highest-ranking firms among all industries -- and three of those companies are in energy.
Wave of MERS Lawsuits Spreads to Illinois May 22 In 2009, the president of the Mortgage Electronic Registration Systems reportedly testified that the mortgage industry would save $2.4 billion in recording fees if each residential loan had been resold and recorded just once. But all of that savings will be wiped out if counties across the nation have their way.
Mortgage Crimes Yield Indictments, Convictions & Prison Sentences May 21 Prosecutors in several mortgage-related criminal cases involving hundreds of millions of dollars have produced indictments, plea agreements and convictions. Attention was drawn to some of the cases because the banks where the crooked executives worked applied for federal bailout funds. Some of the defendants have been sentenced to more than a decade in prison.
New Delinquencies Inch Higher May 21 Following four consecutive months of improvement, residential delinquency moved higher last month. Behind the deterioration were newly past-due loans.
Firms See Opportunity in MGIC's Exit from Website Business May 21 At least two companies hope to capitalize on Mortgage Guaranty Insurance Corp.'s upcoming exit from the business of providing websites for mortgage loan originators. One of the replacement offerings promises to boost lead generation results.
New PHH Mortgage President Hired from Outside Industry May 21 The new president of PHH Mortgage Corp. was recruited from outside the mortgage business.
3 Consecutive Quarters of Mortgage Employment Growth May 21 Mortgage industry staffing has expanded each of the past three quarters, according to the First-Quarter 2012 Mortgage Employment Index from Mortgage Daily.

Another Correspondent Lender Emerges
April 25, 2012
Several new players have recently entered the correspondent lending space, and now a Texas firm has thrown its hat into the ring.

Gateway Mortgage Group announced last month that it was opening a correspondent lending division. Prior to that, American Home Mortgage Servicing Inc. disclosed the October launch of correspondent and warehouse lending operations. Impac Mortgage Holdings Inc. said in February that it created a new correspondent lending division.
<read full story>

Tragic Week for Banks
April 28, 2012
It's been a while since this many banks were closed down in a single week. Federal losses forecasted for the latest round of failures exceed $270 million.

The first bank to go down was Bank of the Eastern Shore, which was closed by the Maryland Commissioner of Financial Regulation. The bank had entered a formal agreement in August 2010 with the state regulator and the Federal Reserve Bank of Richmond.
<read full story>

Freddie Releasing HARP 3.0 AU
April 16, 2012
Freddie Mac has fined tuned its automated underwriting process for the Home Affordable Refinance Program in a move that is expected to generate approvals for borrowers who were previously denied for the program.
<read full story>

HARP 2.0 Holdups
April 30, 2012
Loan officers at U.S. financial institutions were surveyed about obstacles to originating home loans. While some banks are participating in the government's refinance program for negative-equity borrowers, many see too many impediments to utilize the program.
<read full story>

GMAC Servicer Rating Hurt By ResCap Standing
May 2, 2012
The possibility of bankruptcy at its parent has GMAC Mortgage's servicing ratings on watch for a possible downgrade. Prime and nonprime ratings are affected.
<read full story>

MORTGAGE VIDEO NEWS

Brokers Call for Support on QRM Legislation
The head of the trade group that represents mortgage brokers is calling on the sector to support legislation that would leave more income available for loan originators.
<watch video>

Video of Shaun Donovan interviewing with reporters

HUD Chief Grilled on Housing Market
The head of the Housing and Urban Development talked with reporters about a range of issues including additional funding for the Federal Housing Administration, investors complaints about the mortgage servicer settlement and writing down principal on loans owned or guaranteed by Fannie Mae and Freddie Mac.
<watch video>

Television interview with Warren Buffett

Billionaire Says Now is Time for Residential Investments
The Oracle of Omaha says that now is the time to invest in residential real estate.
<watch video>

Logout

forgot
password?

Mortgage Rates
Best Execution Pricing
& Lending Management
Check out MarksmanLMP

Branch Solutions
National FHA Lender.
Freedom Mortgage.
800.220.9498

SAFE Education
Kaplan can meet all
licensing & continuing
education requirements

5.5 Day Turn
StreetLinks takes 5.5
avg biz days to turn
appraisal orders.

Free eBook
Mortgage Compliance
Key Regulations
Facts for Lenders

LO Survey
Habits/tools/services
used by biggest U.S.
loan originators.

Mortgage Compliance
Free newsletter about mortgage compliance
from AllRegs.

Originator Newsletter
Free news & advice
for LOs sponsored by
Mortech Inc.

LOS Newsletter
Free news for Loan
Origination System
users from Calyx

News Feed
Add free consumer
mortgage news stories
to your Web site.