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Latest U.S. Mortgage News |
| Last Updated Friday, September 10, 2010 01:37 PM Central |
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Mortgage Video News
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Performance of securitized commercial mortgages was worse last month. Over the past year, the rate of delinquency on all securitized mortgages has climbed more than 400 basis points -- while the ascension was more than 1,000 BPS on just hotel loans. (Sept. 10)
Public hearings are being held on potential changes to the Home Mortgage Disclosure Act. (Sept. 10)
Although mortgage rates are rising, the Monthly Treasury Average is falling and will likely continue lower. (Sept. 9)
Rising rates and a holiday week really put a dent in mortgage activity. (Sept. 9)
A fast-growing lender based in Georgia is adding 170 employees in three Southeast states this year. Loan officers and other production positions are among the open jobs. (Sept. 9)
CHARLOTTE, N.C. -- Several mortgage lead generation firms are named in a complaint filed by LendingTree LLC. The mortgage comparison firm claims in the lawsuit that its patented technology changed mortgage shopping forever, and the defendants are infringing on the patent. (Sept. 9)
The risk of default improved for the second quarter in a row, according to a new report that also found lower risk in towns with universities. (Sept. 9)
In addition to product, pricing and points -- one pricing engine helps originators compare mortgage insurance premiums on government-insured loans with premiums on conventional mortgages. (Sept. 9)
RALEIGH, N.C. -- As banks become more aggressive in managing real estate owned, many are planning to unload distressed assets in the near future. The activity suggests that the disparity between what loan sellers are willing to accept and what secondary buyers are willing to pay has narrowed. (Sept. 9)
An option being considered for federally insured reverse mortgages would cut the upfront premium. But loan-to-value ratios might also be cut, and monthly premiums will likely escalate. Expanded counseling requirements go into effect in two days. (Sept. 9)
It was the lowest level for the Mortech-Mortgage Daily Mortgage Market Index in almost three months as activity tumbled more than a quarter during the holiday week. Meanwhile, mortgage rates moved higher. (Sept. 8)
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A survey of appraisers who do work for appraisal management companies was done in an effort to dispel rumors about AMCs and their appraisers. But an appraisal trade group said the report should be viewed with caution. (Sept. 8)
The Federal Deposit Insurance Corp. unloaded a $762 million mortgage portfolio at a 69 percent discount. The loans were previously owned by 20 failed banks. (Sept. 8)
More money has arrived to help clean up the excess inventory of real estate owned by banks. Nearly $8 billion has been recently allocated to help prevent or eliminate foreclosed properties. (Sept. 8)
Over the past year, reverse mortgage production has tumbled. While retail activity has fallen nearly a quarter during the period, wholesale volume has plunged by more than half -- though business from both channels was up from the previous month. The No. 2 spot for overall activity changed hands, and the biggest wholesaler widened its lead. (Sept. 8)
More than $45 billion in Alternative-A residential mortgage-backed securities have been recently downgraded, and nearly half of the securities were issued by one issuer. (Sept. 7)
Conventional borrowers whose mortgage balances exceed their home values can now refinance at today's low interest rates through a Federal Housing Administration program. (Sept. 7)
The PNC Financial Services Group Inc. is hiring hundreds of servicing employees in Florida. (Sept. 7)
Bank executives who are responsible for risk expect the level of late payments on home mortgages to rise. The group predicted that strong loan demand will be met with tougher underwriting. (Sept. 7)
Two providers of loan originations systems have linked their products to loan servicing systems -- enabling mortgage bankers to add servicing fees to their revenue streams. Enhancements for compliance, documents and pricing were among other recent LOS developments. As small financial institutions have seen an increase in market share, one LOS provider has seen its business spike. (Sept. 7)
After bouncing higher in July, consumer bankruptcy filings retreated last month. The latest activity pushed year-to-date bankruptcies past 1 million. (Sept. 3)
New mortgage insurance premiums that take effect next month on loans insured by the Federal Housing Administration have been released.
The new mortgage insurance premium structure was outlined in Mortgagee Letter 2010-28 from the U.S. Department of Housing and Urban Development.
HUD was granted authority to increase annual M.I. premiums through Public Law 111-229, which was signed by President Barack Obama on Aug. 12. (Sept. 2)
A company that originates more than $3 billion a year in retail business is launching a third-party channel that will focus on government programs. The expansion into the mortgage broker arena follows similar moves recently by other wholesale lenders.
A national wholesale platform is being developed by Fairway Independent Mortgage Corp., a news release Monday said.
Working at the new operation are former production employees of Union Federal Bank's and MidAmerica Bank's third-party businesses. (Aug. 30)
A wholesale lending "renaissance" is on, according to one executive. And improving rates have forced at least one wholesale lender to increase minimum lock periods to 45 days. Meanwhile, wholesale lender underwriting overlays are a troubling trend for third-party originators. (Aug. 30)
It was nearly four years ago that Washington Mutual Bank and Wachovia went into a tailspin and were eventually deemed insolvent. A behind-the-scenes look at the demise of the two companies by a regulatory insider reveals two different strategies used in resolving the institutions. (Sept. 1)
A lawsuit filed by the Texas attorney general alleges violations of the state's mortgage servicing laws byinsurance and taxes even though they didn't owe such expenses. (Aug. 31)
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Fannie Mae's former chief credit officer says many problems at Washington, D.C.-based company and its government-controlled cousin Freddie Mac began in the late nineties.
Edward Pinto was the chief credit officer at Fannie from 1987 to 1989. He is now a consultant for the industry.
Pinto told a Wall Street Journal reporter that problems began in the late nineties "as HUD, particularly Andrew Cuomo as the secretary of HUD, starts announcing that the goals are going to be boosted substantially" for low- and very low-income borrowers.
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Some of the biggest names in mortgage banking traveled to Washington Tuesday to discuss the future of real estate finance and what role the U.S. government should have in the mortgage market.
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A former senior executive of Countrywide Financial Corp. is investing in non-performing loans through his current venture, PennyMac Mortgage Investment Trust. He sees possible securitizations for non-performing loans.
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Mortgage operators in California see good and bad to the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.
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Legislation that has been called the most sweeping reform of financial regulation since the Great Depression has been signed into law by President Barack Obama.
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