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Latest U.S. Mortgage News |
| Last Updated Wednesday, September 08, 2010 05:53 PM Central |
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Mortgage Video News
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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)
The U.S. Department of Housing and Urban Development is making changes to credit and equity requirements on loans insured by the Federal Housing Administration, and hundreds of comments have been received both supporting and opposing the planned changes. (Sept. 3)
Home-equity conversion mortgage production jumped 13 percent last month and has been up each of the past three months. At the biggest retail reverse mortgage lender, volume soared more than a third. (Sept. 3)
Shareholders of Washington Mutual Inc. were wiped out when its banking unit was seized, while Wachovia Corp. shareholders were afforded the less costly option of an acquisition. Regulators yesterday testified about the why there was disparate treatment in the resolution of the two institutions. (Sept. 3)
Record low rates appear to be having a positive impact on mortgage employment, with much of the growth happening on the East Coast. But mortgage broker jobs didn't fare so well. (Sept. 3)
The failure of a $23 billion corporate credit union last year was the result of fraudulent activity by executives at the company, according to a federal lawsuit. Former directors are also named as defendants. (Sept. 3)
Delinquency on securitized commercial mortgages soared more than a hundred basis points in the second quarter. But performance improved on loans owned by life insurance companies. (Sept. 2)
Monthly foreclosures were worse, but delinquency improved -- pulling the overall rate lower. (Sept. 2)
An annual bank report on underwriting standards found that even though banks have reined in mortgage lending policies, risk continues to rise. The report included findings on residential loans, home-equity loans and commercial mortgages. The share of banks that continue to tighten guidelines, however, is falling. (Sept. 2)
New mortgage insurance premiums that take effect next month on loans insured by the Federal Housing Administration have been released. (Sept. 2)
More than a quarter of purchase-money mortgages acquired by Fannie Mae or Freddie Mac must be to low-income borrowers under a new rule established by the two companies' regulator. The duo cannot purchase private-label securities to reach new housing goals. (Sept. 2)
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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