Lawsuits Allege Compliance Breaches
Among recent decisions in mortgage compliance actions, a California state appellate court decided in favor of the borrowers in a case involving missing disclosures, yield spread premiums and an inflated appraisal on a subprime mortgage. A federal court on the East Coast recently ruled that another couple failed to exhaust their administrative remedies under what some have termed an obscure federal law now finding use in mortgage compliance lawsuits.
In Fuller v. First Franklin Financial Corp., a California appellate court on May 1 reversed a lower court decision in favor of a lender on a statute of limitations basis.
The court said a mortgage broker had a fiduciary duty to a couple who were first-time homebuyers that included disclosing yield spread premium and that the couple could obtain a loan on better terms than was offered. The court also said in the opinion that the appraiser significantly inflated the value of the house.
Mortgage Employment Expands 10%
Staffing among mortgage lenders and mortgage brokers has expanded by more than 10 percent over the past year. Meanwhile, positive government data about overall U.S. employment took an immediate toll on mortgage rates.
Mortgage, Appraisal Business Improve With Home Market
The country's recovering real estate market and rising home prices mean more business for a slew of housing-related businesses.
Wholesaler Seeks More Business
A mortgage banker operating from Florida is taking a number of steps to grow its mortgage originations through the wholesale channel.
Mortgage Lenders, Servicers Expand Payrolls
Mortgage firms increased their staffing in February, according to government data released Friday. The U.S. unemployment rate, meanwhile, fell to the lowest level in more than four years. But the news wasn't so good for jobs added among all industries, and the dismal report is already having a big effect on interest rates.
No M.I. Up to 95% LTV
A new wholesale offering enables mortgage brokers to offer purchase financing at loan-to-value ratios up to 95 percent with no mortgage insurance.
Appeals Court Ruling Good for FHA Mortgagees
A decision from a federal appeals means that Federal Housing Administration mortgagees will be hit with less in damages when they submit bad insurance claims to the Department of Housing and Urban Development.
Mortgage Broker Swallowed by Golf Course
While playing golf on an Illinois golf course, a mortgage broker from Missouri was swallowed up on the 14th hole.
Fewer Mortgage Jobs in January
The bad news is that mortgage employers trimmed their staffing in January. The good news is that an upward revision to December's numbers more than offset January's job losses, while even better news is a big improvement the U.S. job situation.
Mortgage Jobs Contract
The mortgage industry lost more than 16,000 jobs during the final month of last year as mortgage servicers required fewer employees to handle distressed loans. Staffing expanded, however, from the end of 2011 thanks to growth in broker jobs.