home | mortgage graveyard | statistics | foreclosures | fraud | employment | lawsuits | FHA
www.MortgageDaily.com
buy subscription | login | online help or call Carmen at 214.521.1300 | advertise

Celebrating a Decade of News

Most Popular June News
free news content | view headlines online

Forms 1003, 1008 Revised
Fannie Mae has updated the Uniform Residential Loan Application and the Uniform Underwriting and Transmittal Summary.

The updates were announced Friday in seller-servicer Announcement 09-21.

Revisions to the loan application, known as Form 1003, include the addition of "Loan Originator ID" and "Loan Origination Company ID" fields as required under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.
www.mortgagedaily.com/ApplicationFormRevision062909.asp


Bill Proposes HVCC Moratorium
Lawmakers have introduced federal legislation that would suspend the Home Valuation Code of Conduct.

Rep. Travis W. Childers (D-Miss.) and Rep. George Miller (D-Calif.) introduced H.R. 3044 on Wednesday, the National Association of Mortgage Brokers announced Thursday.

The bill would require an 18-month moratorium on the HVCC.
www.mortgagedaily.com/HvccLegislation062609.asp


HUD Clarifies Tax Credits
The U.S. Department of Housing and Urban Development has clarified how tax credits under recently passed legislation can be monetized in home purchase transactions.

HUD Secretary Shaun Donovan today told a group of directors for the National Association of Home Builders that the $8,000 first-time homebuyer tax credit created under H.R. 1, the American Recovery and Reinvestment Act of 2009, can be applied toward the purchase of properties securing loans insured by the Federal Housing Administration, a news release said.

Donovan originally announced the monetization of the tax credit earlier this month.
www.MortgageDaily.com/TaxCreditHud052909.asp


Sweeping Regulatory Overhaul
Mortgage lenders and financial institutions face the biggest overhaul of financial regulation since the Great Depression. A plan outlined today by the president calls for the creation of a powerful new regulator to oversee all aspects of mortgage lending, continued lender liability on securitized loans and the elimination of the Office of Thrift Supervision.

President Barack Obama today unveiled his comprehensive plan for regulatory reform. In a prepared speech, he said the plan was a "response to an historic economic crisis."

Obama said that the unraveling of major financial institutions and a lack of adequate regulatory structures were among the most significant contributors to the economic downturn. The current regulatory regime, which is a product of the Great Depression, was overwhelmed by the "speed, scope, and sophistication" of a variety of new and complex financial instruments.
www.mortgagedaily.com/RegulatoryOverhaul061709.asp


Sweeping Regulatory Overhaul

27 Cease-and-Desist Orders Issued
The Obama administration has plans to overhaul the U.S. regulatory system -- including forcing mortgage originators to maintain at least some interest in securitized loans. Meanwhile, 27 federally regulated financial institutions recently faced cease-and-desist orders.

In an op-ed piece published in the Washington Post today, Treasury Secretary Timothy Geithner and President Obama's economic advisor Lawrence Summers wrote that the current financial crisis is the product of basic failures in financial supervision and regulation. Regulatory gaps and outdated policies has lagged the growth of financial markets.

The administration plans to unveil a regulatory overhaul plan this week in an effort to create a regulatory regime that is more stable, flexible and effective. The proposed regulatory system would raise capital and liquidity requirements for all institutions -- though the largest and most interconnected firms would face even more stringent requirements. It would also increase disclosure on asset- and mortgage-backed securities, reduce reliance on credit rating agencies and force originators to maintain some liability in securitized loans.
www.MortgageDaily.com/Regulatory061509.asp


3 FHA Lenders Suspended
Three lenders approved to originate loans insured by the Federal Housing Administration were suspended by the U.S. Department of Housing and Urban Development over "serious" violations.

HUD announced today that its Mortgagee Review Board suspended Golden First Mortgage Corp. The Great Neck, N.Y., company allegedly neglected to notify HUD of an Office of Thrift Supervision investigation into the activities of its president or his involvement in an OTS civil money penalty.

Suspended lenders are not allowed to originated new FHA-insured loans while HUD investigates their lending practices, the statement said.
www.MortgageDaily.com/FhaSuspensions061009.asp


FHA Condo Rules Revised
The U.S. Department of Housing and Urban Development is implementing new project approval requirements for condominiums financed with loans insured by the Federal Housing Administration.

In Mortgagee Letter 2009-19, HUD outlined a new approval process for condominium projects. The changes are in accordance with the Housing and Economic Recovery Act of 2008, which became law in July 2008.

FHA lenders will have the option to obtain condominium project approval through HUD's review and approval process, or determine project eligibility themselves with a direct endorsement lender review and approval process.
www.MortgageDaily.com/FhaCondos061209.asp


Taylor Bean Settles With 13 States
Allegations of mortgage fraud on nontraditional loans have led to a $9 million settlement with 13 states by Taylor, Bean & Whitaker Mortgage Corp. As part of the agreement, the company will implement a federal modification program.

The Ocala, Fla.-based lender has agreed to pay $9 million in fines as part of a settlement with 13 states, Pennsylvania's Department of Banking announced today.

The funds will be utilized by the states to regulate mortgage activity -- with half going towards ongoing development and maintenance of the Nationwide Mortgage Licensing System.
www.MortgageDaily.com/TaylorBeanSettlement062209.asp


4 Firms Adding Over 2,000 Mortgage Jobs
Among more than 2,000 people being hired for mortgage positions at four companies are originators, production personnel and servicing employees.

JPMorgan Chase & Co. is adding 200 positions in Milwaukee, media relations representative Tom Kelly said today in a statement to MortgageDaily.com. The hirings are similar to 250 Rochester, N.Y., hirings reported last month, Kelly said. The Rochester additions involved loan specialists, underwriters and mortgage processers.

The spokesman noted that Chase added more than 500 loan counselors during the first quarter.
www.MortgageDaily.com/Hirings060109.asp


ABCs of VA
A few years back, during the height of the housing boom, the VA loan program was feeling pressure from the mortgage industry to ease its credit underwriting conditions and allow lenders to select the appraisers rather than letting the VA do it.

And why not?

There were zero-down programs everywhere and it appeared that anyone with a pulse back then could get a home loan, so the VA would have to ease up to stay competitive in the market.
www.MortgageDaily.com/VamcVaLoans060209.asp


Read the full text of these articles and many more at: www.MortgageDaily.com

.................................................

Thanks,
Sam Garcia
Publisher
www.MortgageDaily.com
Mortgage Industry News


Mortgage Advertising
Reach mortgage brokers, mortgage executives and other people in mortgage lending at MortgageDaily.com -- the dominant online news source for the real estate finance industry. Mortgage ads available on specialty news sections, high-traffic pages and mortgage newsletters.
more about advertising | purchase ad online | media kit | ad newsletter | e-mail or 800.511.5204

This email was sent by: %%Member_Busname%%
%%Member_Addr%%%%Member_City%%, %%Member_State%%, %%Member_PostalCode%%, %%Member_Country%%