TILA Rule Applies to Individual Investors
An interim Truth-in-Lending Act rule applies to investors who acquire a mortgage after origination -- including individuals who acquire just a handful of loans in a given year.

The Federal Reserve Board published an interim final rule in today's Federal Register.

The rule provides additional guidance on how residential mortgage loan purchasers can comply with section 131(g) of the Truth in Lending Act. Section 131(g) was enacted as part of the Helping Families Save Their Homes Act, which became effective on May 20, 2009.
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Record Lates to Head Higher
Home loan delinquency increased from a record high and is expected to set more records. When a real estate recovery does eventually arrive -- it won't necessarily start in hard-hit markets.

Firm Abandons Mortgage Lending for Energy
An Indiana-based firm is closing its mortgage originations business to focus on energy in the Middle East. More than 100 loss-mitigation employees are impacted from the decision.

Record Delinquency, But Rate of Increase Eases
The bad news is that residential delinquency climbed to its highest level on record. But the good news is that the rate of deterioration slowed.

Several American Home Servicer Ratings Upgraded
American Home Mortgage Servicing Inc. saw several of its residential servicer ratings upgraded. Much of the servicer's work is done offshore.

DPA Blamed for FHA Shortfall
The Federal Housing Administration's capital reserve level has fallen below the federally mandated minimum -- and loans that utilized seller downpayment assistance were to blame for all of the shortfall. The impact of DPA was evident in delinquency numbers for varying vintages.

3 Monthly Declines; 3 Million Foreclosures
Year-to-date foreclosure filings surpassed the 3 million threshold last month. But foreclosure activity has improved for thee months in a row.

Mortgage Mergers Jump
In addition to 18 bank merger transactions, nearly 10 new deals to acquire mortgage lenders and default service providers emerged. One of the acquirers is on the prowl for more targets.

Residential Recovery Contrasts Commercial Contraction
Demand for residential loans increased for the third quarter in a row, while demand for commercial mortgages tumbled, according to a quarterly bank survey. Faced with few refinancing options, many banks are giving commercial mortgage borrowers extensions.

Mortgage Layoffs Outpace Hirings According to MortgageDaily.com Q3 Report
Growth in mortgage servicing jobs was not enough to keep headcount in the mortgage sector from falling, according to the MortgageDaily.com Third Quarter Mortgage Employment Analysis. But the rate of contraction has slowed considerably from the ugly pace set two years ago.