Mortgage Industry News Headlines
Last Updated Tuesday, July 12, 2011
12:09 PM CST
|Real Estate Broker to Head FHA|
The Barack Obama administration has named Carol Galante acting commissioner of the Federal Housing Administration, according to a statement from the Department of Housing and Urban Development.
The new chief most recently served as deputy assistant secretary for multifamily housing at HUD.
She is a licensed real estate broker.
Servicers Get Help Complying With Consent Orders
The nation's largest mortgage servicers have until July 13 to meet conditions of consent orders with the Office of the Comptroller of the Currency.
A day ahead of the deadline, Commerce Velocity unveiled enhancements to its Optimizer solution that will reportedly help the servicers meet the requirements of the consent orders.
The enhanced service promises to help servicers systematically implement regulatory policies across their operation and monitor the timeliness and completion of default or foreclosure processes.
$1 Billion Lawsuit Over Bad FHA Loans from MortgageIT
Out of 39,000 government-insured mortgages originated by MortgageIT Inc., 12,500 went into default.
So the government is suing MortgageIT-parent Deutsche Bank AG for $1 billion in U.S. District Court.
Deutsche has moved to have the case dismissed.
The U.S. Foreclosure Fiasco
Sloppy foreclosure documentation prevented Deutsche Bank National Trust Co. from foreclosing on a Florida property.
A problem with Deutsche's service process held up a foreclosure on a Mississippi property.
In a Nevada case, the Supreme Court of Nevada forced Wells Fargo to mediate with a borrower who didn't even sign the note.
Refis Back In Play as 10-Year Yield Sinks
The yield on the 10-year Treasury note was 2.95 percent during trading on Monday.
The yield had been exceeded 3.20 percent as of July 1.
The recent decline suggests a similar move for mortgage rates and higher refinance activity.
PMI Paying Upside-Down Borrowers to Stay Current
RH Rewards has been launched by Homeowner Reward Co.
The program is available to borrowers in a negative-equity position whose loans are insured by The PMI Group Inc.
RH Rewards offers eligible homeowners a cash reward for staying current on their mortgages.
Dozens of East Coast LOs Wanted
TD Bank has plans to increase its East Coast mortgage footprint.
Around 100 loan originators are being recruited by the bank, a news release said.
The "residential mortgage specialists" will work from the field.
Nevada Courts Block 3 Foreclosures
The Nevada Supreme Court ruled against a foreclosure filed by American Home Mortgage Servicing Inc. because adequate assignment documentation and an excecutive with modification approval authority were not at the mediation.
The Clark County District Court ruled in another case that Wells Fargo Bank didn't provide an adequate assignment.
A third case had the Nevada Supreme Court sending a case back to District Court to determine if HomEq Servicing Inc. made someone available during the mediation who had the authority to negotiate the borrowers' loan.
Big Texas Plans for BB&T
BB&T Corp. entered the Texas market in 2009 with its takeover of failed Colonial Bank.
Since then, deposits have grown by 15 percent.
BB&T has applied to open a Dallas-area branch and is likely to acquire a financial institution with a heavy Texas presence.
Broad Opposition to QRM's Required 20% Down
Under the Dodd-Frank act, lenders who want to sell non-agency mortgages on the secondary market without investing in the loan will have to meet the "qualified residential mortgage" standards requiring 20 percent down payments.
So far, more than 320 House and Senate members have written regulators expressing their concerns about the 20 percent down payment requirement.
A coalition of more than 40 consumer organizations led by the National Association of Realtors has also been vocal in its opposition.
This mortgage news summary reprinted with permission of
For the entire text of any of these stories please visit
Copyright © 2009 MortgageDaily.com