Mortgage Daily Logo

Un-S.A.F.E. States

Mortgage News

CHICAGO — Three states that are likely to see more defaults than any others are also the only three states not yet slated to join a national license registry, according to a HUD official.

Investors are beginning to look to the Secure and Fair Enforcement for Mortgage Licensing Act, or the S.A.F.E. Act, for more information on the loans behind the securities under consideration, Thomas Deutsch said at the Mortgage Bankers Association’s National Secondary Market Conference & Expo conference in Chicago. The conference began Sunday and finishes today.

The provisions of the S.A.F.E. Act that required the collection of data on loan originators will help get information to investors on more risky loans so that they are “better able to distinguish good and bad loans,” according to Deutsch, who is the deputy executive director at the American Securitization Forum.

This will help investors get back into the market.

Meanwhile, he said, “You’re seeing a lot more litigation and threat of litigation on new purchases.”

The national registry of individual originators and their companies, which has been incorporated into the S.A.F.E. Act, now includes in its system 24 states plus Puerto Rico, with another 10 to be added by the end of this year, said Bill Matthews, president and chief executive officer of the State Regulatory Registry.

Thirteen more states are expected to be added in 2010, leaving only Minnesota, Nevada and Ohio as non-members.

William Matchneer, associate deputy assistant secretary at the U.S. Department of Housing and Urban Development’s Office of Regulatory Affairs, referred to those three states as “the most likely customers for defaults.”

One of the most important provisions of the S.A.F.E. Act, concluded moderator Joseph A. Smith Jr., North Carolina’s commissioner of banks, is that “we can now follow brokers as they move to banks. It was difficult to get this done.”

Related Posts

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

There is No Such Thing as a Free House …

Over the past several years, those who service loans in the State of Washington(1) have seen a dramatic rise in the number of lawsuits in which delinquent borrowers seek to quiet title to their homes on the grounds that lenders are barred from foreclosing based on...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

The Mortgage Graveyard 2018 Archives

The Mortgage Graveyard 2018 Archives Failed, Struggling and Acquired Mortgage-Related Companies Non-Bank Closures 3 Bank Failures (FDIC) 0 Credit Union Failures 0 Total Mortgage-Related Failures 3  

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Sample E-Mail

Sample E-Mail   Covering the Real Estate Finance Since 1999  Mortgage Industry News free news content | view headlines online  Advertorial Text Ad This ad includes a linked bold headline of up to 50 characters and up to 100 words of text. The ad can be...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Mortgage Servicer Portfolios

Mortgage Servicer Portfolios servicing news | mortgages outstanding statistics | foreclosure news   Servicing Portfolios as of 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 Residential Servicing Portfolios by Servicer...

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI