A coalition of mortgage lenders and homebuilders has asked the Federal Reserve Board to make compliance with two interim rules implementing the Mortgage Disclosure Improvement Act optional. The rules are intended to clarify previously issued regulations requiring mortgage lenders to disclose...
Claiming it was the victim of unconscionable misconduct, Quicken Loans said it will appeal a West Virginia judges decision to award $3.7 million to a mortgage borrower allegedly victimized by the companys unfair and deceptive lending practices. The settlement was so preposterous to Quicken Loans that it also plans...
Arizona. The state Senate has passed S.B. 1259, which would require lenders to produce the full chain of title or risk the foreclosure sale being voided. The GOP-sponsored bill passed by a vote of 28-2 and is now being considered in the state House. The purpose of the bill is to require...
Federal ReserveLO Compensation Webinar. The Fed will host a webinar on March 17 to answer questions and provide an update on the controversial loan officer compensation rule, which takes effect April 1. Securities and Exchange Commission Mortgage Firm, Top Executive Charged...
Private mortgage insurer Essent Guaranty has announced an enhancement to its master policy for mortgage insurance that would help reduce lender exposure to rescission and unpaid MI claims. Dubbed Clarity of Coverage, the enhancement is a written assurance added to the master policy that MI coverage will not be...
Originations of non-agency jumbo mortgages increased by 36.4 percent in the fourth quarter of 2010 compared with the previous quarter, according to a new ranking and analysis by Inside Nonconforming Markets. Meanwhile, officials at Redwood Trust have urged banks to ... [includes one graph and one chart].
Once major supporters of alternative mortgages, Fannie Mae and Freddie Mac now proudly tout their preference for plan vanilla mortgages. Michael Williams, Fannies president and CEO, said the GSE is setting new standards for credit quality in the mortgage industry with the shift in acquisition activity... [includes one chart]
The House has approved legislation that would end the Home Affordable Modification Program, though the legislation is unlikely to progress beyond the House. The Senate has introduced companion legislation, but is unlikely to pass such a bill... [includes one chart]
Wells Fargo will stop offering reverse mortgages through its wholesale and broker channels after next week, becoming the latest large FHA lender to reconfigure its business in that sector. Bank of America announced in early February that it will stop originating reverse mortgages as the company plans to focus on its core business. Wells and BofA were...[Includes one data chart]
Mortgage originations made by the Department of Veterans Affairs fell slightly from 2009 to 2010, but the VAs share of the market set an all-time record last year due to the drop in total mortgage lending. The $68.92 billion in VA loans made...[Includes one data chart]