An industry that is used to reading about MERS’ court victories was stunned last week after a federal court judge in Pennsylvania found Merscorp Inc. and its electronic mortgage registry system in violation of state recording laws for real estate properties. While the ruling by U.S. District Court Judge J. Curtis Joyner may be appealed, MERS could be held liable for its role as an “agent” for member-lenders involved in property transfers and for alleged unjust enrichment, according to legal experts. The case was brought...
We know of some veteran mortgage bankers who believe the “fix and flip” housing market is getting overheated. One lender told us he fears a severe correction could hit California…
Marc Savitt, president of the National Association of Independent Housing Professionals, said he is seeing more lenders entering the wholesale channel. Most are nonbanks.
Non-QM origination volume could rise above $400 billion a year if the GSEs are no longer in conservatorship. Of course, Fannie and Freddie are nowhere close to doing that...
An early analysis of second quarter loan level data suggests that residential originations were a little better in the April to June time-frame than some might believe. See this website on Thursday for more information…