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 VA’s 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]

A West Virginia judge has ordered Quicken Loans to pay a 45-year old licensed practical nurse and her adult disabled daughter more than $2.7 million in punitive damages and legal costs after finding the lender guilty of fraudulent and deceptive mortgage lending practices. In a Feb. 17 decision, Judge Arthur Recht of the Circuit Court of Ohio County, WV, concluded...

The Obama administration’s bid to scale back the government footprint in the housing market by allowing conforming loan limits to decline would have a measurable impact on the FHA program. The administration wants to let the “emergency” high-cost loan limit – now $729,750 in the most expensive housing markets – sunset...[Includes two data charts]

Property owners whose lien subordination requests were denied because they chose to refinance with another lender are seeking class status in a lawsuit against their primary lender, PNC Bank. Although the proper defendant is PNC Bank, the complaint refers to the actions of National City Bank, which PNC acquired...

Creditors obliged to provide consumers notice if offered a loan with terms less favorable than those offered to less risky consumers have two alternative methods for determining which consumers must receive notice. These two methods are discussed...