Tag Archives: Attorneys & Title Companies

Churchill Mortgage is taking to the airwaves to support the company's educational initiatives for loan officers. Recently launching a new partnership with Ron Quintero, CEO of the Real Estate Radio Network, Churchill will gain support for company clients choosing to utilize its tools for recruiting, training, motivating, and retaining quality lending professionals.

Living legend Alex Rodriguez has put his Miami estate on the market for $38 million. Curbed reports that the Yankee's player is rumored to have spent more than $24 million to build the 20,000-square-foot Florida mansion, which includes nine-bedrooms, 13-bathrooms, 275-feet of waterfront, two docks, a gymnasium, full steam room, and of course, a batting cage.

A former Fannie Mae executive now finds himself facing charges from the SEC of misleading investors about the GSE's loans. According to a complaint filed in the United States District Court for the Southern District of New York, ex-CEO Dan Mudd, along with two other defendants, allegedly misled investors into thinking the company had far less exposure risky loans than it actually had. SEC accuses Mudd, Enrico Dallavecchia, and Thomas Lund of creating ├â┬ó├óÔÇÜ┬¼├àÔÇ£materially false and misleading statements regarding Fannie Mae's exposure to subprime and Alt-A loans├â┬ó├óÔÇÜ┬¼├é┬Ø between 2006 and 2008.

The FDIC launched a suit against 12 banks Friday regarding misrepresentations of residential mortgage-backed securities sold to now-defunct, Alabama-based Colonial Bank. Among those accused are some of the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós largest banks, including JPMorgan Chase, Citi, Bank of America, and Wells Fargo. The 12 banks sold more than $3.88 million in securities to colonial bank, and the FDIC alleges the banks misrepresented several aspects of the loans making up the securities in the lead-up to the financial crisis.

The Consumer Financial Protection Bureau proposed two notices with rules designed to protect homeowners from surprises or mistakes made by their mortgage servicers. CFPB first announced in April that it was considering several proposals to implement requirements laid out in the Dodd-Frank Act, the bill that created the bureau. The bureau reached out to consumer groups, small servicers, industry stakeholders, and government agencies for input. CFPB refined its earlier ideas in response to the feedback.

The Mortgage Bankers Association is welcoming a new partner, recently announcing that United States Appraisals has joined the group's membership. United States Appraisals' standing with the District of Columbia-based MBA is effective immediately. United States Appraisals' standing with the District of Columbia-based MBA is effective immediately. "We are very pleased to align ourselves with an organization like the MBA," stated Aaron Fowler, president of United States Appraisals.

The Office of Mortgage Settlement Oversight recently chose five new firms to serve as its eyes and ears on the ground as the $25 servicer settlement grinds forward. The new secondary professional firms ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô including BKD, LLP; Baker Tilly Virchow Krause, LLP; Crowe Horwath, LLP; Grant Thornton, LLP; and McGladrey, LLP ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô will assist settlement monitor Joseph A. Smith, Jr., over the next three and a half years. Each firm will assist BDO Consulting, a division of BDO USA, LLP, and the primary professional firm responsible for evaluations.

Genworth Financial's U.S. Mortgage Insurance (USMI) division has initiated two key management changes. The company recently announced the promotion of John Clifford to senior vice president of commercial operations, as well as the return of Matt Young, who will rejoin USMI as its senior vice president of sales.

Even television stars are feeling the impact of the housing crisis. In Malibu, California, former soap opera star Jackie Zeman is fighting off foreclosure, recently listing her posh pad for $2.699 million.

Though the United Kingdom is currently in the spotlight as host for the 2012 Olympic Games, British lenders have their own reason to celebrate this summer, following the release of a study that shows a significant uptick in first-time homebuyers. The Council of Mortgage Lenders in Manchester, England, is reporting that the number of first-time mortgage loan recipients in the country is up 22 percent year-over-year.