Tag Archives: Attorneys & Title Companies

Two law firms have joined to file a class action lawsuit against the United States government, alleging it violated the Fifth Amendment when it took the GSEs into conservatorship.

First Guaranty Mortgage Corp. (FGMC) announced it has added a division in its Third Party Originator (TPO) created to focus on United States Department of Agriculture (USDA) Rural Housing Program loans as well as manufactured housing loans under Federal Housing Administration (FHA), Veterans Affairs (VA), and conventional loan programs.

A majority of people applying for mortgage loans online are applying during work hours, according to a recent survey by MortgageMarvel.com.

Mortgage fraud risk edged up slightly in the first quarter of 2013, Interthinx revealed in its latest quarterly Mortgage Fraud Risk Report. California was the riskiest state in the nation, boasting a mortgage fraud risk index of 125. The report also shows that purchase mortgages have a higher fraud risk than refinances, with index values of 118 and 88, respectively. In addition, 10 states are in the "very high risk" category when considering only purchase loans.

After falling throughout May, mortgage application volume rose for the first week of June, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey. The survey's Market Composite Index, a measure of loan application volume, increased 5.0 percent for the week ending June 7, MBA reported. Unadjusted, the index rose 16 percent. The previous week's results included an adjustment for the Memorial Day holiday. The increase in application volume came despite continued rises in rates.

While a new bill proposing the liquidation of the GSEs might have investors unsure about their future, analysts at Barclays insist there is little to worry about for the time being. The bill, authored by Sens. Bob Corker (R-Tennessee) and Mark Warner (D-Virginia) and titled the "Secondary Mortgage Market Reform Act of 2013," represents a major bipartisan step for housing finance reform. However, the team at Barclays believes the legislation may not go anywhere in its current form.

Redfin agents reported 69.5 percent of offers written in May faced competition, a decrease from 73.3 percent in April.

DataQuick, a real estate solutions provider, announced the promotion of Rich Kuegler to SVP of branch production for DataQuick Title (formerly Rels Title).

Out of San Diego, BankersLab announced the launch of Bank-it: Credit Edition, the latest in its suite of mobile learning apps for retail lending professionals.

The Consumer Reports Trouble Tracker Index, which measures the proportion of consumers that have faced financial difficulties and the number of events they've encountered, fell sharply from 41.7 in the last report to 34.0--the lowest level since the measure was created. As of the latest report, the tracker has fallen more than 50 percent from its reading of 68.7 in September 2009. At the same time, the index's employment measures showed job gains outpacing losses for the third straight month.