Tag Archives: Investors

Clearer monthly mortgage statements, warnings before interest rates adjust, quick correction of errors ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô these are among the proposed rules for mortgage servicers from the Consumer Protection Financial Bureau. The ratings agency stated one key change with the proposed CFPB rules is that it applies to banks and nonbanks of all sizes and types, and for smaller institutions, the impact of compliance costs is believed be even greater compared to the largest banks.

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.

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.

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.

Strong employment reports boosted mortgage rates back up for the second week in a row, Freddie Mac reported Thursday. The GSE's Primary Mortgage Market Survey shows the 30-year fixed averaging 3.59 percent for the week ending August 9, an increase from 3.55 percent the previous week. The 15-year fixed also posted gains, averaging 2.84 percent for the week, up from 2.83 percent a week ago. The 5-year adjustable-rate mortgage followed, increasing to 2.77 percent from 2.75 percent the week before.