Tag Archives: Lenders & Servicers

The 30-year fixed-rate mortgage slipped to 3.42 percent this week as market watchers waited for news about the economy. Zillow found the benchmark home loan falling from 3.44 percent last week, only after peaking at 3.47 percent on Wednesday. Interest rates for the 15-year fixed-rate mortgage averaged 2.76 percent, while those for 5-year and 1-year adjustable-rate mortgages hovered around 2.4 percent. Mortgage rates zigzagged across much of the rest of the country, falling 12 basis points in New York but rising by three basis points in Illinois.

CoreLogic announced an enhanced version of its OnSite report. OnSite Plus provides an overall condition rating based on two things: a patent-pending algorithm and an inspection by a licensed real estate professional.

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.

Limited inventory may be boosting home prices, but buyer choices are stifled in an increasing number of markets, the National Association of Realtors reported Thursday. The association├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós latest quarterly report showed that the median existing single-family home price increased during Q2 in 110 out of 147 metropolitan statistical areas compared to the same period in 2011. Of the remaining 37 MSAs, 34 posted price declines, and three remained unchanged. The national median existing single-family home price was $181,500 in Q2.

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.

Radian Guaranty Inc. released data for primary mortgage insurance delinquencies for July, revealing growth in primary new insurance and a drop in delinquent loans. According to the release, Radian wrote $3.37 billion in primary new insurance for the month of July, an increase from $3.08 billion in June. In addition, loan delinquency was down in July, with primary delinquent inventory falling to 97,012 from 98,450 the month before. This release followed a more dismal earlier report on the company's second-quarter financial earnings.