Tag Archives: Processing

The directorship of the Federal Agricultural Mortgage Corporation (Farmer Mac) has appointed a new leader for the company. Naming Timothy L. Buzby as as president and CEO, Farmer Mac's board announced that the industry veteran's term was effective immediately.

Mortgage fraud reports dropped year-over-year by more than 40 percent in the second quarter even as total suspicious activity rose, the Financial Crimes Enforcement Network (FinCEN) reported in a release. The network revealed 17,476 filers submitted mortgage loan fraud (MLF) suspicious activity reports (SARs) in the year's second quarter, a 41 percent drop from 29,558 reports during the same period in 2011. Reports related to MLF made up an 8 percent share of all SAR reports.

The National Association of Mortgage Field Services re-elected VP of White Van Real Estate Services, Kris Katoa, for a third term as a board member. Katoa has been a member of NAMFS for more than 13 years and previously served two terms on the organization's board and on the committee for its 2011 National Conference.

Wells Fargo has been ramping up its lobbying activities over the past several years. After spending just $620,000 on lobbying in 2002, a decade later the bank's spending is in the millions, according to data from the Center for Responsive Politics. Housing followed finance as the second-most lobbied issue by Wells this year. In fact, the Housing Finance Reform Act of 2011 continues to be one of the top lobbied bills by the bank: Wells mentioned the bill in four reports throughout 2011, making the bank one of the most active clients for that piece of legislation.

Optimism among bankers continued to rise in the year's third quarter, according to survey results released by the Professional Risk Managers' International Association (PRMIA). The survey, conducted by PRMIA for FICO, showed that the majority of bank risk professionals expect mortgage loan delinquency to either fall or remain the same. PRMIA called the drop in delinquency predictions "encouraging," as sentiment on delinquency usually experiences a dip in the third quarter.

Consumer optimism about the housing market and homeownership improved substantially in September, Fannie Mae reported. According to the GSE's September 2012 National Housing Survey, upward trends in home prices and downward trends in mortgage rates throughout the summer reinforced positive attitudes about where the market is headed. Confidence about the economy also grew in September, marking a turnaround from a year of pessimism. Regarding the overall economy, 41 percent of consumers believe the country is on the right track.

Ocwen made some waves when it announced an agreement to acquire Homeward Residential Holdings in a nearly $750 million deal, but Fitch Ratings is doubtful about the move. The ratings agency announced it has placed Ocwen's "B" long-term Issuer Default Rating (IDR) on Rating Watch Negative following the financial corporation's announcement.

In September, Mortgage Guaranty Insurance Corporation (MGIC) wrote $2.2 billion in primary mortgage insurance.

John L. MacFarland is joining Stewart National Title Services as a national business development representative. In his new role, he will work to bring in new commercial business with particular focus on initiating business in the Midwest.

Another major bank took a hit as the National Credit Union Administration (NCUA) filed a lawsuit against Credit Suisse Securities.