The Kroll Bond Rating Agency recently released a study saying it does not believe there will not be any GSE reform for the housing finance market until at least 2016 and that lenders and investors should operate as if they do not expect such reform to happen for many years.
Read More »Online Lender Ordered to Pay $19.3 Million in Bait-and-Switch Scheme
The Consumer Financial Protection Bureau (CFPB) announced on August 12 that it had levied $19.3 million in penalties against Atlanta-based online lender AmeriSave Mortgage Corporation for engaging in a bait-and-switch scheme that allegedly cheated consumers out of millions.
Read More »Hutchens Law Attorneys Appointed to Community Leadership Positions
Three attorneys from the Fayetteville, North Carolina-based Hutchens Law Firm were recently appointed to leadership positions at various organizations within the community.
Read More »Massachusetts Court Affirms MERS Ability to Assign Title
Massachusetts became the latest state to award victory to MERSCORP Holdings, Inc., in a series of lawsuits challenging MERS' authority to assign titles. MERS announced on August 12 that the Commonwealth of Massachusetts Superior Court issued a ruling in Gardner v. Mortgage Electronic Registration System, Inc., that MERS could act as the mortgagee even though it is not the holder of the note
Read More »Significant Amount of HELOC Balances May Be at a High Risk of Default
A recently released study by TransUnion reported that approximately $50 billion to $79 billion in outstanding Home Equity Lines of Credit (HELOC) balances reported at the end of 2013 could be a high risk to default in the next few years.
Read More »Florida Based Services Firm Reports Q2 Net Loss
Walter Investment Management Corp., a Tampa, Florida-based services business that offers solutions to owners of subprime and other asset-light mortgage platforms, announced in its quarterly financial report released on August 11 that the company experienced a GAAP net loss of $12.9 million for Q2 2014.
Read More »Florida Focus: Negative Equity Rate in Tampa Bay is Problematic
While the national negative equity rate continues to fall (down to 18.8 percent, according to the Zillow Q1 2014 Negative Equity Report), many neighborhoods in the Tampa Bay area of Florida are well above that rate. Some areas in Tampa Bay even fall within the highest rates in the country.
Read More »Axios Offers New Appraisal Option to Clients
Axios Valuation Solutions, a wholly owned subsidiary of eMortgage Logic and is based in Fort Worth, Texas, is increasing its standing in the mortgage banking and capital markets industries with its Desktop Appraisal, released earlier this year.
Read More »Fifth Third Settles Discrimination Claims with DOJ
Fifth Third Bancorp, Inc. has agreed to pay $1.52 million in a settlement with the U.S. Department of Justice, which charged that Fifth Third discriminated against loan applicants based on disability.
Read More »CMLA Taps Erik Anderson as New President
The Colorado Mortgage Lenders Association (CMLA) has named Erik Anderson as its new president, LenderLive Network, Inc. announced on Aug. 7.
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