The National Housing Survey from Fannie Mae contains data that suggests that homeowners who are underestimating how much equity they have in their homes may also be underestimating in other areas, such as how large of a downpayment they could make with that equity; their chances of qualifying for a mortgage, assuming they need a large downpayment; and their opportunities for selling their house and buying another one.
Read More »Third Circuit Court Rules in MERS’ Favor in Pennsylvania County Recording Case
The U.S. Court of Appeals for the Third Circuit on Monday ruled in the favor of MERSCORP Holdings that the company was not duty-bound by the Pennsylvania recording statute to record all land conveyances, according to an announcement from MERS.
Read More »Industry Analyst Defends Massive Pay Hike for Fannie Mae and Freddie Mac CEOs
The cap eliminated by Watt slightly more than a month ago was put in place three years ago by then-acting FHFA director Ed DeMarco as a compromise between satisfying the demand for a reduction in those executive salaries while the GSEs remained under conservatorship of the FHFA and maintaining adequate pay for line staff, according to Rood.
Read More »Goldman Sachs Agrees to $270 Million RMBS Settlement with Pension Funds
In August 2014, Goldman agreed to pay $3.15 billion to settle a lawsuit filed by the Federal Housing Finance Agency (FHFA) alleging that Goldman sold toxic RMBS to Fannie Mae and Freddie Mac, for which FHFA is the conservator.
Read More »Brady & Kosofsky Receives Certifications for Two Compliance Audits
Matthews, North Carolina-based full service real estate title, REO, loss mitigation and closing law firm Brady & Kosofsky PA has announced it received two certifications as a result of recent service auditor's reviews, the Service Organization Controls (SOC) 2 Type II and the American Land Title Association (ALTA) Best Practices.
Read More »Number of Underwater Borrowers is Declining at an Accelerated Pace
Though three million borrowers nationwide remain underwater, representing about 6.1 percent of the active mortgage universe, the number of underwater borrowers is down about 79 percent from the peak of 15 million in 2010, according to Black Knight.
Read More »Freddie Mac Completes NPL Sale With $591 Million in UPB
About 28 percent of the aggregate pool balance consisted of previously modified mortgages that subsequently became delinquent, according to Freddie Mac. The transaction is part of Freddie Mac's Standard Pool Offerings (SPOs) and is expected to settle sometime in mid-September.
Read More »Fannie Mae’s Mortgage Portfolio Contracts at Double-Digit Rate for Third Straight Month
Though the value of Fannie Mae's Book of Business remained relatively flat from May to June, the GSE's gross mortgage portfolio took another tumble, falling another $5 billion down to a total value of about $390 billion, according to Fannie Mae's June 2015 Monthly Volume Summary released Friday.
Read More »Monitor Credits Bank of America with $1.19 Billion Toward Settlement Obligation
Green reported that most of the $1.181 billion credit Bank of America was credited with in Q1 was based on 2,938 first lien principal forgiveness loan modifications. Those modifications, which include principal forgiveness, interest rate reduction, and bringing loans current without penalty, are intended to make mortgages more affordable for struggling homeowners.
Read More »WaterfallCalc.com Upgrades Loss Mitigation Software
WaterfallCalc.com, an affordable, user-friendly loss mitigation waterfall calculator designed to meet the needs of all FHA mortgage servicers, has released Version 2.0 of its popular software, according to an announcement from the Grand Rapids, Michigan-based company.
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