Existing-home sales in July rose to their highest level in five months, according to a report released by the National Association of Realtors (NAR) today. The NAR checked the seemingly good news by noting though that overall sales have hovered in a relatively narrow range for the past 11 months.
Read More »Williams & Williams Outfits Overstock.com With Real Estate Auctions
Overstock.com, Inc. announced the addition of auction sales to its real estate platform this week, and said it has joined with real estate auction company Williams & Williams as its online auction source provider.
Read More »FHA Strengthens Loss Mitigation Program
The Federal Housing Administration has announced several changes to its loss mitigation program that the agency says will strengthen both its loan modification and partial claim initiatives. The changes, which are effective immediately, address borrowers who are facing severe defaults, and are designed to give mortgagees additional latitude to help borrowers cure defaults and retain homeownership.
Read More »Pennsylvania Mortgage Brokerage Accused of Fraud, Loses License
The Pennsylvania Department of Banking announced this week that it has rescinded the mortgage licenses of NorthStar Mortgage LLC because of alleged fraud committed by the company’s employees. Pennsylvania’s Secretary of Banking Steve Kaplan said the action against NorthStar Mortgage, which has central offices in Northampton and Chester counties, means the mortgage broker can no longer do business in Pennsylvania.
Read More »ComplianceEase Enables State Mortgage Regulators to Automate Compliance Exams
ComplianceEase announced the initial release of two new automated mortgage compliance solutions at the American Association of Residential Mortgage Regulators (AARMR) Annual Regulatory Conference in Minneapolis this week.
Read More »VA Raises Home Loan Ceilings in Many Areas
The Department of Veterans Affairs announced this week that it will raise ceilings on its no-down payment home loans, from the current $417,000 to as much as $729,000, in certain locations. The increases are effective immediately under legislation recently enacted by President Bush’s signing of the Housing and Economic Recovery Act of 2008.
Read More »FDIC Modifying IndyMac Mortgage Loans
The Federal Deposit Insurance Corporation (FDIC) announced yesterday that IndyMac Federal Bank, FSB will implement a new program to systematically modify the bank’s troubled mortgages. Federal regulators hope this effort will serve as a model to other industry players for assisting growing numbers of distressed homeowners.
Read More »Mortgage Rates Down, According to Freddie Mac Survey
Freddie Mac released the results of its weekly Primary Mortgage Market Survey (PMMS) today, which showed long-term rates dipped slightly from figures reported last week. The 30-year fixed-rate mortgage (FRM) averaged 6.
Read More »Homes More Affordable for Third Straight Quarter, According to New Report
Homes became more affordable across the country for the third consecutive quarter, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index released this week.
Read More »Fannie Mae Spurns New York Subprime Loans
Fannie Mae announced this week that it will no longer purchase or securitize any mortgage loan from the state of New York that meets the definition of a subprime home loan under New York law, regardless of whether any provision of the law is preempted by federal law with respect to a particular mortgage or for a particular originator.
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