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Author Archives: Kerri Panchuk

HUD, Florida Settle with First American

The U.S. Department of Urban Development (HUD) issued a press release saying the agency and two Florida regulators have agreed to let First American Title Co. pay a $5 million settlement to the agencies related to a case in which the title insurance company is accused of creating partnerships with entities that were acting as title insurance agencies when in fact First American was performing the services offered.

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NAMB: H.R. 3915 is Keeping Yield Spread Premiums

The Mortgage Reform and Anti-Predatory Lending Act of 2007—or H.R. 3915— not only passed the U.S. House of Representatives Thursday, it managed to gain the approval of at least one agency that previously criticized the bill.

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Virginia Announces New Foreclosure Prevention Task Force

Virginia Governor Timothy Kaine announced the creation of a statewide foreclosure prevention task force this week. Through the task force, the state aims to educate borrowers while also analyzing data and seeking new solutions that can aid distressed homeowners throughout the state.

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MBA: Not Happy About House Bill?s Passage

The controversial house reform bill, H.R. 3915, passed the U.S. House of Representatives Thursday with a vote of 291-127. Otherwise known as the Mortgage Loan Reform and Anti-Predatory Lending Act of 2007, the bill has been extensively criticized by mortgage associations for eliminating tools that expand homeownership; thereby making it more expensive for consumers.

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First American First Lien Partners with NBS

First American Lien Outsourcing, a part of The First American Corp. family of companies, has partnered with National Bankruptcy Services (NBS) to ensure the companies’ clients have immediate access to two platforms that together can offer comprehensive default management and adminstrative outsourcing solutions.

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ProVest Names V.P. of Client Relations

Process servicing provider ProVest named Neil Heath vice president of client relations. Heath, who joined the company in 1991, will focus on helping clients fully utilize and implement the services ProVest has to offer, while also taking on the responsibility of keeping clients in the know when it comes to product developments, enhancements and changes occurring in the industry.

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Controversial H.R. 3915 Hits the House Floor

A house reform bill that has raised a few eyebrows in the mortgage banking industry is scheduled to hit the house floor today. Reform bill H.R. 3915 — otherwise known as the Mortgage Reform and Anti-Predatory Act — aims to implement new lending standards that are designed to protect borrowers while also curtailing predatory lending in the mortgage market.

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HSBC Sees Deterioration in Housing Market

HSBC Holdings plc, one of the world’s largest banking and financial services platforms, reported Wednesday that its before tax profit in the third quarter of 2007 is showing improvement when compared to the same period last year.

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What do Stockton, Detroit & Riverside Have In Common?

Irvine, California-based RealtyTrac, a provider of foreclosure information and a marketplace for REO/foreclosed properties, released Wednesday its third quarter 2007 Metropolitan Foreclosure Market Report, which shows the metropolitan areas of Stockton, California; Detroit, Michigan; and Riverside-San Bernardino, California, recording the highest foreclosure rates out of the 100 metropolitan areas surveyed.

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