Headlines

The Consumer Financial Protection Bureau (CFPB) ordered 1st Alliance Lending, LLC (First Alliance) to pay an $83,000 civil money penalty for violating federal law. The company illegally split real estate settlement fees, leading to the CFPB ordered payout. First Reliance self-reported the violations to the Bureau, admitted liability, and provided information related to other actors that helped facilitate other investigations.

Fannie Mae released its weekly yield for February 17, through February, 21. For 15-year, fixed-rate mortgages, the current market yield is noted was 2.970, up from the previous weeks figure of 2.870. The 15-year mortgage has increased from 2.310 a year ago. The Fannie Mae release comments that all yields are quoted on a net basis, and servicing fees are not included.

Chief economist at CoreLogic, Mark Fleming, notes new factors affecting a homeowners ability to buy a home. The ability for a prospective buyer to purchase a home depends greatly on whether the buyer already owns a home, a report released Thursday notes. The market is being affected by the intersection of rising home prices, rising interest rates and stagnating incomes, which puts first-time buyers behind the curve that has benefitted them greatly since 2007.

Carrington Property Services announced Friday its bullish outlook for 2014, citing predictions that the single-family/rent-to-own business market will exceed $15 billion. In the release, the company noted that it provides "third party property management services and/or components of property management, due diligence and valuation services to the banking/mortgage segment."

The Mortgage Bankers Association (MBA) released its National Delinquency Survey Thursday, reporting the seasonally adjusted rate for delinquent mortgages is 6.39 percent, the lowest level since 2008. The figure represents mortgage loans for 1 to 4 unit residential properties, and takes into account all loans outstanding at the end of the fourth quarter of 2013.

A new report by the National Association of Realtors (NAR) attributes a slumping January for home sales to a myriad of factors. Some of the culprits to blame include freezing weather, tight credit, limited inventory, higher prices, and higher mortgage interest rates. According to NAR, last month's sales activity was the slowest since July 2012, when transactions stood at a rate of 4.59 million.

Stewart Lender Services, a provider of servicing and mortgage origination support services, announced Wednesday the new Servicing Quality Control service offering for mortgage servicers. Stewart's servicing quality control will be offered through its Capital Markets Group based in Denver.

Fannie Mae released its Comprehensive Income Statement for the fourth quarter of 2013, noting a quarterly net income of $6.5 billion. It was the eighth consecutive quarterly profit for the government-sponsored enterprise (GSE), resulting in a large dividend payment to the U.S. Department of the Treasury.

After Consumer Financial Protection Bureau (CFPB) Deputy Director Steven Antonakes decried mortgage servicers for not doing enough to mend the industry after the recent housing crisis, one industry leader called his comments "inflammatory and without benefit to the audience."

Virpack has released version 3.3 of its Document Management and Delivery System. The Virginia-based company announced in a press release that the new version is “designed to make a real difference to lenders because they reduce labor costs, improve accuracy, and increase origination and delivery efficiencies.”