News

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.

One of the enduring legacies of the mortgage crisis is the lack of standardization in the residential mortgage-backed securities (RMBS) market, particularly as they relate to warranties and repurchase enforcement mechanisms.

Three attorneys from the Fayetteville, North Carolina-based Hutchens Law Firm were recently appointed to leadership positions at various organizations within the community.

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

The number of housing markets that have returned to their last normal levels of economic activity remained flat in August, marking a stall as the recovery comes down to a slower pace.

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.

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.

Less than two years after being confirmed as the head of the Federal Housing Administration (FHA), Commissioner Carol Galante is making plans to step down from her post.

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.

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.