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New TILA Rules Take Effect End of Month

Revised disclosure requirements under the Truth in Lending Act (TILA) will become effective July 30. Some industry experts say the new rules and procedures are complex and could potentially delay the mortgage application and approval process as lenders struggle to comply.

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LPS Launches New Refinance Suite

Lender Processing Services, Inc. (LPS), a technology provider to the mortgage and real estate industries headquartered in Jacksonville, Florida, announced this week that its RediRefi suite of solutions is now available to help lenders manage capacity challenges associated with loan refinancing.

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FBI: Mortgage Fraud Proliferating Rapidly

Mortgage fraud continues to escalate as troubles in the housing sector deepen. According to the 2008 Mortgage Fraud Report released this week by the Federal Bureau of Investigation (FBI), fraud can be blamed for billions of dollars in losses in the mortgage industry.

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Mortgage Rates Drop Lower This Week

Mortgage rates across the board fell this week, amid concerns of a weakening labor market and rising unemployment numbers. It was the second week in a row of declines, with the average rate for 30-year mortgages hitting its lowest level in six weeks.

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Treasury Names PPIP Fund Managers

The U.S. Treasury Department announced the names of nine asset managers it has selected to run the public-private partnership funds that will buy up so-called toxic, underperforming mortgage-backed securities (MBS) — assets that have been blamed for draining markets of much-needed liquidity.

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Home Equity Delinquencies Hit Record High

Reflecting continued weakness in the housing sector, delinquencies in the home equity category reached record-high levels during the first three months of the year, according to the quarterly Consumer Credit Delinquency Bulletin issued by the American Bankers Association (ABA) this week.

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Prommis, Radian Team to Stop Foreclosures

Atlanta’s Prommis Solutions and Philadelphia-based Radian Guaranty, Inc. are working together to offer assistance to thousands of Americans who are in jeopardy of losing their homes through foreclosure.

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