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 »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The Pennsylvania Department of Banking announced this week that it has rescinded the mortgage licenses of NorthStar Mortgage LLC because of alleged fraud committed by the company’s employees.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 »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 »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 »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 »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 »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.
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 »LenderLive Automates Workout Analysis
LenderLive Network, Inc., a business process outsourcing and technology provider for the financial industry, has launched a portfolio analysis tool that automates early workout determination. In a press statement announcing the new technology, LenderLive explained that it leverages the company’s proprietary product eligibility engine to improve the efficiency of determining the alternative loan product or loan modification that is most appropriate for borrowers whose mortgages are at risk.
Read More »REO and Overall Home Sales Up in California, DataQuick Report Says
According to a report released by MDA DataQuick today, 44.8 percent of properties sold in California during July were REOs, up from 42.5 percent in June. Only 7.6 percent of California home sales were comprised of REO properties in July of 2007.
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