The Consumer Financial Protection Bureau (CFPB) announced that it has ordered California-based residential mortgage lender Franklin Loan Corporation to pay $730,000 in restitution for rewarding its employees with bonuses for suggesting loans with higher interest rates to borrowers.
Read More »California Judge Dismisses $16 Million Verdict Against Servicer
A California judge dismissed a $16.2 million verdict a jury awarded to a California homeowner in July after the homeowner sued mortgage servicer PHH Mortgage to stop foreclosure proceedings on his home.
Read More »Housing Market Cools Off as Inventory Slows
The number of listings last month was approximately 1.87 million, down 2.7 percent annually and 7.9 percent monthly. The decline compares to Redfin's latest analysis, which showed an unexpected bump in inventory from new listings. Redfin's data measures a narrower list of markets nationwide.
Read More »California Ranks Fourth in Home Flipping Despite Drops in Average Gross ROI, Profit
Despite seeing a decline in average gross ROI and average gross profit on flipped homes, California still ranked fourth among the 50 states and District of Columbia in flipped homes as a percentage of total sales in Q2, according to RealtyTrac.
Read More »California Man Convicted for Multi-Million ‘Mortgage Loan Reduction’ Scam
A California man was convicted on several counts of fraud relating to a mortgage scam earlier in the week, Special Inspector General for the Troubled Asset Relief Program (SIGTARP) Christy Romero announced earlier this week.
Read More »Fay Servicing Adds RES.NET’s REO Portal to Manage Portfolio
RES.NET, a California-based software applications firm serving the real estate industry, has partnered with Fay Servicing to provide Fay's clients access to RES.NET's expansive network of agents and vendors through the company's REO Portal.
Read More »Investors Skeptical of Fed Rate Increase Forecast
In their latest economic projections from June, the members of the Federal Open Market Committee (FOMC) projected a median federal funds rate of 1 percent at year-end 2015 and 2.5 percent at the end of 2016. Based on their own modeling, the analysts say investors put the probability of the federal funds rate hitting the FOMC's target next year at 31 percent, with 2016's projected rate having a 27 percent probability.
Read More »Man Sentenced to 35 Years for ‘Foreclosure Rescue’ Fraud
One of 17 defendants in a "foreclosure rescue" fraud case received a 35-year prison sentence for his role in the scam, according to a statement from Benjamin B. Wagner, U.S. attorney for the Eastern District of California.
Read More »California Home Sales Still Slow Despite 3.9 Percent Jump
Single family home and condominium sales in California experienced a month-over-month increase of 3.9 percent for July but saw a 9.2 percent decline year-over-year, according to PropertyRadar's July 2014 Real Property Report for California. Sales for single family homes and condos for the first seven months of 2014 year-to-date are at their lowest levels since 2008, the report stated.
Read More »Demand for Compliance Services Grows
The Compliance Group has announced that its list of clients expanded by 20% in the second quarter of 2014, evidencing the fact that demand for compliance services grew.
Read More »