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Tag Archives: mortgage

Wells Fargo Litigation Moves Forward

A New York federal judge said that Wells Fargo must face litigation seeking to hold the bank accountable for billions of dollars in claimed investor losses as trustee of residential mortgage-backed securities, saying the investor funds more than met the pleading the standard. The plaintiffs, including BlackRock Inc, Pacific Investment Management Co, Prudential Financial Inc, and TIAA-CREF, can pursue breach of contract and conflict of interest claims related to 53 trusts, said U.S. District Judge Katherine Polk Failla.

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Fannie Mae Sees Decreases in Monthly Summary

Fannie Mae recently released its Monthly Summary for February 2017. Fannie Mae’s gross mortgage portfolio decreased for at a compound annualized rate of 16.9 percent for the month, while the GSEs Conventional Single Family Delinquency Rate stayed much the same month-over-month.

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Consumer Confidence Doesn’t Reflect Facts

More consumers believe they would get rejected for a mortgage, but recent data shows different. While 41.4 percent of consumers felt like they would be rejected if they were to apply for a mortgage, February data shows that only 13.3 percent of mortgage applications get rejected.

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Fraud in Loan Apps Up in February

More lenders in February saw defects in mortgage applications compared to January, according to a new report by First American Financial Corp. The firm’s chief economist cited rising interest rates as the likely culprit. As rates rise, more borrowers are seeking ARMs, which are inherently riskier and, thus, ripe for more misrepresentation.

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