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Mortgage

Mortgage

MBA Sends Letter to Fed Requesting Written Guidance on Loan Officer Compensation and Steering...

WASHINGTON, D.C. - December 17, 2010 - (RealEstateRama) -- On Thursday, December 16, 2010, the Mortgage Bankers Association (MBA) sent the attached letter to Ben Bernanke, Chairman, and Saundra Bernstein, Director, Consumer and Community Affairs Division, of the Federal Reserve, requesting written guidance to help the industry implement the Board’s final rule on loan originator compensation and steering published on September 24, 2010.

FTC Staff Submits Comments to Federal Reserve on Making Fair Lending Law Stronger; FTC...

WASHINGTON, D.C. - December 17, 2010 - (RealEstateRama) -- The Federal Trade Commission staff has submitted comments to the Federal Reserve Board recommending ways the Board could strengthen the rules under the Home Mortgage Disclosure Act, which requires some mortgage lenders to collect and report loan data that the government uses to analyze whether they are complying with fair lending laws

Bankrate: Mortgage Rates Hit 5%

NEW YORK, N.Y. - December 16, 2010 - (RealEstateRama) -- Mortgage rates soared again this week, with the average rate on the benchmark conforming 30-year fixed mortgage rate rising to 5 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.40 discount and origination points.

Mortgage Rates Continue to Climb

McLean, VA - December 16, 2010 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which found that both fixed- and short-term mortgage rates continued to rise this week. This was the fifth week in a row where fixed-rate mortgage rates were up

Mortgage Applications Decrease in Latest MBA Weekly Survey

WASHINGTON, D.C. - December 15, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending December 10, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 2.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2.7 percent compared with the previous week.

Freddie Mac Will Not Issue a Reference Notes® Security on December 15, 2010

McLean, VA - December 15, 2010 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) announced today that it will not issue a Reference Notes® security on December 15, 2010. The company’s 2010 Reference Notes calendar designates dates that it may use to announce the issuance of Reference Notes securiti

ABA FILES AMICUS BRIEF OPPOSING OVERTIME REGULATIONS FOR MORTGAGE LOAN OFFICERS

December 15, 2010 - (RealEstateRama) -- "ABA, along with other financial trade associations, filed an amicus brief yesterday in opposition to applying overtime regulations to most bank employees who originate residential mortgages. The amicus was filed in the case of Henry vs. Quicken Loans in the United States District Court of Eastern Michigan. "The amicus brief argues that the new Administrator's Interpretation marked a sudden and dramatic shift in the Dept. of Labor's position that is inconsistent with the regulations that it seeks to interpret, and that the sudden and dramatic reversal of course results in an unfair surprise to employers who have reasonably relied on the Dept. of Labor's prior interpretations.

ABA SUBSIDIARY OFFERS COMMUNITY BANKS WHOLESALE LENDING OPPORTUNITY WITH U.S. BANK HOME MORTGAGE

WASHINGTON, DC - December 15, 2010 - (RealEstateRama) -- Business Solutions, a subsidiary of the American Bankers Association, has entered into an exclusive two-year arrangement with U.S. Bank Home Mortgage that will provide member banks with a competitively-priced outlet for the sale of wholesale loans

Mortgage Fraud Suspicious Activity Reports Rise 7 Percent Increase in the First Half of...

VIENNA, VA - December 14, 2010 - (RealEstateRama) -- The Financial Crimes Enforcement Network (FinCEN) today released two mortgage fraud reports entitled Mortgage Loan Fraud SAR Filings, which together cover the first six months of 2010; one report covers January through March 2010, and the other covers April through June 2010.

Research Shows High Levels of Consumer Satisfaction With Reverse Mortgages

December 14, 2010 - (RealEstateRama) -- NRMLA, last week, published independent research showing high levels of satisfaction among seniors with reverse mortgages and equally positive numbers indicating borrowers understood the transaction they were getting into and felt no pressure getting a loan.

Commercial/Multifamily Mortgage Debt Outstanding Down 1.3 Percent on Bank and CMBS Balances in 3Q...

Washington, DC - December 14, 2010 - (RealEstateRama) -- The level of commercial/multifamily mortgage debt outstanding decreased in the third quarter, to $3.2 trillion, according to the Mortgage Bankers Association’s (MBA) analysis of the Federal Reserve Board Flow of Funds data.

MBA Study Shows Mortgage Banker Production Profits Improved with Higher Refinancing Activity in Third...

WASHINGTON, DC - December 14, 2010 - (RealEstateRama) -- Independent mortgage banks and subsidiaries made an average profit of $1,423 on each loan they originated in the third quarter of 2010, up from $917 per loan in the second quarter of 2010, according to the Mortgage Bankers Association (MBA)’s 3rd Quarter 2010 Mortgage Bankers Performance Report released today.

DOJ Lending Case Highlights Abuses on FHA Mortgages

WASHINGTON, D.C. - December 10, 2010 - (RealEstateRama) -- The Department of Justice $2 million settlement with PrimeLending spotlights serious problems on loans insured by the Federal Housing Administration (FHA). The case found inconsistent and abusive pricing on loans to African-American borrowers, revealing that it’s far too easy for lenders making government-backed loans to overcharge home buyers.

Bond Yields Rise and So Do Mortgage Rates

McLean, VA - December 9, 2010 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which found that once again, both fixed- and short-term mortgage rates rose this week. This was the fourth week in a row where fixed-rate mortgage rates were up.

MBA Launches Council on Residential Mortgage Servicing for the 21st Century

WASHINGTON, D.C. - December 9, 2010 - (RealEstateRama) -- Michael D. Berman, CMB, Chairman of the Mortgage Bankers Association (MBA) and John A. Courson, MBA's President and CEO, announced today the MBA has assembled a task force of key MBA members to examine and issue recommendations for the future of residential mortgage servicing. The Council on Residential Mortgage Servicing for the 21st Century will be led by Debra W. Still, CMB, President and Chief Executive Officer of Pulte Mortgage LLC of Englewood, CO and MBA's Vice Chairman.

HUD TO INVESTIGATE ALLEGATIONS THAT 22 BANKS AND MORTGAGE LENDERS DISCRIMINATE AGAINST AFRICAN AMERICAN...

WASHINGTON, DC - December 9, 2010 - (RealEstateRama) -- The U.S. Department of Housing and Urban Development announced today that it is launching multiple investigations into the practices of certain mortgage lenders to determine if their home loan policies illegally deny qualified African American and Latino borrowers access to credit.

Justice Department Reaches Settlement with National Mortgage Lender to Resolve Allegations of Lending Discrimination

WASHINGTON, DC - December 8, 2010 - (RealEstateRama) -- PrimeLending, a national mortgage lender with 168 offices in 32 states at the end of 2009, has agreed to pay $2 million to resolve allegations that it engaged in a pattern or practice of discrimination against African-American borrowers between 2006 and 2009.

Leader of Mortgage Fraud Ring Sentenced to 6 ½ Years in Prison and Ordered...

BIRMINGHAM, AL - December 8, 2010 - (RealEstateRama) -- A federal judge today sentenced the leader of a mortgage fraud ring in Jefferson County to 6 ½ years in prison, announced U.S. Attorney Joyce White Vance, FBI Special Agent in Charge Patrick Maley and Department of Housing and Urban Development Acting Inspector General Michael Stephens.

HOPE NOW: Mortgage Industry has Completed More Than 1.5 Million Loan Modifications for Homeowners...

WASHINGTON, DC - December 8, 2010 - (RealEstateRama) -- HOPE NOW, the private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, released its October 2010 survey data today which estimates the industry completed more than 1.54 million permanent loan modifications for at-risk homeowners from January through October 2010.

Mortgage Applications Decrease in Latest MBA Weekly Survey

WASHINGTON, D.C. - December 8, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending December 3, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 0.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 22.8 percent compared with the previous week, which included the Thanksgiving Holiday.