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Mortgage

Reverse Mortgages Can Be a Lifeline for Seniors of Modest Means, But Counseling is Critical

June 18, 2013 Posted by

Washington, DC – June 18, 2013 – (RealEstateRama) — The federal reverse mortgage program can be a lifeline for some older homeowners, but consumer protections and comprehensive counseling are critical to protecting seniors and their home equity, the National Council on Aging (NCOA) told Congress today.

Dodd-Frank Mortgage Rules Will Harm Home Ownership, Witnesses Tell Subcommittee

June 18, 2013 Posted by

Washington, DC – June 18, 2013 – (RealEstateRama) — Changes to mortgage lending mandated by the Dodd-Frank Act will make it harder for Americans to own a home and undermine an economic recovery, witnesses told members of the Financial Institutions and Consumer Credit Subcommittee at a hearing today.

NCOA Expert to Testify on Reverse Mortgages

June 17, 2013 Posted by

WASHINGTON, D.C. – June 17, 2013 – (RealEstateRama) — Ramsey Alwin, Senior Director of Economic Security at the National Council on Aging (NCOA), will testify tomorrow before a Senate subcommittee with oversight of the Home Equity Conversion Mortgage (HECM), the federal reverse mortgage program for seniors

Independent Foreclosure Review Payments Exceed $2.4 Billion

June 17, 2013 Posted by

WASHINGTON, DC – June 17, 2013 – (RealEstateRama) — More than 2.7 million checks, totaling more than $2.4 billion, related to the Independent Foreclosure Review (IFR) Payment Agreement have been cashed or deposited through June 13, 2013

House Passes Reverse Mortgage Stabilization Act

June 13, 2013 Posted by

WASHINGTON, D.C. – June 13, 2013 – (RealEstateRama) — In a vote of confidence for HUD and the HECM program, the U.S. House of Representatives on Wednesday passed the Reverse Mortgage Stabilization Act of 2013 (H.R. 2167) by unanimous consent.

RMMI Index Rises Fourth Straight Quarter

June 13, 2013 Posted by

WASHINGTON, D.C. – June 13, 2013 – (RealEstateRama) — The NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) rose by 1.5% in the first quarter of 2013 to 155.0, its highest level since Q1 2009. The RMMI, which analyzes trends in the home values, home equity and mortgage debt of homeowners 62 and older, is updated quarterly and tracks back to the start of 2000

Refinance Volume Remains High In March

June 12, 2013 Posted by

Washington, D.C. – June 12, 2013 – (RealEstateRama) — The Federal Housing Finance Agency (FHFA) today released its March 2013 Refinance Report, which shows that refinance volumes remained high as mortgage rates rose slightly but stayed near historic low levels. Nearly 462,000 refinances took place in March, with nearly 100,000 completed through the Home Affordable Refinance Program (HARP). This brings the number of total HARP refinances to more than 2.4 million since the program’s inception in April 2009

Former Chief Executive of Mortgage Servicing Company Pleads Guilty to Bank Fraud for Scheme to Withhold Funds from Wells Fargo Bank

June 12, 2013 Posted by

WASHINGTON, D.C. – June 12, 2013 – (RealEstateRama) — The former president and chief executive officer of U.S. Mortgage, a loan servicing company in Nevada, pleaded guilty today for his role in a scheme to defraud Wells Fargo Bank out of more than $8 million.

Bipartisan Policy Center to Call for Housing Finance Reform at June 17 Event

June 7, 2013 Posted by

Washington, D.C. – June 7, 2013 – (RealEstateRama) — On Monday, June 17, 2013, the Bipartisan Policy Center (BPC) will host a public forum to call upon Congress and the administration to reform our nation’s housing finance system

CFPB releases exam procedures for new mortgage rules

June 4, 2013 Posted by

WASHINGTON, D.C. – June 4, 2013 – (RealEstateRama) — Today, the Consumer Financial Protection Bureau (CFPB) published the first update to its exam procedures for the new mortgage regulations it issued in January 2013. The exam procedures offer financial institutions and mortgage companies valuable guidance on what the CFPB will be looking for as the rules become effective. The new regulations include those on appraisals, escrow accounts, and compensation and qualifications for loan originators

Home Builders Building Homes that Young Buyers Want, Says NAHB

June 3, 2013 Posted by

WASHINGTON, D.C. – June 3, 2013 – (RealEstateRama) — During National Homeownership Month in June, the National Association of Home Builders (NAHB) is telling young people that the time is right to buy a home, and the nation’s builders are building the homes they want.

Final Mortgage Rules Balance Consumers, Lenders Interests

May 30, 2013 Posted by

WASHINGTON, D.C. – May 30, 2013 – (RealEstateRama) — The final rules issued today by the Consumer Financial Protection Bureau strike the right balance: they safeguard consumers from abusive practices while helping lenders comply with new mortgage lending standards. The rules address two key issues related to the Dodd-Frank Act’s mandate that lenders assess a borrower’s ability to repay, particularly the standards a loan must meet to qualify as a “Qualified Mortgage.” First, they properly prohibit mortgages with higher fees from gaining Qualified Mortgage (QM) status. Second, they tailor the QM standards for small lenders who hold mortgages in portfolio and for other community-based lenders

FHFA Index Shows Mortgage Interest Rates Remain Low in April

May 30, 2013 Posted by

Washington, DC – May 30, 2013 – (RealEstateRama) — National data show interest rates on mortgages are stable at low levels. Contract mortgage interest rates increased slightly in April—up 0.02 percent from March, according to an index of new mortgage contracts.

WOLCOTT RESIDENT PLEADS GUILTY TO PARTICIPATING IN MORTGAGE FRAUD CONSPIRACY

May 24, 2013 Posted by

WASHINGTON, D.C. – May 24, 2013 – (RealEstateRama) — Deirdre M. Daly, Acting United States Attorney for the District of Connecticut, announced that DANIEL MONTEIRO, 34, of Wolcott, waived his right to indictment and pleaded guilty today before United States Magistrate Judge Donna F. Martinez in Hartford to one count of conspiracy to commit bank fraud, wire fraud, and money laundering stemming from a mortgage fraud scheme.

House Lawmakers Express Concern About HECM

May 23, 2013 Posted by

WASHINGTON, D.C. – May 23, 2013 – (RealEstateRama) — While Congress considers legislation that would enable FHA to swiftly implement reforms to help stabilize the HECM program, members of the Housing and Insurance Subcommittee voiced concerns during a hearing last week about the projected losses attributed to HECM and whether FHA should continue playing a role in the reverse mortgage business

NCRC Statement on National Mortgage Settlement Independent Monitor

May 22, 2013 Posted by

WASHINGTON, D.C. – May 22, 2013 – (RealEstateRama) — Today, in reaction to the National Mortgage Settlement Monitor’s latest quarterly update, NCRC President and CEO John Taylor made the following statement:

Lawyers’ Committee Files Fifth California Lawsuit Against Loan Modification Scam Network

May 22, 2013 Posted by

WASHINGTON, D.C. – May 22, 2013 – (RealEstateRama) — The Lawyers’ Committee for Civil Rights Under Law (Lawyers’ Committee)has filed a lawsuit in Los Angeles County, California against a network of for-profit loan modification companies on behalf of eight California homeowners. The suit alleges that defendants defrauded vulnerable homeowners out of tens of thousands of dollars by falsely promising to obtain—for substantial upfront fees—much-needed mortgage modifications on the homeowners’ behalf, but consistently failing to deliver results. Attorneys in the Los Angeles office of Arnold & Porter LLP are providing pro bono counsel on the case

Hearing Shows CFPB’s QM Rule Limits Access to Credit

May 22, 2013 Posted by

WASHINGTON, D.C. – May 22, 2013 – (RealEstateRama) — Members of the Financial Institutions and Consumer Credit Subcommittee expressed concerns at a hearing today that the Qualified Mortgage rule mandated by the Dodd-Frank Act will reduce access to credit that qualified borrowers need to buy homes

NATIONAL MORTGAGE SETTLEMENT PROVIDES MORE THAN $50 BILLION IN CONSUMER RELIEF

May 21, 2013 Posted by

WASHINGTON, D.C. – May 21, 2013 – (RealEstateRama) — The nation’s largest mortgage servicers have distributed $50.63 billion in direct relief to over 620,000 homeowners, or roughly $81,000 per homeowner as part of the National Mortgage Settlement, according to a progress update released today by independent settlement monitor Joseph A. Smith of the Office of Mortgage Settlement Oversight. Over one year ago, the Department of Justice, Department of Housing Urban Development (HUD) and 49 state attorneys general

The CFPB takes action against real estate kickbacks

May 17, 2013 Posted by

WASHINGTON, D.C. – May 17, 2013 – (RealEstateRama) — The Consumer Financial Protection Bureau today ordered a Texas homebuilder, Paul Taylor, to surrender more than $100,000 he received in kickbacks for referring mortgage origination business to Benchmark Bank and to Willow Bend Mortgage Company. The Bureau is also prohibiting Taylor from engaging in future real estate settlement services, including mortgage origination

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