Archives

WASHINGTON, DC - May 12, 2011 - (RealEstateRama) -- U.S. Senators Jeff Merkley (D-OR) and Olympia Snowe (R-ME) today introduced the “Regulation of Mortgage Servicing Act” to help homeowners stay in their homes by making the rules for mortgage servicers more fair and transparent.

Washington, DC - May 12, 2011 - (RealEstateRama) -- A proposed rule to define qualified residential mortgages (QRM) under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) would unnecessarily restrict access to home ownership. Realtors® at the Real Estate Services Forum – The Impact of Dodd-Frank on Real Estate session today during the Realtors® Midyear Legislative Meetings & Trade Expo gained insights into the implications of a narrowly defined QRM.

WASHINGTON, DC - May 12, 2011 - (RealEstateRama) -- Home sales are expected to stay on an uptrend through 2012, although the performance will be uneven with mortgage constraints weighing on the market, according to experts at a residential real estate forum today at the Realtors® Midyear Legislative Meetings & Trade Expo here.

WASHINGTON, D.C. - May 11, 2011 - (RealEstateRama) -- Mortgage applications increased 8.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 6, 2011.

Washington, DC - May 11, 2011 - (RealEstateRama) -- The pendulum on mortgage credit has swung too far in the other direction after the recent housing downturn and is putting an unnecessary burden on creditworthy consumers, impeding the economic and housing market recoveries. That’s what a panel of industry experts told several thousand Realtors® gathered at a special symposium, Ensuring Mortgage Availability for Creditworthy Homebuyers, during the Realtors® 2011 Midyear Legislative Meetings & Trade Expo in Washington, D.C., here through May 14.

Washington, DC - May 11, 2011 - (RealEstateRama) -- Reforms to America’s housing finance market must ensure a reliable source of affordable mortgage lending for creditworthy consumers. That’s according to Realtors® and other industry insiders who examined the federal government’s future role in the secondary mortgage market at the “Fannie Mae & Freddie Mac: Obama Options and Beyond” session during the National Association of Realtors® 2011 Midyear Legislative Meetings & Trade Expo, here through May 14.

ANNAPOLIS, MD - May 10, 2011 - (RealEstateRama) -- Governor Martin O’Malley and Lt. Governor Anthony G. Brown today joined members of the Administration, community leaders and local elected officials at the home of Prince George’s County resident Fanny Melvin to encourage homeowners at risk of losing their homes to take advantage of foreclosure prevention programs in Maryland, including the Emergency Mortgage Assistance Program (EMA), the MDHOPE Network and available counseling services throughout the state.

LANSING, MI - May 9, 2011 - (RealEstateRama) -- Attorney General Bill Schuette today announced his support for proposed legislative reforms intended to strengthen the hand of prosecutors and law enforcement to combat mortgage fraud. Schuette joins State Senator James Marleau (R-Lake Orion), Secretary of State Ruth Johnson and Oakland County Register of Deeds Bill Bullard, who came together this morning to support legislative reforms in light of recent allegations of fraudulent mortgage documents filed in Michigan

Washington, DC - May 5, 2011 - (RealEstateRama) -- First quarter 2011 commercial and multifamily mortgage originations were 89 percent higher than during the same period last year and 25 percent lower than during the fourth quarter of 2010, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. The decrease from fourth quarter 2010 reflects the industry’s usual push to finalize deals before the end of the year, and subsequent drop-offs in first quarter numbers.

May 4, 2011 - (RealEstateRama) -- Earlier today in federal court in Minneapolis, a 50-year-old Fridley man was sentenced for defrauding eight mortgage lenders of $1.9 million. United States District Court Judge David S. Doty sentenced Taleb Mohamed Wazwaz to 24 months in prison on one count of conspiracy to commit mortgage fraud through the use of interstate wires. Wazwaz was charged via an information on April 19, 2010, and pleaded guilty on May 4, 2010

WASHINGTON, DC - May 4, 2011 - (RealEstateRama) -- Fannie Mae today announced the opening of the Philadelphia Mortgage Help Center to provide free education and counseling services to struggling Philadelphia area homeowners. The Philadelphia, the latest of nine Mortgage Help Centers to open across the country, is part of Fannie Mae's nationwide initiative to educate families about the options and tools available to help them stay in their homes.

WASHINGTON, DC - May 4, 2011 - (RealEstateRama) -- HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, released its March 2011 loan modification data, which shows that an estimated 210,000 homeowners received permanent, proprietary loan modifications from mortgage servicers for the first quarter of 2011. This estimate does not include loan modifications through Home Affordable Modification Program (HAMP), and industry totals will be updated once official government reports are published.

WASHINGTON, D.C. - May 4, 2011 - (RealEstateRama) -- Mortgage applications increased 4.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending April 29, 2011.

ST. LOUIS, MO - May 2, 2011 - (RealEstateRama) -- The United States Attorney’s Office announced the guilty pleas of Joshua Gould, a former financial representative with Woodbury Financial Services, Inc. and affiliate of Spetner Associates; and David Rubin, employee and operator of two local offices of Coral Mortgage Bankers Corporation.

WASHINGTON, D.C. - May 2, 2011 - (RealEstateRama) -- David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), today announced the appointment of Marcia M. Davies as his Chief of Staff, effective immediately.

New York, NY - May 2, 2011 - (RealEstateRama) -- “Thank you. As the new president and CEO of the Mortgage Bankers Association, it is my pleasure to welcome you to our 'National Secondary Market Conference.' Looking out over the audience, I recognize so many of you, and I cannot think of a better way to start my job at MBA than being here with you. I look forward to seeing you over the next several days and am interested in hearing your thoughts about the challenges we face. And, I want to publicly acknowledge our Chairman, Michael Berman. His leadership and passion have made such a difference. He has been working tirelessly traveling across the country to ensure the messages of this industry’s key issues are heard.

RESTON, VA - April 29, 2011 - (RealEstateRama) -- MERSCORP, Inc. today announced the appointment of mortgage industry veteran Bill Beckmann as president and chief executive officer of MERSCORP, Inc., and the Reston-based company’s subsidiary, Mortgage Electronic Registration Systems, Inc.

April 28, 2011 - (RealEstateRama) -- Earlier today in federal court in Minneapolis, a former loan officer for Wells Fargo Bank pleaded guilty to participating in a $4.3 million mortgage fraud scheme. Larry Gene Hillard, age 56, of Maple Grove, pleaded guilty to one count of conspiracy to commit wire fraud. Hillard, who was charged on March 10, 2011, entered his plea before United States District Court Judge Ann D. Montgomery.

WASHINGTON, D.C. - April 27, 2011 - (RealEstateRama) -- Mortgage applications decreased 5.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending April 22, 2011. There was no adjustment made for Good Friday.

SAN DIEGO, CA - April 27, 2011 - (RealEstateRama) -- Real Estate Mortgage Network, Inc. (REMN), a national mortgage lender based in River Edge, N.J., continues their west coast expansion with the opening of a new office in San Diego, CA, and the addition of three new team members. Located in the city of Carlsbad, the new office will better help REMN service the needs of southern California’s future and existing home owners, real estate professionals and residential builders.