Mortgage

 J. David Motley, President of Colonial Savings, F.A. and a member of the Mortgage Bankers Association's Residential/Single Family Board of Governors, testified today before the U.S. Senate Committee on Banking, Housing, and Urban Affairs at a hearing entitled "Regulatory Burdens to Obtaining Mortgage Credit."Below is Mr. Motley's oral testimony, as prepared for delivery

U.S. Senator Richard Shelby (R-Ala.), Chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, today delivered the following opening remarks during a full committee hearing on “Regulatory Burdens to Obtaining Mortgage Credit

The National Association of Home Builders (NAHB) today urged Congress and federal regulators to take steps to ease tight mortgage credit conditions afflicting many creditworthy borrowers and to support a stronger, more robust recovery of the housing and mortgage markets.

The following is a statement by National Association of Realtors® President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark., in support of legislation to ease regulatory burdens on mortgage lending:

Mortgage applications decreased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending April 10, 2015.

David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), today announced the appointment of Bradley S. Padratzik as Director of Member Engagement.

New renovation loan program provides another option for first-time homebuyers to enter the market, and further commits to serving all underserved borrowers.

Today the Multi-State Mortgage Committee (MMC) announced a Settlement Agreement and Consent Order between 43 state mortgage regulators and New Day Financial, LLC d/b/a NewDay USA (New Day). The case arose as a result of an examination by the state of New Hampshire and a subsequent investigation conducted by the Maryland Commissioner of Financial Regulation. The case involved the impermissible sharing of test information for mortgage professionals as well as the practice of several New Day employees completing continuing education requirements for numerous other New Day employees

Continuing to crack down on phony mortgage relief programs, a federal court has temporarily halted Los Angeles-based Wealth Educators, Inc. and its president from offering mortgage relief services at the Federal Trade Commission’s request. The agency charged the defendants with failing to provide the help they promised homeowners, while charging a hefty up-front fee. The company also told consumers to stop making their monthly mortgage payments, leading some facing the prospect of foreclosure.

The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for March 2015 shows mortgage applications for new home purchases increased by 17 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns.

Mortgage applications increased 0.4 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending April 3, 2015.

Commercial and multifamily mortgage bankers closed $399.8 billion of loans in 2014, according to the Mortgage Bankers Association's (MBA) 2014 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation

Ellie Mae® (NYSE:ELLI), a leading provider of innovative on-demand software solutions and services for the residential mortgage industry, announced that Independent Bank has chosen Ellie Mae’s Encompass all-in-one mortgage management solution as its platform for originating mortgages.

Mortgage credit availability increased in March according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae's AllRegs® Market Clarity® business information tool.

Last week, Representative Keith Ellison (D-MN) introduced H.R. 1662, the Common Sense Housing Investment Act, which would replace the mortgage interest deduction with a 15 percent flat rate tax credit on interest paid on mortgages up to $500,000. The tax credit would be available to all homeowners, regardless of whether they claim the standard deduction or itemize their tax deductions

Marketers who helped promote a Utah-based home loan modification scheme will be banned from the mortgage relief and debt relief industries under a court settlement resolving charges by the Federal Trade Commission that they violated the law by promoting the loan modification scam, which conned consumers into paying hefty fees for worthless mortgage relief services.

Today, the Mortgage Bankers Association (MBA) announced that in February it welcomed 16 new regular members to its ranks, which currently numbers more than 2,200 member companies.

Edward Dacy, 76, most recently of West Melbourne, Fla., has been found guilty by a jury of 10 counts of conspiracy, bank fraud, and mail fraud stemming from a multi-million dollar mortgage fraud scheme involving 45 properties and $16 million in mortgage loans used for the purchase of residential real estate in the District of Columbia and Maryland

In Tung Q Lam, v. JPMorgan Chase Bank NA et al, the borrower argued that Mortgage Electronic Registration System, Inc. (“MERS”) lacked authority to assign the deed of trust because MERS lost its status as agent of the promissory note holder when the note was assigned to subsequent entities.

Carrington today announced the availability of MyLoanDetail™, the company’s proprietary online loan review resource designed to provide borrowers with a thorough understanding of their obligations under their mortgage application and contract.