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Atlanta, Georgia - July 16, 2013 - (RealEstateRama) -- On July 15, 2013, an Order to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”) to Senior Reverse Mortgage Advisors, LLC dba reverserewards.com dba reversemortgagechoice.com, located at 2632 W 237th Street, Suite 201 Torrance, California 90505, became final

WASHINGTON, D.C. - July 15, 2013 - (RealEstateRama) -- Senators Bob Corker (R-TN) and Mark Warner (D-VA) introduced bipartisan legislation last month to address the nation’s troubled housing finance system. They will discuss the details of the proposal and prospects for housing finance reform at the Bipartisan Policy Center (BPC) this Wednesday, July 17, at 8:30AM.

Dover, DE - July 12, 2013 - (RealEstateRama) -- The Delaware State Housing Authority (DSHA) announced last month that it will be taking the lead in a new outreach project designed to expand the relief options available to homeowners who are struggling with their mortgages. The Making Home Affordable Outreach and Intake Project aims to help homeowners avoid mortgage default by seeking resolutions through the Making Home Affordable (MHA) Program, the cornerstone of President Obama’s plan to offer lasting relief to homeowners in financial distress.

WASHINGTON, D.C. - July 11, 2013 - (RealEstateRama) -- U.S. Representative Gary Peters today raised concerns over the Chairman of the U.S. House Financial Services Committee’s GSE reform proposal that would eliminate the 30-year fixed rate mortgage. Peters believes the plan, unveiled today, would make homeownership too expensive for many middle class families, potentially undermining our economic recovery.

WASHINGTON, D.C. - July 10, 2013 - (RealEstateRama) -- Today, the Consumer Financial Protection Bureau (CFPB) finalized corrections, clarifications, and amendments to its Ability-to-Repay and mortgage servicing rules. Today’s clarifications were first proposed in April 2013 and reflect the Bureau’s commitment to facilitating implementation in order to better protect consumers

WASHINGTON, D.C. - July 10, 2013 - (RealEstateRama) -- Six federal financial regulatory agencies today issued a proposed rule that would create exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans. The proposed exemptions are intended to save borrowers time and money and to promote the safety and soundness of creditors. The appraisal requirements for higher-priced mortgages were imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Under the Dodd-Frank Act, mortgage loans are considered to be higher-priced if they are secured by a consumer's home and have interest rates above a certain threshold.

IRVINE, CA - July 9, 2013 - (RealEstateRama) -- RealtyTrac (www.realtytrac.com) announced today that it has selected Laffey Fine Homes International, one of New York’s fastest growing real estate companiesas a member of the RealtyTrac Network (RTN), a licensed network available to leading independent and franchised brokerage companies across the nation.

HARRISBURG - July 9, 2013 - (RealEstateRama) -- The Pennsylvania Housing Finance Agency today launched its Mortgage Credit Certificate (MCC) Program, which provides a limited tax credit for eligible homebuyers. A mortgage credit certificate lets qualified homebuyers claim a tax credit that reduces, on a dollar-for-dollar basis, their federal income tax liability, if any, for the life of the loan. The mortgage credit certificate provides this benefit as long as the home remains the homeowners’ primary residence.

WASHINGTON, D.C. - July 9, 2013 - (RealEstateRama) -- Senators Bob Corker (R-TN) and Mark Warner (D-VA) introduced bipartisan legislation last month to address the nation’s troubled housing finance system. Senators Corker and Warner will discuss the details of the proposal and prospects for housing finance reform at the Bipartisan Policy Center (BPC) on Wednesday, July 17 at 8:30AM.

Washington, DC - July 8, 2013 - (RealEstateRama) -- The National Council on Aging (NCOA) has announced special reduced counseling fees?$90, down from $125—for older homeowners considering a Home Equity Conversion Mortgage (HECM), popularly known as a reverse mortgage.

Reston, Virginia - July 8, 2013 - (RealEstateRama) -- MERSCORP Holdings, Inc. today announced that Judge John J. McConnell, Jr., of the U.S. District Court for the District of Rhode Island recently ruled in favor of MERSCORP Holdings, Inc., Mortgage Electronic Registration Systems, Inc. (MERS) and other member-bank defendants in a Rhode Island recording fee suit

WASHINGTON, D.C. - July 8, 2013 - (RealEstateRama) -- On July 20, 2013 Fannie Mae will enhance our at-issuance and on-going disclosures for Multifamily Mortgage-Backed Securities (MBS). These enhancements will improve transparency for Multifamily MBS backed by adjustable rate mortgages (ARMs) which employ the Actual/360 (A/360) day count convention for payment of interest. The following will be impacted by this enhancement.

Washington, D.C. - July 8, 2013 - (RealEstateRama) -- Refinance volumes remained high in April as mortgage rates dipped slightly from March, according to the Federal Housing Finance Agency’s April 2013 Refinance Report. More than 463,000 refinances took place in April. Of these, nearly 107,000 loans have been completed through the Home Affordable Refinance Program (HARP), bringing the total number of HARP refinances to more than 2.5 million since April 2009.

Jefferson City, MO - July 8, 2013 - (RealEstateRama) -- Attorney General Chris Koster today announced that Missouri borrowers who submitted a valid foreclosure payment claim through the National Mortgage Settlement will receive a payment this month for approximately $1,480.

WASHINGTON, D.C. - July 2, 2013 - (RealEstateRama) -- The Federal Trade Commission filed suit in federal court to halt a mortgage relief scheme that allegedly deceived and preyed on distressed homeowners by charging them $2,000 to $4,000 based on bogus foreclosure rescue claims

Washington, D.C. - July 1, 2013 - (RealEstateRama) -- Ten additional state agencies will begin using the new National SAFE MLO test today, bringing the total number of state agencies to 30 who have implemented this new test. The test, which was first made available on April 1, 2013, combines both the national and state testing requirements of the SAFE Act and streamlines the license application process for mortgage loan originators (MLOs) seeking licenses in multiple states. The new test replaces the separate, state-specific test for the states that adopt it. In addition, a short version of the uniform state test (the stand-alone UST) is available to take for a limited time

Reston, Virginia - July 1, 2013 - (RealEstateRama) -- Below is a monthly summary of major legal decisions involving either the use of the MERS® System database or Mortgage Electronic Registration Systems, Inc. (MERS) and its role in the mortgage process. Please feel free to contact the Communications Office at MERSCORP Holdings, Inc. with any questions and visit the MERS Newsroomfor a full list of news releases.

WASHINGTON, D.C. - July 1, 2013 - (RealEstateRama) -- Scott N. Powers, the former CEO of Arizona-based mortgage loan originator American Mortgage Specialists Inc. (AMS), and David McMaster, a former officer of AMS, were sentenced today to serve 96 and 188 months in prison, respectively, for their roles in a $28 million scheme to defraud North Dakota-based BNC National Bank (BNC).

WASHINGTON, D.C. - June 27, 2013 - (RealEstateRama) -- The performance of first-lien mortgages serviced by large national and federal savings banks continued to improve in the first quarter of 2013, according to a report released today by the Office of the Comptroller of the Currency (OCC).

WASHINGTON, D.C. - June 27, 2013 - (RealEstateRama) -- National data show interest rates on mortgages decreased from April to May. Contract mortgage interest rates decreased slightly from April to May—down 0.15 percent from April, according to an index of new mortgage contracts