Archives

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

WASHINGTON, D.C. - June 27, 2013 - (RealEstateRama) -- The FTC infographic “10 Years of Do Not Call,” which shows a timeline of the registry’s popularity and development, cases brought against violators, and results in efforts to protect consumers.

WASHINGTON, D.C. - June 26, 2013 - (RealEstateRama) -- Senators Bob Corker (R-TN) and Mark Warner (D-VA) have introduced legislation to reform the nation’s housing finance system that rightly recognizes the importance of having a government backstop to private capital. This is essential to providing ample liquidity and support for 30-year, fixed rate mortgages. Any mortgage finance legislation that does not include a full government backstop will fall short of true reform

WASHINGTON, D.C. - June 26, 2013 - (RealEstateRama) -- A former executive of Lender Processing Services Inc. (LPS) – a publicly traded company based in Jacksonville, Fla. – was sentenced today to serve five years in prison for her participation in a six-year scheme to prepare and file more than 1 million fraudulently signed and notarized mortgage-related documents with property recorders’ offices throughout the United States, announced Acting Assistant Attorney General Mythili Raman of the Justice Department’s Criminal Division, U.S. Attorney for the Middle District of Florida Robert E. O’Neill, and Special Agent in Charge Michelle S. Klimt of the FBI Jacksonville Division.

WASHINGTON, D.C. - June 26, 2013 - (RealEstateRama) -- The introduction this week of proposed legislation by Sens. Bob Corker (R-TN) and Mark Warner (D-VA) and a bipartisan group of four additional Senators marks an important step forward in restoring a durable mortgage finance market for consumers, but needs to have a strengthened emphasis on providing broad access to credit for consumers on reasonable terms, said Consumer Federation of America Director of Housing Policy Barry Zigas today

WASHINGTON, DC - June 19, 2013 - (RealEstateRama) -- The nation’s largest mortgage servicers have failed eight of the servicing standards in the National Mortgage Settlement according to a report released by Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement. The Monitor’s testing through the end of last year resulted in three testing fails, and there are five additional fails in 2013.

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.

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.

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