CA Firm Nails HUD Compliance Contract

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The U.S. Department of Housing and Urban Development announced that it has decided to utilize a private firm to serve as mortgagee compliance manager for the agency.

The move is part of HUD’s strategy to “reduce risk, increase return and improve efficiency in the resale of its inventory.”

HUD’s choice for the compliance manager was California-based Michaelson, Connor & Boul Inc.

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CA Firm Nails HUD Compliance Contract

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2nd Lien Warning

Author:  //  Category: Mortgage

Moody’s Investors Service announced that it placed 948 tranches from second-lien residential mortgage-backed securities on review for a possible downgrade.

The sharp decline in real estate prices has hurt loss rates during the past few years, the New York-based company explained.

But an even bigger factor is that many second-lien borrowers were at 100 percent loan-to-value at origination, and the 30 percent decline in prices has left them well above 100 percent LTV.

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2nd Lien Warning

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Branch Managers Indicted

Author:  //  Category: Mortgage

In a news release yesterday, the U.S. Department of Justice said a superseding indictment was returned this week by a federal grand jury against four additional defendants in a case pending against two former branch managers of TopDot Mortgage.

The company lost its Federal Housing Administration approval in February and subsequently halted new business.

The defendants allegedly submitted fraudulent loan applications to First Magnus Financial Corp., NovaStar Mortgage Inc. and Washington Mutual Bank, N.A.

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Branch Managers Indicted

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Activity Lower as ARMs, Jumbos Improve

Author:  //  Category: Mortgage

In the Mortech-MortgageDaily.com Mortgage Market Index for the week ended March 17, mortgage activity declined 6 percent.

The spread between fixed- and adjustable-rate mortgages widened to 84 BPS from 73 BPS the previous week, according to Freddie Mac’s latest report.

The jumbo spread declined to 75 BPS from 88 BPS a week earlier in the Mortgage Market Index report.

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Activity Lower as ARMs, Jumbos Improve

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CRE Loans Outstanding Tumble $100 Billion

Author:  //  Category: Mortgage

Between Dec. 31, 2008, and the end of last year, U.S. commercial mortgages outstanding dropped $99 million, according to the Mortgage Bankers Association.

Commercial real estate loans were down $58 billion from Sept. 30, 2009.

On a year-over-year basis, CRE loans backing asset-backed securities, collateralized-debt obligations and commercial mortgage-backed securities had the biggest impact on overall contraction.

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CRE Loans Outstanding Tumble $100 Billion

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Appeals Court Rules in Favor of Lender in RESPA Case

Author:  //  Category: Mortgage

The U.S. Court of Appeals for the Ninth Circuit determined in an opinion that Section 8(b) of the Real Estate Settlement Procedures Act does not prohibit overcharges.

The decision was rendered in a case against Wells Fargo Home Mortgage.

The plaintiffs claimed an underwriting fee they were charged was excessive.

The court concluded that Section 8(b) of RESPA prohibits only the practice of giving or accepting money where no service whatsoever is performed in exchange for that money, and cannot be read to prohibit charging fees, excessive or otherwise, when those fees are for services that were actually performed.

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Appeals Court Rules in Favor of Lender in RESPA Case

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Q1 Production Projection Pared

Author:  //  Category: Mortgage

First-quarter residential originations are projected at $332 billion, Fannie Mae reported in its Housing Forecast: March 2010.

That’s a significant decline from $543 billion in U.S. volume during the fourth-quarter 2009.

It’s also lower than the $369 billion forecasted last month by the secondary lender.

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Q1 Production Projection Pared

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Bank Executive Insider

Author:  //  Category: Mortgage

Green Bankshares Inc. said in a news release that Stephen M. Rownd will become chief executive officer at the end of this month.

William T. Mundy was hired as managing director and executive vice president at Cardinal Trust and Investments, a statement said.

IBERIABANK Corp. announced Friday that W. Charles Mayer III was named chairman of the Birmingham Advisory Board.

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Bank Executive Insider

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Mortgage Leaders Lost, Hired and Replaced

Author:  //  Category: Mortgage

A filing with the Securities and Exchange Commission indicated that GMAC Financial Services Chief Financial Officer Robert S. Hull is leaving the company at the end of this month.

GMAC also recently lost its director of bulk acquisitions, a spokeswoman confirmed to MortgageDaily.com in a statement.

Sun National Bank announced that Steven J. Greenberg was appointed president of subsidiary Sun Home Loans Inc.

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Mortgage Leaders Lost, Hired and Replaced

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Big Service Providers Make Big Executive Changes

Author:  //  Category: Mortgage

Deutsche Bank Securities Inc. announced that Steve Abrahams joined the company as a managing director and head of securitization and mortgage-backed securities research within the its global markets division.

Anand K. Nallathambi was appointed chief executive officer of The First American Corp.’s Information Solutions Group, according to a press release.

Bradley Coburn was appointed vice president of valuations at UnitedTech Lender Services Inc., the company said.

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Big Service Providers Make Big Executive Changes

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