MetLife Fundings Fall

Author:  //  Category: Mortgage

Residential fundings during the third quarter at MetLife Home Loans was down by more than one-third based on dollar volume, according to data provided to MortgageDaily.com by the company. Based on the number of units, production was 32 percent lower. But reverse mortgage prodution turned higher.

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MetLife Fundings Fall

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M.I. Volume Sinks to New Low

Author:  //  Category: Mortgage

During September, mortgage insurers issued 2,415 fewer policies than in August, the Mortgage Insurance Companies of America reported. Compared to a year earlier, volume was down by 26,940 policies. It was the lowest level of activity since at least 2000 based on an analysis of data by MortgageDaily.com.

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M.I. Volume Sinks to New Low

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Reverse Lender Facing Loss of FHA Approval

Author:  //  Category: Mortgage

The U.S. Department of Housing and Urban Development announced that its Mortgagee Review Board is proposing to permanently withdraw HUD and FHA approval for Financial Mortgage USA Inc. In addition, the housing agency said it plans to slap the company with a $97,500 civil money penalty. HUD

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New Warehouse Line for LendingTree Origination Unit

Author:  //  Category: Mortgage

Tree.com announced that it has arranged a $75 million warehouse line. The financing will be utilized to fund loans for LendingTree Loans. The unit originates loans and competes with other lenders on the LendingTree network.

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New Warehouse Line for LendingTree Origination Unit

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Legislation to Extend Loan Limits Passes

Author:  //  Category: Mortgage

Congress has passed legislation that will extend higher loan limits on conforming and government-insured loans, the Mortgage Bankers Association announced. The higher limits had been set to expire on Dec. 31. MBA’s chairman applauded the legislation, noting that it will contribute to restoration of the mortgage market.

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Legislation to Extend Loan Limits Passes

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Google Selling Mortgage Leads

Author:  //  Category: Mortgage

Google noted in a blog posting today that it is testing comparison ads at its AdWords unit. Ads that are displayed include pricing from multiple lenders along with the option to choose purchase or refinance transactions. The lender pays when a quote is generated or a telephone call is made.

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Google Selling Mortgage Leads

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Obama Seeks Extension for Higher Loan Limits

Author:  //  Category: Mortgage

The secretary of the U.S. Department of Housing and Urban Development jointly issued a statement with the Treasury secretary calling on Congress to continue the temporarily higher loan limits that are set to expire. “Families are already applying for mortgages that are being turned down or priced higher due to this impending deadline,” the statement said. “The extension of the loan limits is being considered in the upcoming Continuing Resolution, and we urge Congress to enact the extensions immediately.”

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Obama Seeks Extension for Higher Loan Limits

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Citi Mortgage Volume Off by Half

Author:  //  Category: Mortgage

Third-quarter residential originations fell 54 percent from the second quarter at Citigroup Inc., the company reported to MortgageDaily.com. Compared to a year earlier, volume was down by more than a third. It was the worst quarter in more than six years.

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Citi Mortgage Volume Off by Half

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M.I. Class Action Continues Against Countrywide

Author:  //  Category: Mortgage

A Pennsylvania appeals court has overturned the dismissal of a class action against Countrywide Financial Corp., according to the plaintiffs’ attorneys. The plaintiffs allege that they wound up being overcharged for mortgage insurance as a result of alleged re-insurance scheme. Countrywide reportedly limited borrowers to seven mortgage insurers and required that its insurance subsidiary reinsure their policies.

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M.I. Class Action Continues Against Countrywide

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Mortgage Market Declines

Author:  //  Category: Mortgage

The average 30-year fixed-rate mortgage rose 3 basis points from last week in Freddie Mac’s latest rate survey. Also 3 BPS higher were the 15-year fixed-rate mortgage and the one-year Treasury-indexed adjustable-rate mortgage. Loan applications, meanwhile, were off 12 percent from the prior week in the latest weekly survey from Mortgage Bankers Association.

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Mortgage Market Declines

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