COFI Improves

Author:  //  Category: Mortgage

The cost of funds index fell 18 basis in February compare to January, according to data released by the Federal Home Loan Bank of San Francisco.

COFI

Share/Save/Bookmark

Freddie Eases FL Condo Requirements

Author:  //  Category: Mortgage

Freddie Mac outlined modified condominium project requirements in a bulletin to its sellers.

The changes impact condominium project in Florida.

According to the bulletin, in order for a new mortgage to qualify for an exemption to project requirements, Freddie must own or manage the existing first mortgage on the condominium.

View original here:
Freddie Eases FL Condo Requirements

Share/Save/Bookmark

Home Prices Up, But Trend Uncertain

Author:  //  Category: Mortgage

Home prices rose in January, according to a leading survey, although not enough to blunt concerns over signs of renewed weakness in the housing market.

View original post here:
Home Prices Up, But Trend Uncertain

Share/Save/Bookmark

Record Low M.I. Volume, But Defaults Improve

Author:  //  Category: Mortgage

The Mortgage Insurance Companies of America reported that its members issued policies on $3.6 billion in mortgages during February.

The latest level of activity was the lowest on record.

One bright spot, however, was that primary insurance defaults tumbled by nearly a third.

Read more:
Record Low M.I. Volume, But Defaults Improve

Share/Save/Bookmark

Mortgage Fraud Used in Foreclosure Schemes

Author:  //  Category: Mortgage

Edward Seung Ok was given a stiffer sentence by a federal judge in a foreclosure fraud case than his co-defendants because he didn’t return money as promised in his plea agreement, the U.S. Department of Justice announced.

Jeffery Tye Brown was indicted, Nevada’s attorney general announced.

Through his company, Brown allegedly deceived borrowers into believing their foreclosures would be resolved in exchange for a fee.

The former owner of Home Savers Consulting Corp. pled guilty to conspiracy to commit wire fraud, the U.S. Attorney’s Office announced.

Go here to read the rest:
Mortgage Fraud Used in Foreclosure Schemes

Share/Save/Bookmark

Fannie Business Off, New Delinquency Record

Author:  //  Category: Mortgage

February’s new business acquisitions at Fannie Mae were down more than $1 billion from January, according to monthly operational data.

Residential delinquency of at least 90 days rose 14 basis points during the same period.

It was the highest delinquency rate on record for the Washington, D.C.-based firm.

Read more:
Fannie Business Off, New Delinquency Record

Share/Save/Bookmark

Chase Sued Over Underwriter Overtime

Author:  //  Category: Mortgage

A complaint was filed in Manhattan federal court against JPMorgan Chase & Co., an announcement from the plaintiffs’ counsel said.

Chase allegedly had a common practice of mis-classifying its loan underwriters as exempt.

But after it re-classified them to nonexempt in February 2009, it failed to failed to provide backpay to its underwriters for the overtime hours they had worked while classified as exempt.

Excerpted from:
Chase Sued Over Underwriter Overtime

Share/Save/Bookmark

Top-5 Reverse Wholesaler Being Acquired

Author:  //  Category: Mortgage

Knight Capital Group Inc. announced an agreement to acquire Urban Financial Group Inc., an originator of home-equity conversion mortgages.

Terms of the deal weren’t disclosed.

In January, Urban ranked as the fifth biggest reverse mortgage wholesaler.

Read the rest here:
Top-5 Reverse Wholesaler Being Acquired

Share/Save/Bookmark

BoA Faces Mod Lawsuits in Several States

Author:  //  Category: Mortgage

A lawsuit filed by Hagens Berman Sobol Shapiro in a Washington federal court accuses Bank of America Corp. of ignoring delinquent borrowers’ requests to “make reasonable mortgage adjustments.”

Ten Ohio borrowers filed a federal lawsuit against BoA in that state because they have been unable to obtain modifications.

United Law Group announced that it filed a complaint in California Superior Court againt BoA on behalf of a borrower who has allegedly been trying to get a modification for 13 months.

See the original post:
BoA Faces Mod Lawsuits in Several States

Share/Save/Bookmark

Mod Firms Face Civil, Criminal Legal Actions

Author:  //  Category: Mortgage

Oregon’s attorney general announced a $28,857 settlement with The USMAC Law Group.

The company allegedly collected up-front fees for loan modifications.

In Florida, the Office of Financial Regulation has announced that it issued cease-and-desist orders against several firms along with some of their owners to prohibit unlicensed loan modification services.

Michael Sinclair pled guilty in Las Vegas to one Category B felony count of mortgage fraud in violation of NRS 205.372(2), according to a news release from Nevada Attorney General Catherine Cortez Masto.

Excerpted from:
Mod Firms Face Civil, Criminal Legal Actions

Share/Save/Bookmark