RESPA Rescue

Author:  //  Category: Mortgage

Much of the recent activity in mortgage compliance has been focused on keeping up with the changes to the Real Estate Settlement Procedures Act.

QuestSoft asid its Compliance Eagle is an automated service that helps lenders comply with the various new requirements.

A comprehensive review of RESPA changes was outlined in a press release from the law firm of Sally & Fitch LLP.

Wolters Kluwer Financial Services announced the launch of a new post-implementation audit service to help financial institutions comply with RESPA changes.

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RESPA Rescue

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Fifth Third Has New Chairman

Author:  //  Category: Mortgage

Fifth Third Bancorp reported in a public filing that William Isaac is its new chairman of the board.

Isaac was FDIC chairman from 1981 to 1985.

He is “credited with helping stabilize the banking industry during its most tumultuous period since the Great Depression.”

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Fifth Third Has New Chairman

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Agency Issuance Up

Author:  //  Category: Mortgage

Fixed-rate agency issuance edged up 1 percent in May, according to data from eMBS.

Volume was up for the second consecutive month.

From Jan. 1 to May 31, agency issuance amounted to $450 billion.

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Agency Issuance Up

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Canadians Pursuing Recreational Property for Lifestyle, despite Tax Concerns and Stricter Mortgage Rules

Author:  //  Category: Mortgage

TORONTO, Ontario, May 31, 2010 — Almost half of Canadians considering buying a recreational property will do so to improve their lifestyle, despite concerns about increasing taxes, rising interest rates and new regulations that require higher down payments on second homes, according to a nationwide survey of Canadian attitudes towards recreational property ownership conducted by Angus …

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Canadians Pursuing Recreational Property for Lifestyle, despite Tax Concerns and Stricter Mortgage Rules

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Las Vegas Bank Collapses

Author:  //  Category: Mortgage

Sun West Bank was seized late Friday, and City National Bank of Los Angeles took over its deposits.

The Federal Deposit Insurance Corp. estimates its fund will lose $97 million because of Sun West’s failure.

The bank had exhausted almost all of its capital or net worth.

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Las Vegas Bank Collapses

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Select Portfolio’s Servicer Ratings Raised

Author:  //  Category: Mortgage

Fitch Ratings announced an upgrade to Select Portfolio Servicing Inc.’s servicer ratings.

The upgrade impacted Select’s primary servicer rating for Alt-A and subprime mortgages.

It also affected its specialty servicer rating for closed-end second liens and its special servicer rating.

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Select Portfolio’s Servicer Ratings Raised

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Ocwen Acquiring Servicer

Author:  //  Category: Mortgage

Ocwen Loan Servicing LLC reached an agreement to acquire HomEq Servicing, according to an announcement.

The seller in the transaction is Barclays Bank PLC.

The companies expect to close the deal by Sep. 30.

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Ocwen Acquiring Servicer

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5 Banks, 1 CU Fail

Author:  //  Category: Mortgage

Three Florida banks — Bank of Florida-Southeast, Bank of Florida-Southwest and Bank of Florida-Tampa Bay — were all seized Friday by the Florida Office of Financial Regulation.

Granite Community Bank, NA, was closed by the Office of the Comptroller of the Currency.

Also failing Friday was Sun West Bank.

Earlier this month, Convent Federal Credit Union was placed into liquidation by the National Credit Union Administration.

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5 Banks, 1 CU Fail

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GMAC Wading Back into Wholesale Waters

Author:  //  Category: Mortgage

GMAC Financial Services closed down its wholesale mortgage lending operation in September 2008.

But the lender is now returning to the broker business.

“We are entering the wholesale arena,” a spokesman said in a statement today to MortgageDaily.com.

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GMAC Wading Back into Wholesale Waters

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Incomes Up, But Spending Flat

Author:  //  Category: Mortgage

Consumers held the line on spending in April, putting more into savings even as incomes rose.

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Incomes Up, But Spending Flat

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