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Reverse mortgages can be complicated financial products that many borrowers find hard to understand. To help clear things up, the Federal Reserve is proposing a new set of disclosures to provide a better understanding of the costs and risks associated with them.
Read More at MortgageLoan.com
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New Disclosures to Help Explain Reverse Mortgages
The 11th District index cost of funds index was 5 basis points lower in July than in June.
The Monthly Treasury Average declined 2 BPS to the lowest level on record.
The yield on the one-year Treasury closed out July 3 BPS beter than June.
Originally posted here:
ARM Indices Abate
Serious delinquency on subprime residential mortgage-backed securities issued from 2005 to 2007 was down around 2.5 percent during the first half, Moody’s Investors Service reported.
But for GMAC Mortgage, the improvement was great as a result of its aggressiveness with loan modifications.
“We believe that the level of modification activity is the key driver for the performance differences among servicers and product types,” Moody’s stated.
More:
Improvement in Delinquency Driven by Mods
JPMorgan Chase & Co. lost an appeal on a lawsuit filed by First American Title Insurance Corp., according to a copy to the decision.
The Supreme Court of Indiana ruled that U.S. BANK, N.A., can move forward with a tort claim against Integrity Land Title Corp.
A title search by Integrity at the time the loan was made did not reveal a 1998 foreclosure judgment on the property.
Excerpted from:
Lenders Litigate Title Claims
A news release indicated that Marix Servicing LLC is being acquired by Walter Investment Management Corp.
Marix is a “high-touch specialty mortgage servicer.”
Walter Investment said that the Marix acquisition will make it one of the 10 biggest subprime mortgage servicers in the country.
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Merger Creates Top-10 Subprime Servicer
OTTAWA, Ontario, August 31, 2010 — After rebounding in the second half of 2009 and early 2010, housing starts are expected to moderate in the second half of 2010. Starts are expected to stabilize at levels consistent with demographic fundamentals in 2011, according to Canada Mortgage and Housing Corporation’s (CMHC) third quarter Housing Market Outlook, Canada Edition . 1
Housing …
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Housing Activity Stabilizing
A continuing education course released by Hondros Learning reportedly meets requirements of the Secure and Fair Enforcement for Mortgage Licensing Act.
AllRegs reported that one of its SAFE courses was approved by the Nationwide Mortgage Licensing System & Registry.
Edcomm Banker’s Academy announced the expansion of its curriculum to include mortgage lending training.
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The Mortgage Educator
U.S. home prices posted significant gains in June, but other recent signs are pointing to what could be a bumpy road ahead for the housing market.
Read More at MortgageLoan.com
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Home Prices Up, But Show Signs of Slowing
The number of mortgage insurance policies issued in July was down 7 percent from June, according to data provided by the Mortgage Insurance Companies of America.
Compared to a year earlier, volume fell 16 percent.
Meanwhile, primary insurance defaults rose for the second straight month.
Original post:
M.I. Volume Falls, Default Rise
Overall loan growth at credit unions was 0.1 percent between the first and second quarters, the National Credit Union Association reported.
Total assets finished June 0.7 percent higher than at the end of March.
Delinquency of at least 60 days on fixed-rate and five-year hybrid first-mortgages ended the second quarter 3 basis points higher, but the rate on adjustable-rate mortgages and hybrids with a fixed term of less than five years fell 6 BPS.
Continued here:
Credit Union Growth Slows, Delinquency Mixed