D.C. Alliance Tackles 3 Pressing Issues

Author:  //  Category: Mortgage

Patton Boggs LLP announced that its mortgage group has teamed up with The Collingwood Group LLC.

In a telephone interview, a Patton Boggs partner noted that right out of the gate the two firms hope to help mortgage firms tackle the Federal Reserve Board’s loan originator compensation rule.

Other issues the alliance is expected to deal with are risk retention and the Fed’s proposed payment ability requirements under Regulation Z.

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D.C. Alliance Tackles 3 Pressing Issues

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Buyer Education May Reduce Defaults

Author:  //  Category: Mortgage

Borrowers who participate in mortgage education programs seem to be more successful in avoiding default or obtaining loan modifications, according to a new study from the Mortgage Bankers Association.

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Buyer Education May Reduce Defaults

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COFI Falls for 9 Straight Months

Author:  //  Category: Mortgage

The Cost of Funds Index was 2 basis points lower in March than in February, the Federal Home Loan Bank of San Francsico reported.

COFI has been lower each month since June 2010.

A year ago, the index was 41 BPS higher.

COFI Falls for 9 Straight Months

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New Activity Edges Higher as Rates Slip

Author:  //  Category: Mortgage

The U.S. Mortgage Market Index from Mortech Inc. and MortgageDaily.com was 203 for the week ended Friday.

The index was higher than 198 a week earlier.

Driving the improvement were mortgage rates, with the 30-year falling 5 basis points.

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New Activity Edges Higher as Rates Slip

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HUD $100 Down In Effect

Author:  //  Category: Mortgage

The Department of Housing and Urban Development is selling properties that require a cash investment of only $100.

The deal applies to HUD’s real-estate-owned properties, according to a mortgagee letter.

Borrowers can get into the property as long as they qualify for a mortgage that is insured by the Federal Housing Administration.

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HUD $100 Down In Effect

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Good Credit Can Signal Default Risk

Author:  //  Category: Mortgage

Credit ratings are supposed to help lenders predict which borrowers are likely to default. But that doesn’t work for people who deliberately default on their mortgages, who tend to look like excellent credit risks up front.

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Good Credit Can Signal Default Risk

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Defiant Foreclosure Lawyer Won’t be Stopped by Lost License

Author:  //  Category: Mortgage

The California State Bar Court suspended the law license of a controversial lawyer.

In a scathing 15-page opinion, the judge berated the attorney for acting as if he were a modern-day Henry David Thoreau, encouraging civil disobedience to achieve social benefits.

The attorney allegedly advised one California couple to break into their foreclosed home. They did, only to be evicted later, causing prospective purchasers to back out of the sale.

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Defiant Foreclosure Lawyer Won’t be Stopped by Lost License

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M.I. Volume Bounces

Author:  //  Category: Mortgage

Mortgage insurance policies written in February were the lowest on record based on an analysis of Mortgage Insurance Companies of America data back to 2000.

But the trade group said its members reported a gain for March.

Last month’s volume worked out to over 18,000 policies issued for more than $4 billion.

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M.I. Volume Bounces

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Rates Ease, Could Hold

Author:  //  Category: Mortgage

A 2-basis-point improvement over last week was reported for the 30-year fixed-rate mortgage by Freddie Mac.

The 30-year was 28 BPS below the same week in 2010.

Based on the 10-year Treasury yield, mortgage rates are likely to come in near the same levels next week.

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Rates Ease, Could Hold

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New GSE Servicing Guidelines Out by September

Author:  //  Category: Mortgage

Mortgage servicing guidelines at Fannie Mae and Freddie Mac will be aligned under a directive issued by their regulator.

Under the revised framework, servicing requirements and monetary incentives will become uniform between the two secondary lenders.

The changes are being made in conjunction with recent settlement between federal regulators and the nation’s largest mortgage servicers.

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New GSE Servicing Guidelines Out by September

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