M.I. Volume Rises

Author:  //  Category: Mortgage

Mortgage insurers issued nearly $4 billion in policies during May, according to data from the Mortgage Insurance Companies of America.

Business picked up 5 percent from April.

In fact, May was the second-best month this year.

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M.I. Volume Rises

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Kingpin Sentenced in Mortgage Crime of the Century

Author:  //  Category: Mortgage

Lee Bentley Farkas was sentenced to 30 years of hard time by a federal judge.

He was found guilty in April of defrauding Colonial and government regulators.

Farkas was the founder and chairman of failed Taylor, Bean and Whitaker Mortgage Corp.

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Kingpin Sentenced in Mortgage Crime of the Century

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Delinquencies Drop, Foreclosures Rise

Author:  //  Category: Mortgage

Fewer homeowners are experiencing financial difficulty with their mortgages, even as the number of foreclosures in progress continues to rise.

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Delinquencies Drop, Foreclosures Rise

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COFI Rally Over?

Author:  //  Category: Mortgage

The Cost of Funds Index has fallen each month since June 2010.

But that changed in May.

According to the Federal Home Loan Bank of San Francisco, COFI nudged up one-tenth of one basis point from April.

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COFI Rally Over?

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Chances of Refi Rally Evaporate

Author:  //  Category: Mortgage

Freddie Mac reported in its most-recent Primary Mortgage Market Survey that the average 30-year fixed-rate mortgage was up 1 basis point from last week.

A recent Treasury rally had mortgage rates heading towards new record lows.

But with 10-year Treasury data pointing towards even higher rates next week, chances of a refinance wave have virtually disappeared.

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Chances of Refi Rally Evaporate

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Fannie’s Secondary Activity Off by Over Half from Year Earlier

Author:  //  Category: Mortgage

May’s new business acquisitions fell 58 percent from a year earlier at Fannie Mae.

It was the worst month since January 2009.

Home-loan delinquency, however, improved by 101 basis points from May 2010.

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Fannie’s Secondary Activity Off by Over Half from Year Earlier

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Foreclosure Rescue Schemes Frequently Fraught with Fraud

Author:  //  Category: Mortgage

The owners of Axxium Mortgage Inc. were convicted of using mortgage fraud to strip equity from customers of their foreclosure rescue scheme.

An 81-month sentence was handed down to the operator of Nexxus and Global Legal Associates for running a foreclosure-rescue schem and submitting a fraudulent loan to SunTrust Mortgage.

Following her indictment by a federal grand jury over equity stripping and mortgage fraud, the owner of New Begginings Group was arrested.

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Foreclosure Rescue Schemes Frequently Fraught with Fraud

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Nondistressed Home Prices Stabilizing

Author:  //  Category: Mortgage

U.S. home prices rose for a second consecutive month in May, rising 0.8 percent as the spring homebuying season gets into full swing.

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Nondistressed Home Prices Stabilizing

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PennyMac Launching Warehouse Business

Author:  //  Category: Mortgage

Private National Mortgage Acceptance Company LLC is launching a warehouse lending division.

A former Countywide executive has been hired to oversee the development of the new division.

The new executive will also help manage the correspondent customer relationships.

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PennyMac Launching Warehouse Business

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HUD Issues SAFE Rules

Author:  //  Category: Mortgage

All 50 states and the District of Columbia have passed and enacted legislation to support the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, the acting Federal Housing Administration commissioner said in a statement.

The Department of Housing and Urban Development issued a final rule outlining required minimum SAFE standards.

The rule clarifies minimum standards about how each state’s laws and regulations will be evaluated.

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HUD Issues SAFE Rules

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