Founder of Former FHA Firm Faces Lawsuit

Author:  //  Category: Mortgage

A civil complaint has been filed by the Department of Justice against the founder and president of MDR Mortgage Corp., a news release said.

The government alleges that the defendant hid from the Department of Housing and Urban Development that he had been indicted.

Had HUD

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NY Judge Threatens HSBC CEO Over Foreclosures

Author:  //  Category: Mortgage

A State Supreme Court justice in New York is threatening sanctions against the chief executive officer of HSBC Bank USA — blaming her personally as head of the bank for filing what he called false and misleading documents involving “robosigning” in a home foreclosure case.

But HSBC

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$2 Billion Bank Among 3 to Fail

Author:  //  Category: Mortgage

The Federal Deposit Insurance Corp. was appointed receiver of three failed banks last week.

Included among the trio was Integra Bank, N.A.

Integra had $2.2 billion in total assets.

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$2 Billion Bank Among 3 to Fail

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MetLife Lifts Production

Author:  //  Category: Mortgage

MetLife Home Loans closed around $195 million more in production during the second quarter than in the first quarter.

Among lenders tracked by MortgageDaily.com, MetLife is the only company so far to report an increase in production from the first quarter.

The company also added 200 mortgage employees during the latest quarter.

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MetLife Lifts Production

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PHH Sees Improvement Ahead

Author:  //  Category: Mortgage

PHH Corp.

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16th Consecutive Month of Lower Delinquency for Fannie

Author:  //  Category: Mortgage

Fannie Mae reported that the 90-day residential delinquency rate fell 6 basis points between May and June.

Delinquency was down 91 BPS from a year earlier.

In fact, Fannie’s delinquency has declined each month since February 2010.

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16th Consecutive Month of Lower Delinquency for Fannie

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COFI Slips

Author:  //  Category: Mortgage

The Cost of Funds Index slipped 2 basis points between May and June, according to data from the Federal Home Loan Bank of San Francisco.

The decline followed a small increase the prior month.

COFI

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Business Strengthens as Rates to Plummet

Author:  //  Category: Mortgage

The most recent U.S. Mortgage Market Index was up about 10 percent from a week earlier.

The biggest boost came from inquiries of adjustable-rate mortgages, which jumped 19 percent.

Mortgage rates are likely to be roughly 18 basis points better by the next report based on trading in the 10-year Treasury note.

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Business Strengthens as Rates to Plummet

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Fannie Suspends Mortgage Insurer

Author:  //  Category: Mortgage

In North Carolina, mortgage insurers are required to maintain a minimum policyholders’ position of no less than 1/25 of aggregate insured risk outstanding.

Since 2010, Republic Mortgage Insurance Co. has not met the minimum policyholders’ position required under state law, Fannie Mae said in an announcement.

So the secondary lender has suspended Republic and an affiliate.

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Fannie Suspends Mortgage Insurer

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Hundreds of FHA Lenders Hit With Actions

Author:  //  Category: Mortgage

A notice from the Department of Housing and Urban Development indicated that the Federal Housing Administration

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