Mortgage Information

California’s Mortgage Fraud Index was 153 in the third quarter.

The index was higher than the prior quarter and prior year.

Based solely on the dollar amount of cases with third-quarter activity, California’s $204 million was the highest balance of cases.

Read more here:
California Claims No. 1 Mortgage Fraud Ranking

Among the requirements outlined in consent orders issued earlier this year against the biggest servicers is that the servicers hire independent firms to review their foreclosure actions in 2009 and 2010.

In order to identify more potential borrowers who were harmed by faulty foreclosure practices, a complaint process is being rolled out during the next several weeks.

Consumers who claim to have been harmed by faulty foreclosures will be able to request a review of their cases and, in warranted instances, be compensated by their servicers.

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Foreclosure Complaint Process Unveiled

A letter from the deputy general counsel for the Federal Deposit Insurance Corp. said that the agency is not singling out mortgage brokers when it pursues claims on fraudulent loans owned by failed banks that it takes over.

Representations and warranties made by mortgage brokers to wholesale lenders already hold them liable for fraud.

A lawsuit is filed against a mortgage broker only after the broker has had a chance to comment and after settlement talks have broken down.

Excerpt from:
FDIC Addresses Lawsuits Against Brokers

Purchase transactions endorsed by the Federal Housing Administration exceeded 75,000 loans during August.

Purchase volume increased from less than 69,000 endorsements in July.

New applications for FHA purchase mortgages rose 11 percent, suggesting higher September volume.

See the original post here:
FHA Purchase Originations Jump

A 3-basis-point improvement was reported by Freddie Mac for the 30-year fixed rate.

But the yield on the 10-year Treasury has risen over the past week.

The rise in the Treasury yield in the face of a decline in mortgage rates indicates mortgages could be worse in next week’s report.

Source:
Record Low Rates Might Rise

Total foreclosure filings during August rose 7 percent from July.

But completed foreclosures were lower than in July and than in August 2010.

But the lull might only be temporary, with the increase in new defaults signaling an upcoming rise in repossessions.

The rest is here:
Foreclosures Turn Higher, REOs to Rise

In New Jersey, five separate but substantively identical orders authorized foreclosures to resume after the judge’s prior decision to halt a total six cases.

An Ohio appeals court affirmed a lower court’s decision to deny First Horizon Home Loans’ request for relief from the dismissal of its foreclosure after a forbearance agreement was enacted and the borrower defaulted.

The District Court of Appeal of Florida, Fourth District overturned a default and final judgment of foreclosure in favor of LaSalle Bank.

Read more here:
Sea of Foreclosure Litigation

Fannie Mae measures the performance of a servicer based on foreclosures avoided.

Among the biggest servicers, GMAC Mortgage LLC was one of four companies recognized for producing better results than its peers.

Also on the list was CitiMortgage Inc.

More:
Best Fannie Mae Servicers

NexBank SSB sees an opportunity in offering its portfolio jumbo program to borrowers with conforming loan sizes.

The company unveiled a suite of traditional, non-conforming mortgage products with loan amounts starting at $250,000.

The program “features common-sense underwriting and is funded directly from NexBank’s balance sheet,” the statement said.

View post:
Nonconforming Portfolio Line Launched in Texas

MetLife Home Loan’s servicer quality rating was downgraded.

The negative action reflects deterioration in call-center metrics for its customer service department.

The deterioration was attributed to insufficient staffing in MetLife’s customer service unit.

More:
Customer Service Leads to MetLife Downgrade