Risk Management

A combination of enforcement actions, education campaigns and an improving housing market seems to be shutting down the shady side of the “foreclosure rescue” business. Image: Fotolia

Good News On the Foreclosure Frauds

Recent publicity surrounding high-profile convictions involving foreclosure rescue scams may be obscuring some good news: the prevalence of this type of fraud seems to be waning.

Servicing

REO

Mortgage-Bond Yields Jump to 14-Month High on Fed Statements

Yields on Fannie Mae and Freddie Mac mortgage bonds that guide U.S. home loan rates rose to the highest in more than 14 months as the Federal Reserve said risks to the economy have decreased.

Wells Fargo Sold Risky Program as Safe, Investor Lawyer Says

Wells Fargo & Co. marketed a risky securities-lending program as safe and ended up causing millions of dollars in losses for institutional investors, a lawyer said as the trial of a lawsuit against the bank began.

Eric Schneiderman: Monitor Affirms NY Complaints Against Wells

News that Wells Fargo and Bank of America failed to comply with the mortgage loan modification timeline processing requirements of the mortgage servicing standards mandated by the National Mortgage Settlement are bittersweet for New York Attorney General Eric Schneiderman.

DOJ’s Foreclosure Auction Bid Rigging Investigation Leads to 31st Guilty Plea

Felony charges were filed against Robert Williams, an investor who pleaded guilty for his role in conspiracies to rig bids and commit mail fraud at foreclosure auctions.

Valuation Options May Sound Clear-Cut, but Are Situational

Waters Asks for Investigation into B of A Foreclosure Tactics

MBA: Seasonally-Adjusted Loan Apps Drop 3.3%

ServiceLink Introduces MERS Reconciliation and Resolution Program

Grapevine: Will Unreported Addition Affect Underwriting?

zIngenuity Buys Irwin Reinsurance

California Brokerage Company President Sentenced to Three-Year Prison Term

From Our Blogs

From l., Frank Pallotta discusses the future of the secondary market as Deborah Sturges and Dave Hurt listen. Photo: Arnold Adler.

Lenders Remain Skittish about Credit Due to Buybacks, Changes

Where industry credit limits stand and why was among the topics discussed by a group of industry executives convened by Origination News at the Mortgage Bankers Association’s National Secondary Market Conference in New York.

Origination

Regulation

New Emphasis Regarding Consumer Mortgage Training

New rules show the importance for lenders’ own sakes to make sure their customers know what is going on.

Origination

Regulation

In July 2007, NAR said 3.4 million single-family homes were for sale, but in April 2013, only 1.9 million single-family properties were listed on the open market. Image: ThinkStock

Sellers Remain Reluctant to Act Despite Price Rise

Despite home price increases taking place in many real estate markets this year, potential sellers are still reluctant to list their properties for sale, therefore creating tight inventories for prospective buyers.

REO

Data & Tools

An increased likelihood of rising rates has prompted some banks to take action. Image: Fotolia.

Shifting Bond Market Causing Banks to Rethink MBS Strategies

One company sold a package of fixed-rate and agency-backed MBS. It then parked the proceeds into variable-rate mortgage securities.

Servicing

Origination

Servicers have to select and supervise attorneys/law firms in end-to-end default-related legal services such as foreclosure, bankruptcy, REO, and other litigation matters involving mortgages owned or guaranteed by the government-sponsored enterprises. Image: Fotolia

Preparing for New Default Legal Services Requirement Changes

Starting at the beginning of June, servicers will be responsible to manage law firms to handle all new referrals of default-related legal services associated with Fannie Mae mortgages, but Freddie Mac gave servicers two more months to make the transition to some of these guidelines.

REO

Servicing

The Consumer Financial Protection Bureau has put the finishing touches on its qualified mortgage rule, and it is a big win for retail lenders. Image: Fotolia.

A Big Win for Retail in Qualified Mortgage Rule

The Consumer Financial Protection Bureau decided not to count compensation a lender pays its loan officer employees toward the 3% points and fees cap in the QM rule.

Regulation