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A licensed real estate broker who appraised loans for Staley Credit Union in Decatur, Ill., was convicted Friday of providing phony appraisals on 40 real estate loans, which may cost the lender $1 million in losses.
October 4 -
Three industry trade groups are urging the Federal Reserve to adopt an interim final rule on appraisal independence later this month, without addressing the issue of "customary and reasonable" fees for appraisers.
October 4 -
Based on an underwriting-related portion of Dodd-Frank alone it sounds like loans on the secondary market are probably going to continue to be underwritten within relatively narrow parameters for some time.
October 4 -
Freddie Mac said it will provide instructions to its servicers late Monday, directing them to "ensure that their foreclosure processes" are in compliance with state laws.
October 4 -
With massive delays feared for many foreclosures, should brokers move away from the big banks and work with small community banks to carve their niche in the business. Find out what Grapevine users have to say about how government regulations could impact lending practices. Click here to read more.
October 4 -
What a difference five years make. Back in 2005 lenders didn’t have the same incentive they have today to use technology and analytical services on their loan originations because they didn't have much, if any, skin in the game.
October 4 -
Efforts to minimize LoSses in general are attracting a lot of market attention when it comes to short sales, but the fraud factor in this area is sometimes overlooked.
October 4 -
The purchaser or assignee that acquires the loan must provide the required disclosures no later than 30 days after the date on which it acquired the loan. This applies to any consumer credit transaction secured by the principal dwelling of the consumer. This became effective May 20 to all mortgage loans sold or otherwise transferred on or after that date.
October 4
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A new mortgage insurance premium structure the Federal Housing Administration is slated to implement in October could open the door for private mortgage insurers to recapture lost market share from the government.
October 1 -
NCUA said that projected losses for the National CU Share Insurance Fund surged to a record $1.2 billion at the end of August, forcing the agency to assess a 12.4 basis point, or $933 million, premium, in order to replenish the fund's diminishing reserves.
October 1