Aug 28, 2:00pm While the volume of distressed loans insured by the Federal Housing Administration and Department of Veterans Affairs is down from its peak, the mortgages are no less complicated to service.
Startup Block66 is using blockchain to create a mortgage audit trail for fraud prevention purposes and also plans to enable trading of securities lenders can use to increase their liquidity.
Incenter Mortgage Advisors is facilitating the sale of more than $10 billion in mortgage servicing rights tied to Fannie Mae and Freddie Mac loans originated by mortgage brokers.
Ginnie Mae is looking to start a pilot program to securitize digital mortgages as early as 2019, but issuers would not be able to commingle loans using traditional paper files in those deals.
One-time Modesto City Council candidate Robert Farrace, an attorney and real estate broker, was sentenced to two years in federal prison for defrauding real estate lenders.
The bill aimed at helping struggling homeowners also requires documentation of servicer behavior and FHFA evaluation of the services provided to borrowers.
The man authorities called the mastermind behind a complex mortgage fraud scheme targeting distressed properties was arrested June 7 in South Carolina and charged with being a fugitive in violation of probation.
Sales of nonperforming loans by Fannie Mae and Freddie Mac slowed during the past year as the number of delinquent loans on their books continued to drop.
