Delinquencies in California decreased in the third quarter and so did the percentage of loans in foreclosure, according to the California Mortgage Bankers Association.The CMBA reported that the delinquency rate for mortgage loans on one- to four-unit residential properties fell 16 basis points to 2.57% in the third quarter. The percentage of loans in which foreclosure was started rose 1 bps to 0.16% in the third quarter, while the percentage of loans in the foreclosure process fell 2 bps to 0.35%. "In the 3rd quarter, we see some leveling off of delinquencies as energy prices have subsided and low interest rates have sparked a mortgage origination and refinance wave," said Matthew M. Soto Sr., chairman of the CMBA.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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