Fannie Mae and Freddie Mac have jointly developed master and short form security instruments that lenders can download and use in 27 states.The new forms, which will be available this spring, give lenders the option of filing a master deed of trust with the recording district and attaching the three-page short form to the closing documents of each mortgage transaction. "These documents are a tool that will allow lenders to better serve their borrowers, help streamline the process and save money on recording costs," Fannie senior vice president Marianne Sullivan said. Arizona, California, Florida, New York and Texas are some of the states where lenders can use the new forms.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24