The Mortgage Bankers Association has asked a Senate subcommittee to push for an additional $6.25 million in government spending to combat mortgage fraud.In a letter sent to Sen. Richard Shelby, R-Ala., chairman of the Appropriations subcommittee on commerce, justice, and science, the trade group asks that the money be spent over a five-year period to help the FBI track down and prosecute mortgage fraud. The MBA says the money can be used to hire 30 additional FBI field agents and two prosecutors. Back in December, National Mortgage News, quoting FBI figures, reported that the industry suffered $1.01 billion in losses during 2005 due to mortgage fraud.
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The Federal Housing Administration, the Department of Veterans Affairs and the Federal Housing Finance Agency have started gathering data and analyzing how climate risk will impact the housing ecosystem.
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A special committee is exploring any possible structural "strategic alternatives," which would be aimed at increasing shareholder value, the real estate investment trust said.
April 22 -
An insurance-indexed debt-to-income ratio could help mitigate borrowers' rising premiums, and help maintain a healthy servicing portfolio, experts said.
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But the number of properties whose mortgage is more than 90 days late is at its lowest since 2006, ICE Mortgage Technology said.
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Industry leaders expressed a high degree of satisfaction with technology in use, but also said a product's cost is the most important criteria for them when partnering with vendors, according to Fannie Mae research.
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The top five loan officers produced an average of 628 loans in 2023.
April 22