The Second District Court of Appeals of Florida has ruled that MERS has the right to be a party in a foreclosure action.MERS, an electronic registry for tracking ownership of mortgage loans and servicing rights, said the latest ruling in its favor affirms the legal premise behind MERS and verifies established state law. "We undertook this lawsuit not just for MERS but for the industry as a whole," said R.K. Arnold, president and chief executive officer of MERS. "This victory is for the entire mortgage lending community because MERS is no different than a servicer when it comes to foreclosures, and this case was our opportunity to prove it in court."
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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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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24