The nation's top thrift regulator says the mortgage application and settlement process is so "convoluted and non-understandable" to consumers that it needs to be changed.James Gilleran, director of the Office of Thrift Supervision, told the Exchequer Club that he supports the Department of Housing and Urban Development's effort to reform its Real Estate Settlement Procedures Act rules. The OTS director remarked that Fannie Mae chairman and chief executive Franklin Raines had admitted privately that he couldn't understand the process when he recently refinanced his own home. "If Frank Raines doesn't understand it -- who does?" Mr. Gilleran said. "We have devised a system that doesn't make sense, and it should be changed." A Fannie Mae spokeswoman said Mr. Raines could not be reached for comment by MortgageWire's deadline.
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Pricey insurance, expensive maintenance, and struggles with financing are all weighing down the condo market, with Florida and Texas feeling it the most.
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The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
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The new integration supports the upcoming Uniform Appraisal Dataset 3.6, which becomes available in September, with mandatory use 14 months later.
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The prime jumbo RMBS transaction is collateralized by 402 residential mortgage loans.
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The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
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The Senate version makes permanent the mortgage interest and mortgage insurance premium reductions, removes the revenge tax but also cuts CFPB funding.
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