Meanwhile, Washington Mutual has announced the suspension of its relationship with eAppraiseIT until WaMu can investigate the allegations in the lawsuit filed by the New York attorney general.New York AG Andrew Cuomo sued First American Corp. and its eAppraiseIT unit for allegedly colluding with WaMu to use a list of preferred appraisers to inflate mortgage appraisals. The lawsuit said the state attorney general's investigation uncovered a series of e-mails between executives at eAppraiseIT, First American, and WaMu that allegedly show eAppraiseIT officials were willingly violating state and federal appraisal independence regulations to comply with WaMu demands to inflate appraisals. "We are surprised and disappointed by the allegations in the complaint related to eAppraiseIT," WaMu said in a news release. "We have absolutely no incentive to have appraisers inflate home values. In fact, inflated appraisals are contrary to our interests. We use third-party appraisal companies to make sure that appraisals are objective and accurate." WaMu can be found online at http://www.wamu.com.
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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.
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The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
April 24