Mortgages

Bank of America Corp.'s Countrywide unit was ordered to pay $1.3 billion in penalties for defective mortgage loans sold to Fannie Mae and Freddie Mac in the run-up to the 2008 financial crisis, a little more than half of what the federal government had requested.

The legislation, sponsored by Rep. Blaine Luetkemeyer, R-Mo., would delay implementation of a provision of Basel III capital rules that establishes higher requirements on mortgage servicing rights.

Mortgage application volume decreased from the previous week as refinances fell but purchase activity rose slightly.

Equifax Inc. has created a new Verification of Hazard Insurance service for mortgage and home equity lenders.

Varde Partners completed the issuance of $290 million in notes secured primarily by real estate loans and assets.

Customer relationship management technology and new regulations require lenders and loan officers to re-evaluate how they manage the ownership and use of lead sheets.

The homeownership rate in the U.S. fell to a 19-year low as rising prices and tight credit kept many first-time buyers out of the property market.

Manhattan Bridge Capital said it will price up to 1.75 million shares of common stock for sale through a public offering at $2.85 per share.

Interest rates for mortgages over $417,000 have fallen 11 basis points during the past six weeks, driven by competition among banks to win the mortgage business of wealthy, less risky borrowers and in turn, make them customers of other financial products.

Residential real estate prices rose in the 12 months ended May at the slowest pace in more than a year as a lull in the U.S. housing market limits appreciation.

A simple follow up email can be a winning strategy in a highly competitive mortgage originations market.

The National Association of Real Estate Brokers has entered into a two-year training partnership with Radian Guaranty.

In June the unpaid principal balance of Freddie Mac's total mortgage portfolio declined 2.6% from a year earlier, to $1.89 trillion, as total purchases shrank by almost half.

Independent Bank Corp. reported lower second-quarter earnings as income related to mortgages fell dramatically.

The CFPB and other regulators are showing an increasing appetite for big data. The HMDA database may be the biggest in the mortgage business and a preview of the upcoming dataset may give lenders a chance to stay one step ahead of the feds.

Patrick Sinks is taking the reins at MGIC as the mortgage insurer faces tougher capital standards and a more competitive field where his company is no longer No. 1.

The Consumer Financial Protection Bureau requests data that if used too zealously could cause a massive restriction in the market and a reduction in the type and amount of lenders.

Acquiring the technology vendor would help Altisource build a marketplace for ancillary mortgage services and reduce the company's reliance on its former parent and top client, Ocwen.

It sounds liked a great business formula: home loans soared at several megabanks last quarter after they spent months cutting thousands of jobs to save costs. But executives remain concerned about profit potential because market shifts and new regulations are making mortgage lending more expensive.

New and experienced compliance experts have to learn the nuances of all the new regulations.