Mortgages

Lenders and investors at this week’s secondary market conference in New York were interested in a question that’s been on target for at least the past three years: Where is the nonconforming secondary market? When will it show up again? When should mortgage packagers start their engines?

The Federal Reserve Bank of New York has sold the entirety of the TRIAXX CDO holdings from its Maiden Lane III portfolio to Merrill Lynch, Pierce, Fenner & Smith after a competitive bid process.

A Houston family has been sentenced to federal prison for running a multi-million dollar mortgage fraud scheme that resulted in at least 70 homeowners defaulting on their mortgage payments.

James Delbert McConville, a Fremont man, was sentenced to nearly eight years in prison and must pay more than $7 million in restitution after being convicted of conspiring to commit mail and wire fraud, federal prosecutors said.

More information from an anonymous contributor who wanted me to spread the word about how if you don’t feel good, your business will suffer.

Many foreclosed properties sell at far lower prices because servicers and investors often fail to carry out repairs and take full advantage of insurance coverage when properties sustain insurable damages.

Industry veteran Mark Korell, who four years ago joined the mortgage division of JPMorgan Chase, has left the company, according to colleagues who are close to him.

Specialty servicer Walter Investment Management Corp., Tampa, Fla., earned $5.1 million in the first quarter, a 46% jump from the same period a year ago as its servicing business threw off a large amount of cash flow.

Newcastle Investment Corp. is “very optimistic” it will participate in a big investment in mortgage servicing rights with other entities that its manager oversees.

Experian has agreed to sell a trio of consumer comparison shopping sites, including mortgage lead generation site LowerMyBills.com, to Ybrant Digital, Hyderabad, India, for $175 million.

A state appeals court affirmed a lower court ruling allowing NCUA to foreclose on 17 homes funded by the failed Michigan credit union Huron River Area FCU in two South Florida developments financed through a get-rich-quick scheme known as "Millionaire University."

Once again the government is taking out the mortgage crisis on nonbanks, their loan officers and mortgage brokers. On Monday National Mortgage News will publish a more detailed story about the mess, but suffice to say there are many things that rankle nonbanks concerning the Consumer Financial Protection Bureau’s new mortgage compensation rule.

Despite complaints from community bankers and some lawmakers about overzealous examiners, Federal Reserve Board Chairman Ben Bernanke on Thursday defended the central bank's examination staff, saying recent analysis suggests they are acting appropriately.

The Consumer Financial Protection Bureau has hired Chris Peterson from the University of Utah, adding a formidable critic of mortgage securitization practices and payday lending to the young agency's staff.

The average primary market rate for a 30-year fixed-rate mortgage during the week ending May 10 set a new record low a basis point lower than the previous week’s at 3.83%.

The Consumer Financial Protection Bureau is considering the use of its special regulatory powers to blunt certain provisions in the Dodd-Frank Act that would ban consumers from paying upfront fees -- such as discount points or origination fees, when the loan officer is being compensated on the back-end by the buyer or table funder.

The National Reverse Mortgage Lenders Association has asked a federal regulator to craft a ‘qualified mortgage’ rule specifically for private reverse mortgages.

Deploying dual monitors improves the transition to paperless.

Before implementing a mortgage tech strategy, lenders and servicers need to execute a hardware strategy.

The reality is that every morning, when you wake up, you are broke until you find a way to get more business and close loans.