Mortgages

The Consumer Financial Protection Bureau is expected to unveil a flat free compensation proposal Wednesday night after briefing industry officials on the matter earlier in the day.

Sen. David Vitter, R-La., is trying to force the Senate to quickly pass a five-year reauthorization of the flood insurance program this week.

Industry vendor CoreLogic has decided to close its appraisal management company in Danvers, Mass.

New findings show foreclosure problems continue to plague the nation’s 100 largest metro areas.

SpringLeaf Finance Corp., which is partly controlled by the U.S. government, has entered into another round of layoffs, and may have to file for bankruptcy protection.

Some loan officers hate appraisal management companies (AMCs) and here’s why: Several megabanks control AMCs through joint ventures and are making huge fee income while paying rank and file appraisers little.

Crockett National Bank, San Angelo, Texas, has purchased a controlling interest in Legacy Mutual Mortgage, a San Antonio-based mortgage banker.

The tool provides investors with property-level information to make business decisions regarding which properties to possibly buy and convert into rental units.

Competition is heating up among banks in the government's revised Home Affordable Refinance Program, which has helped spark a refi boom and contributed to strong mortgage profits at most banks.

Increases in conventional mortgage loan applications for both purchases and refinancings contributed to a 1.7% seasonally adjusted increase in overall application volume for the week ended May 4.

Freddie Mac has picked a former chief executive of an online securities brokerage firm to be its new CEO, according to published reports.

The Modification Team LLC, a Lawrenceville, Ga.-based mortgage business that offers services related to property sales, modifications and notaries, was issued a cease-and-desist order from the state’s Department of Banking and Finance.

Decisions such as the definitions for qualified mortgage and qualified residential mortgage are being made in isolation that will have unintended consequences when they are rolled out, such as limiting competition between private mortgage insurers and the Federal Housing Administration.

Digital Risk said it was starting a task force that aims to set best practices for mortgage risk due diligence.

The Federal Housing Administration’s single-family program is facing headwinds as the HUD secretary tries to keep the insurance fund above water and appease critics who want to reign in government programs.

Senate Democrats may try to fast-track a bill to open up the HARP 2.0 program so more lenders can refinance high LTV Fannie Mae and Freddie Mac loans held by large servicers.

Investors will spend what they have to in order to keep REO in marketable condition, but they often work very hard to find asset managers who can sell the property in as close to the condition they find it in as they can. That’s just good business.

Fannie Mae posted $3 billion in total “comprehensive” income in the first quarter, and then turned around and paid the U.S. Treasury $2.8 billion in dividends.

The Obama administration used a speech by the president and an appearance on Capitol Hill by his housing secretary Tuesday to launch a push for legislation that would allow more Americans to refinance into lower interest rate mortgages.

One of the architects of the $26 billion settlement with five major servicers expects some borrowers will see the principal balance of their mortgages reduced by over $100,000.