June 18, 2013
- Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, is asking for an investigation into claims that Bank of America purposefully delayed borrowers from entering the Home Affordable Modification Program.
- Ellie Mae has upgraded its mortgage-management system, Encompass360, to include over 200 new features.
June 14, 2013
- Bankers defended force-placed insurance practices and dodged questions about alleged industry kickbacks and price gouging at a private but well-attended meeting hosted by the Federal Housing Finance Agency.
June 12, 2013
- A bipartisan bill to reform the mortgage finance system being crafted in the Senate has already drawn praise from a variety of stakeholders, but the effort is almost certain to meet strong resistance from House Republicans.
June 11, 2013
- U.S. Bank's incoming mortgage president argues that purchase volume will not make up for the drop in refinancing, and that some lenders will have little choice but to quit the business or pair up with a competitor.
June 10, 2013
- The FHFA has yet to post to its website any public comments related to a proposed ban on commissions and reinsurance agreements in force-placed insurance. So we're posting some obtained from key voices in the industry and government.
- The Federal Housing Finance Agency is considering reforms to force-placed insurance aimed at giving the public a better deal. So why isn't it letting the public in on its planning?
- A sales pitch from Bank of America implies that its refinancing offer is in the borrower's best interest. Never mind that it would raise the customer's interest rate and add 10 years to the overall life of the loan.
- Wells Fargo has been acquitted by a jury of giving kickbacks to a real estate firm in exchange for mortgage business.
June 5, 2013
- The fees Fannie and Freddie charge to cover credit risk on mortgages have been surging. Large segments of the market may soon be fair game for securitization without federal backing.
June 4, 2013
- Lenders and special servicers operating in Nevada may be up for an unpleasant legal surprise if the state's higher court upholds a 2012 ruling that maintains a private sale of property through receivership is basically the same as a foreclosure sale.
- Taylor Capital Group in Chicago plans to enter the mortgage-servicing business through the purchase of servicing rights and facilities from Liberty Savings Bank of Wilmington, Ohio.
May 30, 2013
- An agreement announced on Thursday has triggered a statewide ban on commissions, reinsurance, and other alleged kickbacks paid to banks.
May 29, 2013
- The Columbia, Mo., lender plans to deploy Ellie Mae's Encompass360, which lets users originate, close and manage mortgage loans, after testing the service for a year, the companies said Wednesday.
May 28, 2013
- Citigroup has agreed to settle a lawsuit by the federal government that charged the bank with misleading investors in the run-up to the mortgage meltdown.
- Fidelity National Financial announced Tuesday that it acquired Lender Processing Services, confirming rumors that the two had been making plans to make a deal worth $2.9 billion.
May 24, 2013
- A bipartisan group of senators led by Sen. Bob Corker, R-Tenn., is drafting legislation designed to reform the housing finance system, including a plan to wind down the government-sponsored enterprises.
May 23, 2013
- Fidelity National Financial dominates mortgage underwriting. Its former LPS unit is the top mortgage servicer. The question is whether two companies that have run out of room to grow separately can prosper together.
May 22, 2013
- Mortgage processor Lender Processing Services is reportedly in talks to be acquired by title insurer Fidelity National Financial and private equity firm Thomas H. Lee Partners in a $2.9 billion deal.
- Sales of previously owned homes edged up 0.6% in April from the month prior and there was a noticeable increase in homes coming on the market.
- Wells Fargo CEO John Stumpf said that he believes the government-sponsored enterprises need to be retained in some form because the guarantee they provide is important to investors.
May 21, 2013
- The rift involves a disagreement over how aggressively to enforce servicing standards contained in the multi-state mortgage settlement.
May 20, 2013
- The Federal Housing Finance Agency should require the government-sponsored enterprises to purchase loans with "deeper levels of credit enhancement (via mortgage insurance, lender recourse or capital market investors) in exchange for bona fide reductions in guarantee fees and other loan level charges," the Mortgage Bankers Association said in a new white paper released Monday.
- CEO Michael Corbat continues to reorganize his top ranks, giving new responsibilities to private bank CEO Jane Fraser.
- CEO Michael Corbat continues to reorganize his top ranks, giving new responsibilities to private bank CEO Jane Fraser.