Federal regulators this summer might propose new rules for mortgage-lending fees that would require mortgage lenders to charge a flat fee for processing a loan, and limit the amount by which borrowers can reduce their interest rate through "discount points." The Consumer Financial Protection Bureau Wednesday said it could bar mortgage brokers from the widespread [...]
Saturday, May 12, 2012
Fannie Mae reported enough profit in the first quarter to offset dividend payments to the Treasury and avoid another bailout from taxpayers. The government-sponsored enterprise reported $2.7 billion in net income for the first quarter, up from a $6.5 billion loss the same period last year. …
Saturday, May 12, 2012
Preet Bharara, U.S. Attorney for the Southern District of New York; Stuart F. Delery, Acting Assistant Attorney General for the Civil Division of the U.S. Department of Justice (DOJ), Helen Kanovsky, General Counsel of the U.S. Department of Housing & Urban Development (HUD), and David A. Montoya, Inspector General of HUD, have jointly announced that [...]
Saturday, May 12, 2012
Freddie Mac has announced that its Board of Directors has appointed Donald H. Layton as chief executive officer and has elected him as a member of the Board of Directors. Layton will join the company on May 21, 2012. Layton will assume leadership of Freddie Mac after a long career in banking and financial services. He [...]
Saturday, May 12, 2012
Builder confidence in the 55+ housing market for single-family homes had a significant increase in the first quarter of 2012 compared to the same period a year ago, according to the latest National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI). The HMI increased 10 points to 27, and although 27 is relatively [...]
Saturday, May 12, 2012
Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing 30-year fixed-rate mortgages (FRMs) averaging 3.83 percent with an average 0.7 point for the week ending May 10, 2012, down from last week when it averaged 3.84 percent. Last year at this time, the 30-year FRM averaged 4.63 percent. The 30-year FRM [...]
Saturday, May 12, 2012
The Consumer Financial Protection Bureau (CFPB) has outlined rules that it is considering to simplify mortgage points and fees and bring greater transparency to the mortgage loan origination market. The CFPB expects to propose the rules this summer and finalize them by Jan. 21, 2013. The CFPB is considering proposals that would:Click to continue
Saturday, May 12, 2012
Financial Industry Computer Systems Inc. (FICS), a provider of loan origination software (LOS) for the mortgage industry, released the third generation of its comprehensive LOS platform, Loan Producer Version 6.00. Current technological advancements provide the basis for this completely rewritten infrastructure and revitalized graphical user interface. The most significant benefit to lenders is the streamlined workflow [...]
Saturday, May 12, 2012
Indecomm Global Services, a business process outsourcing company, is expanding its Collateral Review Service to a broad base of clients. Indecomm’s Collateral Review Service employs licensed appraisers to perform independent reviews of appraisal reports and collateral-related documents for residential mortgage transactions. The service identifies deficiencies and inconsistencies, which may arise as a result of collateral [...]
Saturday, May 12, 2012
Lender Processing Services Inc. (LPS) has announced that its LPS Applied Analytics division updated its home price index (LPS HPI) with residential sales concluded during February 2012. "Our HPI shows an increase in seasonally adjusted prices this month for the first time since March 2010, and for only the third time in five years,” said Raj [...]
Saturday, May 12, 2012
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