Australian mortgage brokers claim that a shift to volume-based accreditation is compromising their independence. Under the new system, a minimum number of loan submissions and approvals are required in order to maintain approval with a given wholesale lender. Finance broker Maria Rigoni, co-founder of the Australian Institute of Professional Brokers, told MortgageDaily.com that Australia’s ‘big [...]
Partners Bank was shut down by the Office of Thrift Supervision, according to a news release. The institution "was critically undercapitalized and in an unsafe-and-unsound condition to transact business," the OTS said. "Partners Bank is the 100th FDIC-insured institution to fail in the nation this year," the Federal Deposit Insurance Corporation said in its own [...]
Hey Readers! I’ve been comin across some crazy stuff the past few days from a few different blogs around the web which I just had to share with you. Check em out below…
Calculated Risk: Hope Now Mortgage Loss Mitigation Statistics
There are now more than 3 million mortgage loans 60+ delinquent based on the Hope Now [...]
JPMorgan Chase & Co. disclosed in a bulletin to its correspondent customers that it will not purchase mortgages made to external auditors who "may also be authorized to examine JPMorgan Chase & Co. or any of its subsidies." In addition, the company will only purchase mortgages made to bank examiners if the loans were made [...]
Third-quarter residential originations were down 31 percent from the prior period, SunTrust Banks Inc. reported. Residential delinquency fell 33 basis points from the second quarter, the report indicated. But quarterly losses at SunTrust increased by $133 million.Read more…
In two cases, a Massachusetts judge recently ruled against two securitization trustees who foreclosed before the loans had been properly assigned. The trustees sought to quiet title on the foreclosed residential properties. But the trial judge entered an order denying a motion to vacate judgments in both cases. The judge found that the foreclosure sales [...]
A lawsuit was filed by the U.S. attorney against Ideal Mortgage Bankers Ltd., which does business as Lend America, according to a statement from the U.S. Department of Justice. The government seeks to revoke Lend America’s FHA lending approval. In addition, the complaint seeks relief against Lend America’s executive vice president and chief business [...]
Since launching late last year, Wingspan Portfolio Advisors has grown its servicing portfolio to around 7,000 defaulted first and second mortgages, the company’s chief executive officer said in an interview with MortgageDaily.com. The default servicer has seen its headount rise to more than 30 employees. Within another 12 months, the CEO projects headcount will rise [...]
On Oct. 7, the Department of Housing and Urban Development issued two more Frequently Asked Questions about the new Real Estate Settlement Procedures Act rule to be implemented on Jan. 1, 2010. The new RESPA rule provides that Line 801 "is used to record ‘Our origination charge,’ which includes all charges received by the loan [...]
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