Fannie Mae issued a statement indicating that it intends to significantly increase its purchases of delinquent loans from single-family, mortgage-backed securities trusts. Fannie said it would begin purchasing delinquent loans in March. Freddie Mac announced its own new repurchase strategy just hours before.Read more…
Jason Alan Tauer pled guilty to stealing loan files and other data from Ameriquest Mortgage, a news release from the U.S. Attorney’s office in Minnesota said. Maryland’s attorney general issued a statement indicating that the former president of Capital City Financial Group was effectively sentenced to 18 months in prison. The former president of [...]
Projected refinance originations for this year are expected to be around 50 percent lower than last year, iEmergent reported. Around 3 million refinance transaction are forecasted for 2010. Purchase volume is expected to decline around 5 percent from 2009.Read more…
The Minnesota Department of Commerce closed 1st American State Bank of Minnesota Friday and handed the failed institution over to the Federal Deposit Insurance Corporation as receiver. Community Development Bank, FSB, agreed to assumed all of the failed institution’s deposits. The collapse of a deal for an Illinois bank to acquire AAXA Mortgage will result [...]
Several industry executives were named to posts at the Mortgage Bankers Association’s Reston, Va.-based Mortgage Industry Standards Maintenance. Rebecca Froass was named vice president of client services at Washington, D.C.-based Collingwood Group, a press release said. Also in Washington, D.C., Weiner Brodsky Sidman Kider PC announced that John V. Konyk was hired as executive director, [...]
Prospect Mortgage has recruited a Georgia district manager from the National Football League. A statement last month indicated that Lee Williamson was hired for a district manager slot in Georgia. Williamson was a quarterback for the Houston Oilers from 1993 to 1996.Read more…
The Federal Trade Commission said it is proposing a new rule that would make up-front fees illegal. It would also bar modification firms from advising borrowers to stop making their payments or stop communicating with their lenders. The move is being made “so companies can’t take the money and run,” the FTC’s chairman said in [...]
December saw inflation rates in the UK soar by an full percentage point, up from 1.9% in November to 2.9% in December. At the end of the month of December the UK government changed the VAT rate from the temporary reduced level of 15% back to the preceding 17.5% rate. A small rise in expenditure [...]
The U.S. Department of Housing and Urban Development on Jan. 29 issued another version of its frequently asked questions regarding the new Real Estate Settlement Procedures Act rule. The latest version is dated Jan. 28. For the first time, HUD directly addresses in the FAQs the question of whether a lender who accepts a loan [...]
When considering a settlement loan you should always know the differences between a settlement loan and a traditional loan. They are two complete different ways to obtain fund during a pending lawsuit when a client has no income. This article is designed to explain the differences between a settlement loan and a traditional loan and [...]
