Despite the fact that Americans overwhelmingly support homeownership, legislative and regulatory proposals now under consideration would greatly harm homeowners, homebuyers, the housing market and the nation's economy. Click to continue Read the original post: NAHB Launches Site to Protect Against Threats to Homeownership … [Read more...]

The ABC of Sales , the book authored by Daniel Milstein, chief executive officer and president of Gold Star Mortgage Financial Group, has been selected the first place winner in the "How-To" category of the Paris France Book Festival. As a first place honoree, Milstein will be presented with the award at a ceremony May 19. The ceremony will be attended by authors, publishers and members of the … [Read more...]

Residential Capital LLC (ResCap), a subsidiary of Ally Financial Inc., has announced that its Board of Directors voted to file for Chapter 11 protection along with 50 of its subsidiaries. ResCap’s mortgage origination, servicing and other business activities, conducted through its subsidiaries, including GMAC Mortgage, will continue to operate as the Chapter 11 proceeds. Undergoing the Chapter … [Read more...]

zIngenuity Inc., a provider of mortgage analytics, risk management, loss mitigation, and contract underwriting for mortgage lenders and servicers, has hired Scott Friedberg as vice president of operations and contract underwriting. In this role, Scott is responsible for the continued development of zIngenuity’s contract underwriting services and the operations of the firm’s dispute and … [Read more...]

Before President Obama’s appearance in Reno, Nevada, Housing and Urban Development (HUD) Secretary Shawn Donovan gave a glimpse of the home refinancing aspects of the President’s “To Do List” for Congress which was discussed in a later meeting.  Donovan also provided updates on the results of last fall’s executive refinancing initiatives.   Donovan said that last October, the President … [Read more...]

Attorney General Tom Horne announced that a complaint has been filed in Maricopa County Superior Court against Rosa Galope, of Surprise and Avondale, Arizona, alleging that she defrauded homeowners seeking assistance in obtaining mortgage modifications in order to save their homes from foreclosure.   “The economic crisis has created a number of vulnerable consumers who are often targeted for … [Read more...]

Denver: The CEO of Allonhill was in tears as she broke the news to her employees today. After a extensive review, today, U.S. banking regulators suspended Denver based Allonhill from doing further work with banks on the foreclosure reviews they are required to do as part of an April 2011 settlement with regulators, the Comptroller of the Currency (OCC) announced on. Continued here: Denver’s … [Read more...]

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. More: Indecomm Global Services Expands Collateral Review Service … [Read more...]

Lender Processing Services Inc. Continue reading here: Home Prices Rise in February for Only the Third Time in Five Years … [Read more...]

At a time when consensus is hard to find in Washington, members of Congress, advocates for senior citizens, and representatives of financial services companies all agreed that reverse mortgages are an important tool in providing a better life for seniors, during a hearing conducted by the House Financial Services Committee’s Subcommittee on Insurance, Housing and Community Opportunity titled, … [Read more...]

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. See the original post: CFPB's Proposed Rules to Require a Flat Fee for All LOs … [Read more...]

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 … [Read more...]

The head of the Federal Deposit Insurance Corp. on Thursday set out plans on how the government would rescue an insolvent large bank, saying it would keep alive subsidiaries while placing the parent in bankruptcy. “The most promising resolution strategy from our point view will be to place the parent company into receivership and to pass its assets, principally investments in its subsidiaries, … [Read more...]

Everyone in the mortgage business has said there are issues with many issues surrounding current underwriting guidelines and the approval process, now the chairman of the Federal Reserve is saying it: “Some creditworthy borrowers are still having trouble getting a mortgage.”   Negligent mortgage underwriting was a major factor in the housing crash, and as a result the credit markets have … [Read more...]

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). Read more here: Builder Confidence in the 55-Plus Housing Market Rises in Q1 … [Read more...]

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 has averaged below four percent all but one week since … [Read more...]

Joseph A. Continue reading here: Servicing Settlement Monitor Launches Online Complaint Reporting Tool … [Read more...]

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. More here: HUD Reaches $202 Million Settlement With MortgageIT and Deutsche Bank … [Read more...]

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 More: Thirty-Year JPMorgan Chase Veteran Donald H. Layton Named Freddie Mac CEO … [Read more...]

According to San Diego-based DataQuick, Las Vegas-area home sales rose to the highest level for in March in six years amid a record level of absentee purchases, the most new-home sales since mid-2010, and continued strength in the sub-$200,000 market. The median price paid for a home in the region edged up from February but fell short of the year-ago level by the smallest amount in a year and a … [Read more...]