Completed Foreclosures Decline But Remain At Double Pre-Recession Levels

While completed foreclosures on residential homes totaled 40,000 for April and have been steadily falling monthly for the last four years, they are still nearly double their pre-recession average per month, according to CoreLogic's April 2015 National Foreclosure Report released Tuesday. Completed foreclosures, which are a measure of homes actually lost to foreclosure, declined by … Continue reading Completed Foreclosures Decline But Remain At Double Pre-Recession Levels

More than 400k Borrowers to Receive Settlement Claim Forms

California Attorney General Kamala D. Harris announced Tuesday that claim forms will be sent out to borrowers who may be eligible for settlement funds due to losing their home to foreclosure. The funds are made available through the $25 billion national mortgage settlement, which set aside $1.5 billion in payments for 2 million qualifying borrowers. … Continue reading More than 400k Borrowers to Receive Settlement Claim Forms

Borrower fraud declines on FHA-backed mortgages

A study by quality control and assurance company Quality Mortgage Services shows that the percentage of misrepresentation of loans backed by the Federal Housing Administration declined 40% in 2011 from the prior year. But recent changes to the FHA streamlined refinance process could reverse that trend, analysts warn. Through a verification process and a series … Continue reading Borrower fraud declines on FHA-backed mortgages

Fannie Mae Exists to Expand the Affordable Housing Market

Fannie Mae exists to expand the affordable housing market and bring global capital to local communities to serve US housing markets. There are new changes for the short sales  -  (in an effort to stablize communities & avoid foreclosures) *  The documentation requirements are to be streamlined *  Deficiency judgements will be waived for borrowers … Continue reading Fannie Mae Exists to Expand the Affordable Housing Market

New Illinois law increases fees for mortgage licensing

An Illinois law signed Friday will force mortgage companies to pay higher licensing fees. It also charges higher fines to penalize mortgage fraud. House Bill 4521, sponsored by Rep. Barbara Flynn Currie, D-Chicago, and Sen. Jacqueline Y. Collins D-Chicago, is an amendment to the state’s Residential Mortgage License Acto f 1987. It will raise the … Continue reading New Illinois law increases fees for mortgage licensing

Wells Fargo Pays $175M for Race Claims, Ends Wholesale Originations

Wells Fargo wrote a check for $175 million on Thursday to settle claims that independent brokers drove a disproportionate number of otherwise creditworthy minority borrowers to higher-priced variable mortgages in the lead-up to the financial crisis. The payout will tie off a suit filed by federal authorities earlier Thursday that claimed discriminatory practices from 2004 … Continue reading Wells Fargo Pays $175M for Race Claims, Ends Wholesale Originations

States and Metros Known for Fraud Are Repeat Offenders: Report

States and metro areas known for being risky when it comes to mortgage fraud seem to be repeat offenders, according to the 2011 Annual Mortgage Fraud Risk report released by Interthinx. The top six states with the highest levels of mortgage fraud risk in 2010 maintained their spots as the riskiest states into 2011, a … Continue reading States and Metros Known for Fraud Are Repeat Offenders: Report

Additional Servicers May Join in AG Settlement

Additional Servicers May Join in AG Settlement The settlement negotiations between the state attorneys general and the top five servicers have dragged on for more than a year now throughout frequent reports that a settlement is “close.” Working out a deal that banks feel is fair and that attorneys general feel serves their states’ residents … Continue reading Additional Servicers May Join in AG Settlement

Large Banks Required to Draft Living Wills

Largest banks now required to draft living wills The Federal Deposit Insurance Corp. finalized a rule Tuesday requiring the largest financial institutions to draft "living wills" to serve as blueprints in case of failure. The resolution plans will detail how the FDIC as receiver would wind down the institution that ensures depositors can access accounts … Continue reading Large Banks Required to Draft Living Wills

Have a Mortgage Complaint? Your complaint can be heard.

Agency to hear mortgage complaints If you've been dying to find someone to listen to your beef with the company that services your mortgage, here's your chance. The federal Consumer Financial Protection Bureau is now open for business for complaints and inquiries related to home loans. For the first three months of its existence, the … Continue reading Have a Mortgage Complaint? Your complaint can be heard.