A new report by an independent monitor of the National Mortgage settlement shows that the mortgage servicing giant Citi has failed a compliance test in regards to loan modification metrics.
The mortgage settlement was the largest consumer financial protection settlement in US history, and has provided over $50 billion in assistance to distressed borrowers , and direct payments to signing states and the federal government. The agreement settled state and federal investigations finding that the country’s five largest mortgage servicers routinely signed foreclosure related documents outside the presence of a notary public and without really knowing whether the facts they contained were correct. Both of these practices violate the law. (more…)
The real estate and mortgage markets have really been gaining steam over the last couple years. With home values rising, and mortgage rates at all-time lows, this makes a perfect climate for lenders and loan officers who have seen tremendous growth in 2015.
According to the consumer credit reporting giant, Equifax (NYSE: EFX) and their National Consumer Credit Trends Report, mortgage originations are soaring this year. In the first quarter of 2015, the total mortgage origination balances hit $466 billion, which was a 74.4% increase from the same time a year ago. (more…)
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The National Association of Realtors (NAR) released their Pending Home Sales Index today, showing that home sales were on the way up in the month of May and are currently at the highest level in over nine years. Pending home sales are based on contract signings for the purchase of single family residential homes. (more…)
Current mortgage rates for this Monday are mostly stable, with some lenders raising rates slightly on various loan programs. Rates have remained mostly flat the last couple weeks, with very little movement up and down. Although they have risen from the all time lows in 2014, they’re still very affordable in their very many niche mortgage programs for homebuyers looking to purchase a home and homeowners searching for refinance options.
Here’s a quick snapshot of today’s rates in the mortgage market. (more…)
This past week the U.S. Supreme Court had ruled in favor 5 to 4 that housing discrimination is illegal, even if it is not intentional. The court held that disparate impact claims are recognizable under the Fair Housing Act. In the case Texas Department of Housing and Community Affairs vs. the Inclusive Communities Project, the Justices ruled 5-4 to uphold the use of disparate impact to help prove claims of housing discrimination.
This case was being watched by several real estate and mortgage industry participants such as mortgage lenders, real estate agents, home builders, and insurers who some consumer advocates said were trying to reduce the the effectiveness of the law and its ability to protect consumers from discriminatory practices. (more…)
The Washington Attorney General, Bob Ferguson has announced that approximately 1000 Washington State homeowners facing foreclosure will receive financial counseling thanks to a new grant for $807,788 given to the Washington State Housing Finance Commission. (more…)
Another individual involved in a massive Northern California real estate bid rigging and fraud conspiracy at public foreclosure auctions was indicted last Friday by a Federal grand jury, according to the U.S. Department of Justice.
54 people have already pleaded guilty, and another 21 real estate investors have also been charged for their roles in this massive fraud.
Ramin Rad “Ray” Yeganeh of San Mateo, California was charged with two counts in an indictment for participating to rig bids and defraud mortgage holders and others in Alameda County, California. (more…)
(Source: FBI) Wifredo A. Ferrer, United States Attorney for the Southern District of Florida, George L. Piro, Special Agent in Charge, Federal Bureau of Investigation (FBI), Nadine Gurley, Special Agent in Charge, United States Department of Housing and Urban Development, Office of Inspector General (HUD-OIG), and Kelly R. Jackson, Special Agent in Charge, Internal Revenue Service, Criminal Investigation (IRS-CI), announced the filing of charges against three defendants in a joint investigation of individuals who fraudulently obtained federal money and property in connection with the construction of low-income housing developments in Miami-Dade County. (more…)
(Source: OCC) WASHINGTON — The performance of first-lien mortgages serviced by eight national banks improved during the first quarter of 2015, according to the Office of the Comptroller of the Currency’s (OCC) quarterly report on mortgage performance. (more…)
(Source: FBI) CAMDEN, NJ—An Atlantic County, New Jersey, man was sentenced today to 324 months in prison for his role in a $3 million conspiracy to scam customers by offering phony consulting services to owners of timeshares through the New Jersey-based Vacation Ownership Group LLC, U.S. Attorney Paul J. Fishman announced. (more…)
(Source: NAHB) WASHINGTON, June 25 – Tom Woods, chairman of the National Association of Home Builders (NAHB) and a home builder from Blue Springs, Mo., issued the following statement on the U.S. Supreme Court’s Fair Housing Act ruling.
“NAHB is a strong supporter of the Fair Housing Act’s goals to allow all people to obtain housing free from discrimination. The nation’s home builders stand ready to develop and build safe and decent housing in all communities across the country. (more…)
(Source: Freddie Mac) MCLEAN, VA– Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey(R)(PMMS®), showing average fixed mortgage rates little changed from the previous week amid reports of the U.S. housing market strengthening. (more…)
Current mortgage rates from the nation’s top lenders remain are mostly the same as yesterday for this Wednesday morning. The national average for conforming mortgage and ARM loan rates are also stable. The 30 year fixed is 4.00%, and the 15 year fixed average is at 3.23%. The 5 year ARM average is at 3.00%, and the 1 year ARM was 2.53%. (more…)
Defendant Convinced Victims to Give Him Over $1.9 Million from Retirement Savings, Lines of Credit and Refinanced Mortgages in the False Promise of Receiving Higher Investment Returns
(Source: USDOJ) Baltimore, Maryland –Jasper Buck, age 59, formerly of Westminster, Maryland and elsewhere including Sanford and Lake Mary, Florida, pleaded guilty today to mail fraud arising from an investment fraud scheme in which Buck stole more than $1.96 million from clients. (more…)
Proposal Open for Public Comment Until July 7th
(Source: CFPB) WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a proposed amendment to the Know Before You Owe mortgage disclosure rule, which proposes to move the rule’s effective date to October 3, 2015. (more…)