Freddie Mac: Mortgage Rates Little Changed

Freddie Mac: Mortgage Rates Little Changed

MCLEAN, VA–(Marketwired – Mar 31, 2016) –  Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market mortgage_ratesSurvey®(PMMS®), showing mortgage rates mixed and largely unchanged from the previous week. (more…)

Freddie Mac March 2016 Outlook

Freddie Mac March 2016 Outlook

MCLEAN, VA–(Marketwired – Mar 31, 2016) – Freddie Mac (OTCQB: FMCC) released today its monthly Outlook for Marchfreddie-mac-extents-helpforecastingthat total home sales, housing starts, and house prices will reach their highest levels since 2006 despite inventory and affordability challenges. (more…)

MBA: Refinance Applications Down, Purchase Applications Up

MBA: Refinance Applications Down, Purchase Applications Up

(Source: MBA) – WASHINGTON, D.C. – Mortgage applications decreased 1.0 percent from one week earlier, according to data from the Mortgage applications increaseMortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 25, 2016.

The Market Composite Index, a measure of mortgage loan application volume, decreased 1.0 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 1 percent compared with the previous week.  (more…)

Five California Residents Plead Guilty to Defrauding Homeowners in Nationwide Home Loan Modification Scam

Five California Residents Plead Guilty to Defrauding Homeowners in Nationwide Home Loan Modification Scam

(Source: USDOJ) ALEXANDRIA, Va. – Five California men have pleaded guilty for their roles in a nationwide home loan modification loan-modificationscam that defrauded over 400 homeowners out of over $3.8 million.

Roscoe Umali, 38; Jefferson Maniscan, 34; Raymund Dacanay, 47; Isaac Perez, 33; and Joshua Johnson, 36, all resided in the greater Los Angeles area.  (more…)

Pending Home Sales Move Forward in February

Pending Home Sales Move Forward in February

(Source: NAR) WASHINGTON  — Pending home sales rose solidly in February to their highest level in seven months and remain higher decemeber 2015 home salesthan a year ago, according to the National Association of Realtors®. Led by a sizeable increase in the Midwest, all major regions except for the Northeast saw an increase in contract activity in February.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, rose 3.5 percent to 109.1 in February from a downwardly revised 105.4 in January and is now 0.7 percent above February 2015 (108.3). Although the index has now increased year-over-year for 18 consecutive months, last month’s annual gain was the smallest. (more…)

Appeals Court of Massachusetts Affirms Dismissal of Quiet Title Action

Appeals Court of Massachusetts Affirms Dismissal of Quiet Title Action

(Source: MERSCORP) – MERSCORP Holdings, Inc. today announced that the Appeals Court of Massachusetts ruled in MERS’ favormers lawsuit when it affirmed the dismissal of a quiet title action.

In pdf Gardner v. Mortgage Elec. Registrations Sys., Inc. (306 KB) the plaintiff filed a quiet title action against MERS and alleged that because MERS was merely a nominee of the original lender of the mortgage and never held the note, MERS could not assign the mortgage. (more…)

Ohio AG Files Lawsuit Against Pennsylvania Attorney Accused of Misleading Ohio Homeowners

Ohio AG Files Lawsuit Against Pennsylvania Attorney Accused of Misleading Ohio Homeowners

(Source: Ohio AG) – Ohio Attorney General Mike DeWine today announced a lawsuit against a Pennsylvania attorney accused of taking mortgage fraudthousands of dollars from Ohio consumers while falsely promising to help save their homes.

The lawsuit accuses Pittsburgh-based Michael A. Rabel & Associates LLC and Michael A. Rabel, individually, of violating Ohio’s Consumer Sales Practices Act and Debt Adjuster’s Act by failing to deliver promised loan modification services, making misrepresentations, and charging excessive fees.   (more…)

Homeowners Not Entitled to $250 For Fannie Mae’s Missing Recording Deadlines

Homeowners Not Entitled to $250 For Fannie Mae’s Missing Recording Deadlines

(Source: Ohio Court News) – A Cleveland homeowner and other borrowers cannot recover a $250 payment from Fannie Mae for the fanniemaelate recording of their paid-off mortgages while Fannie Mae is under federal conservatorship, the Ohio Supreme Court ruled.

In a lead opinion, Justice Judith L. French wrote Congress established the Federal Housing Finance Agency (FHFA) in 2008 to oversee and provide stability to Fannie Mae, and Fannie Mae is immune from state-imposed penalties, such as the $250 fine for late recording of a paid-off mortgage, while it is under FHFA’s conservatorship. (more…)

Ringleader of Mortgage Loan Modification Scheme Pleads Guilty

Ringleader of Mortgage Loan Modification Scheme Pleads Guilty

(Source: USDOJ) – Deirdre M. Daly, United States Attorney for the District of Connecticut, announced that ARIA MALEKI, 33, of Santa mortgage fraud newsAna, Calif., pleaded guilty last week before U.S. District Judge Stefan R. Underhill in Bridgeport to conspiring to defraud homeowners across the United States who were seeking mortgage loan modifications.

According to court documents and statements made in court, MALEKI and others jointly operated a series of California-based companies that falsely purported to provide home mortgage loan modifications and other consumer debt relief services to numerous homeowners in Connecticut and across the United States in exchange for upfront fees.  (more…)

MBA Creates the Task Force for a Future Secondary Mortgage Market

MBA Creates the Task Force for a Future Secondary Mortgage Market

(Source: MBA) WASHINGTON, D.C.- The Mortgage Bankers Association (MBA) announced last week the creation of the Task Force for mortgage-bankers-associationa Future Secondary Mortgage Market. This Task Force was created with the objective of developing a proposal that will address the future of the Secondary Mortgage Market, and in particular, an end-state model that can also fulfill an affordable housing/duty to serve mission. The Task Force anticipates completing this proposal by the end of the year. (more…)

CFPB Rule Broadens Qualified Mortgage Coverage of Lenders Operating in Rural and Underserved Areas

CFPB Rule Broadens Qualified Mortgage Coverage of Lenders Operating in Rural and Underserved Areas

(Source: CFPB) WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued an interim final cfpbrule that broadens the availability of certain special provisions for small creditors that operate in rural or underserved areas. The new rule, which takes effect March 31, 2016, implements Congress’s recent legislation, the Helping Expand Lending Practices in Rural Communities (HELP) Act, that allowed more small creditors operating in rural or underserved areas to take advantage of these provisions.

“The Consumer Bureau today has acted to implement the recent law that extends to more small creditors the specific provisions for operating in rural or underserved areas,” said CFPB Director Richard Cordray. “This rule provides broader eligibility for lenders serving those areas to originate balloon-payment qualified and high-cost mortgages.” (more…)

Lack of Housing for 7.2 Million of Lowest Income Renters

Lack of Housing for 7.2 Million of Lowest Income Renters

(Source: NLIHC) WASHINGTON, D.C. – The Gap: The Affordable Housing Gap Analysis 2016, a new report released today tight housing creditby the National Low Income Housing Coalition (NLIHC), paints a bleak picture of the nation’s growing affordable housing crisis. The reports finds that there is a shortage of 7.2 million affordable and available rental units for America’s 10.4 million extremely low income (ELI) renter households, those in the bottom 30% of income in their communities.1 (more…)

Homeownership increasingly difficult for average Americans

Homeownership increasingly difficult for average Americans

(Source: Reuters) – Home prices are rising faster than wages in most of the United States, making homeownership should-i-to-refinance-my-homeincreasingly difficult for average Americans in some of the most populous areas of the country, according to a report released on Thursday.

The report found that home price growth exceeded wage growth in nearly two thirds of the nation’s housing markets so far this year, with urban centers like San Francisco and New York City among the least affordable. (more…)