A Long Beach, California man was sentenced on Monday, to 4 years in federal prison for operating a bankruptcy foreclosure rescue scam over a 5 year period, that brought in nearly $3 million in illegal fees from struggling homeowners. (more…)
The maximum conforming loan limits for single-family one unit properties that carry Fannie Mae and Freddie Mac mortgages will increase in 2017, according to a new report from the Federal Housing Finance Agency (FHFA). The “baseline” maximum loan limit will go up from $417,000 to $424,100, which represents an increase of $7,100. (more…)
Foreclosure starts are at the lowest one-month total in nearly 12 years, and the foreclosure rate fell below 1%t for first time since July 2007, according to Black Knight Financial Services’ First Look at October 2016 Mortgage Data. (more…)
South Dakota payday lender, Western Sky and its California-based partner, CashCall have agreed to pay a $2.4 to settle a lawsuit with the Massachusetts’ Attorney General’s Office and the state Division of Banks. (more…)
New single single-family home sales dropped 1.9% in October from a downwardly revised September reading to a seasonally adjusted annual rate of 563,000 units, according to the latest report from the National Association of Home Builders (NAHB). (more…)
Average mortgage rates for the week ending November 18, 2016, are on the way up with the average 30-year going above 4% for the first time since 2015, according to the latest report from Freddie Mac. (more…)
Mortgage applications for the week ending November 18, 2016 increased 5.5% from one week earlier, according to the latest survey from the Mortgage Bankers Association’s (MBA). (more…)
(Source: USDOJ) LOS ANGELES– Ally Financial Inc. has agreed to pay the United States $52 million to settle allegations that its subsidiaries acted improperly in relation to 10 subprime residential mortgage backed securities (RMBS) in 2006 and 2007.
A settlement agreement announced today resolves an investigation into alleged violations of the Financial Institutions Reform Recovery and Enforcement Act (FIRREA), specifically conduct related to the packaging, securitization, marketing, sale and issuance of the RMBS. (more…)
The National Association of Realtors (NAR) reported today that existing-home sales in all major regions of the nation were up in October for the second straight month. Sales surpassed the June peak to become the highest annualized pace in approximately a decade. (more…)
Many self-employed business owners, contract employees, and salespeople who work under the tax status of a 1099, sometimes have trouble qualifying for a mortgage because it is difficult to track and prove their income. They tend to write off many expenses, so their tax returns don’t really show their true income which makes qualifying for more traditional loan programs such as conventional, FHA, and/or VA financing very difficult, if not impossible.
This is where flexible mortgage programs such as Portfolio Lending Programs for borrowers with non-traditional lending needs, and unique financing scenarios comes into play. (more…)
The United States Department of Justice (USDOJ) announced this past week that seven Florida residents of Miami-Dade County, pled guilty to conspiracy charges for their involvement in a massive mortgage fraud scheme involving two condominium conversion projects in central Florida. (more…)
Average mortgage rates jumped big time for the week ending November 17, 2016, according to the latest report from Freddie Mac. This is actually quite normal for this time of year. Last year we saw similar spikes during the holiday season.
Home builders saw new housing starts in both single-family and multifamily production, jump 25.5% in October to a seasonally adjusted annual rate of 1.32 million units, according to the National Association of Home Builders (NAHB). (more…)
Mortgage Banker’s Association Denied Petition of Exemption from the Telephone Consumer Protection Act (TCPA)
The Federal Trade Association (FTC) announced this week that the Mortgage Banker’s Association (MBA) was denied the petition seeking an exemption from prior-express-consent requirement of the Telephone Consumer Protection Act (TCPA).
The FTC had stated that the MBA has not shown, as a threshold matter, the exempted calls would be free of charge to called parties. Separately, we find that MBA has not shown that it should be able to make or send non-time-sensitive
robocalls, including robotexts, to consumers without first obtaining consumer consent. We thus deny MBA’s request.
Here is the full PDF of the denial.mbe-petition-denied
“In its second complaint against him since 2013, the Florida Bar details two instances in which Stopa’s clients nearly lost their homes — one, when he failed to tell her that he had made a cash-for-keys deal; the other, when he failed to tell her that she had been approved for a trial loan modification. (more…)