Pending home sales ended the 2016 year on a hight note. According to the National Association of Realtors® (NAR), pending sales posted an increase of 1.6% to 109.0 in December from 107.3 in November. (more…)
Citi announced today that it will be exiting the mortgage servicing business by the end of 2018. Citi said the decision was to simplify operations, reduce expenses and to improve returns on capital for the firm and its shareholders. (more…)
A new report for November 2016 from Black Knight Financial Services shows that home values have reached new peaks in six of the nation’s 20 largest states and eight of the 40 largest metros. Overall, home prices had risen 0.2% and increased 5.7% year-over-year, which is just 0.3% of a new all-time high. (more…)
The total of new single single-family home sales was up big time in 2016 to the highest annual rate since 2007, according to the latest report from the National Association of Home Builders (NAHB). (more…)
Average mortgage rates for the 30-year and 15-year fixed are on the rise for the first time in 2017, according to the latest report from Freddie Mac the week ending January 26, 2017. (more…)
The United States Department of Justice (USDOJ) announced this week that a former Chase Bank mortgage loan officer in Naples. Florida was indicted for his involvement in a mortgage fraud scheme. (more…)
The number of available homes for sale across the nation in December has fallen to its lowest level since 1999 and homeownership rates are almost near a 50 year low, according to the National Association of Realtors (NAR).
The total mortgage application volume increased 4.0% from one week earlier, according to the latest weekly report from the Mortgage Bankers Association (MBA) for the week ending January 20, 2017. (more…)
CFPB Orders Citi Subsidiaries to Pay $28.8 Million for Giving the Runaround to Borrowers Trying to Save Their Homes
Mortgage Servicers Kept Borrowers in the Dark About Options, Demanded Excessive Paperwork
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took separate actions against CitiFinancial Servicing and CitiMortgage, Inc. for giving the runaround to struggling homeowners seeking options to save their homes. The mortgage servicers kept borrowers in the dark about options to avoid foreclosure or burdened them with excessive paperwork demands in applying for foreclosure relief. The CFPB is requiring CitiMortgage to pay an estimated $17 million to compensate wronged consumers, and pay a civil penalty of $3 million; and requiring CitiFinancial Services to refund approximately $4.4 million to consumers, and pay a civil penalty of $4.4 million. (more…)
Four former employees say that Wells Fargo made clients in its Los Angeles region pay for missing deadlines to lock in interest rates on loans, even though the delays were the bank’s fault.
(Source: ProPublica) – Wells Fargo, the largest mortgage lender in the country, portrays itself as a stalwart bankthat puts customers first. That reputation shattered in September, when it was fined $185 million for illegally opening as many as 2 million deposit and credit-card accounts without customers’ knowledge. (more…)
One of the first executive orders announced by the Trump Administration this past week to raise Federal Housing Administration (FHA) mortgage insurance premiums by suspending the 25 basis points reduction introduced earlier this month by the Obama administration. As a result, low-income and middle-class homeowners will pay hundreds of dollars more per year for their FHA mortgages. (more…)
Here is a great list of things to do in San Diego, California during the month of February 2017. The calendar of events is courtesy of my colleagues at First American Title, Kevin Morehouse, Amanda Brown, & Rebecca Ives.
Circus Vargas presents Steam Cirque Feb. 2-13
Goggles, gears, and gadgets set the stage for 2017’s retro-futuristic production, Steam Cirque! Meet and mingle with the entire cast after each performance. Capture the fun by posing for pics or selfies with your favorite cast members, all part of an unforgettable Circus Vargas experience!
See website for schedule. / Mission Bay Park
(877) 468-3861 / www.circusvargas.com (more…)
Three Texas men from Rio Grande Valley were arrested this past week on federal wire fraud charges for their involvement in a San Antonio area mortgage fraud scheme, according to U.S. Attorney Kenneth Magidson with the U.S. Department of Justice (USDOJ). (more…)
The Swiss multi-national financial firm, Credit Suisse has agreed to pay $5.28 billion to settle with the U.S. government over the packaging, securitization, issuance, marketing and sale of toxic residential mortgage-backed securities (RMBS) between 2005 and 2007, according to the United States Department of Justice (USDOJ). (more…)
Mortgage applications were up .8% from one week earlier for the week ending January 13, 2017, according to the latest weekly report from the Mortgage Bankers Association (MBA). (more…)