After much speculation, Fannie Mae announced on Wednesday its first ever auction of nonperforming loans to qualified bidders. It includes a pool of approximately 3,200 loans totaling $786 million in unpaid principal balance.
CAPITAL HILL REPORT: Shortly before the U.S. Congress vacated the nation’s capital for its spring recess, Sen. Mike Crapo, R-ID, introduced legislation that would require all rules from the Consumer Financial Protection Bureau be evaluated in the 10-year regulatory review process under the Economic Growth and Regulatory Paperwork Reduction Act, which seeks to identify rules that are unnecessary, outdated and overly burdensome. The Dodd-Frank Act already requires the CFPB to similarly review every major rulemaking…
Carrington Mortgage Services announced on Tuesday that it will offer the FHA 203k Full loan program through its national wholesale lending division, which should be especially attractive for first-time homebuyers purchasing a “fixer-upper.”
The latest National Mortgage Settlement data from the Office of Mortgage Settlement Oversight shows that at least 314,485 borrowers received some form of relief from Ocwen and SunTrust combined through the fourth quarter of 2014.
Despite the drought, a Fannie spokesman issued a statement saying, “Bank of America continues to be an important seller-servicer for Fannie Mae, including servicing a sizable book of loans that we own.”
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