The expanded system would include a more comprehensive method for measuring lenders’ loss mitigation activities as well as their compliance with FHA’s default servicing requirements.
The Congressman argues that if the two are not allowed pay down their draws from Treasury “then any future funds sent" to the U.S. should be reinvested in the housing market.
There is a whole other level of supervisory and enforcement authority available to the bureau under a director approved with the consent of the Senate, mostly having to do with non-bank lending.
Mortgage performance has been boosted in recent years by home price appreciation, even with a move toward less borrower-friendly loan modifications. Industry analysts expect that mortgage performance will continue to improve and loan modification activity will decline significantly. National average home prices in the first quarter of 2013 were up by 6.7 percent compared with the first quarter of 2012, according to the Federal Housing Finance Agency’s house price index. During that time ...
Things are looking up in the private mortgage insurance business as the market becomes more stable and the industry could turn a profit in the near future, according to a new analysis by Standard & Poor’s. Mortgage Guaranty Insurance Corp.’s and Radian Guaranty Inc.’s debt and equity increases in the first quarter, as well as the restructuring implemented by Genworth Mortgage Insurance Corp., have raised analysts’ hope and mitigated concerns about capital and the potential for any ...
Short sales have become one of the most widely used lender strategies to reduce losses from distressed residential properties. Ironically, they also have triggered a wave of fraudulent activity. DataQuick, a provider of property information, products and solutions to the mortgage industry, says there are automated strategies and solutions lenders, servicers and investors can use to thwart short-sale fraud. However, one needs to know where to start. Just how bad is short-sale fraud? According to the ...
With the advent of the Consumer Financial Protection Bureau, consumer complaints have been elevated to an unprecedented level of prominence in the regulatory arena. “How many of you have had a regulatory exam that focused on complaints?” asked Lyn Farrell, managing director at Treliant Risk Advisors, at a discussion session during the recent American Bankers Association’s compliance conference in Chicago. Seeing a number of hands rise from the audience in response, she continued: “If not, you will.” ...
In late May, in the time span of about 10 days, Bexil American Mortgage of San Diego saw its founder and national sales manager depart – not a good sign for a relatively young company that has been originating loans for less than two years. About a week after the news broke about the two men, the parent company reported a $7.1 million loss for the year. John Robbins, the founder and CEO of Bexil American Mortgage, told Inside Mortgage Trends that, “When you have a major shareholder disagree with ...
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