The CFPB brought an enforcement action against RMK Financial Corp., a California-based mortgage lender, for allegedly using deceptive mortgage advertising practices, including ads that led consumers to believe that the company was affiliated with the U.S. government.
The Department of Veterans Affairs will continue removing barriers to delivering home-loan benefits to veterans and service members in 2015, focusing more on further improvements in appraisal and servicing.
George Mason University real estate professor Anthony Sanders, a former head of asset-backed and mortgage-backed securities research at Deutsche Bank, took issue this week with a recent report from the Urban Institute which suggested that residential mortgage credit is still too tight because there are 4 million fewer mortgages originated this year than in 2001, before the housing bubble.
The Mortgage Bankers Association sent a letter to House Republican leadership on Tuesday in support of three bills that would restructure the Consumer Financial Protection Bureau.
A focus on special servicing has helped Rushmore Loan Management Services increase its portfolio in recent years. Standard & Poor’s also recently upgraded the firm’s special servicing rating to “above average.”
Strong purchase lending to military personnel and first-time homebuyers allowed Navy Federal Credit Union to exceed the $1 billion mark in March, the best month in the credit union’s history.
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.
FED WATCH: Voting members of the Federal Reserve Open Market Committee, not surprisingly, were at odds over a possible June rise in interest rates, according to the minutes of the FOMC’s March 17-18 meeting. RATE UPDATE: Mortgage rates didn’t change much this week, as the benchmark 30-year fixed mortgage rate was constant at 3.82 percent, according to Bankrate.com's weekly national survey.
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.
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