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Inside Mortgage Trends

June 18, 2010

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Mortgage Repurchases Declined in Early 2010, Ginnie Buyouts Slow

Commercial banks reported a significant decline in the volume of single-family mortgage loans they repurchased during the first quarter of 2010, according to a new Inside Mortgage Trends analysis of call report data. Banks reported $9.62 billion in mortgage repurchases and investor indemnifications during the first three months of the year... [Includes one chart and one graph] Read More

SEC Charges TBW Exec With Massive Fraud

The former boss and majority owner of Taylor, Bean & Whitaker Mortgage drove his company into bankruptcy and dragged down the firm’s warehouse lender through a downward spiraling fraud that lasted over seven years, according to charges filed by the Securities and Exchange Commission this week. Lee Farkas, the former chairman of TBW, sold more than $1.5 billion... Read More

Feds Intensify Mortgage Fraud Crackdown

This week, several federal agencies acting alone or with other member agencies of the Financial Fraud Enforcement Task Force announced enforcement actions related to mortgage fraud. In a June 17 press conference, top officials of the Department of Housing and Urban Development’s Office of the Inspector General, Department of Justice, Federal Bureau of Investigation, Internal Revenue... Read More

New Approach Strengthens PHH, Mortgage Unit

PHH Corp. and its mortgage unit are making progress in strengthening corporate performance and results and increasing market penetration and share, and much of it has to do with the new approach that Jerry Selitto, PHH Corp. president and CEO since October of 2009, brought to the organization. “My focus in the organization is really to create a culture where there is focus, discipline... Read More

Law’s Loophole, an Answer to ‘Strategic Default’

Many financially distressed homeowners are choosing to “walk away” from their mortgages instead of trying work with lenders and servicers to find an option that would allow them to stay in their homes on a restructured, affordable monthly mortgage payment. The practice is called a “strategic default,” in which the homeowner simply stops making mortgage payments... Read More

Technology Briefs

MOS Group, Inc., a provider of loss mitigation services based in Irvine, CA, recently expanded its... CoreLogic, a provider of information, analytics and business services based in Santa Ana... Minneapolis, MN-based U.S. Bank will start to incorporate a new statistically supported appraisal... NetMore America, Inc., an expanding “next-generation” mortgage banker based in Walla... Read More

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