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Inside Mortgage Finance

May 20, 2010

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Lenders Lean More on Retail Production in Early 2010, Brokers Pushed Further to Margin

With the sharp downturn in new mortgage lending activity in early 2010, lenders relied more on their established retail operations and continued to draw less business from mortgage brokers, according to a new ranking and analysis by Inside Mortgage Finance. Retail originations accounted for 50.3 percent of new production during the first quarter of... [Includes seven charts] Read More

Mortgage Delinquency Rates Stabilize in Early 2010, Some Signs of Improvement

Major mortgage servicers reported declines in delinquency rates from the end of 2009 to the first quarter of this year, but the improvement may be linked to seasonal factors as consumers get their financial houses in order in the new year. Top servicers reported an overall delinquency rate – including loans in foreclosure – of 11.63 percent at the end of March... [Includes two charts] Read More

HAMP Mods Slow Pace, Cancellations Increase in April as Industry Pushes for More Transparency

Mortgage servicers continued to work their way through the millions of home loans eligible for modification under the Obama administration’s program, but most of the likeliest candidates have received offers and begun trial payment programs. In fact, the universe of loans eligible for the Home Affordable Modification Program – conventional loans 60-days or more past due – has been declining since... [Includes one chart] Read More

States Propose Mortgage Call Reports for Licensees, But Whether They Have Authority Could Raise Issues

State regulators have proposed far-reaching reporting obligations on mortgage licensees, including quarterly reports on their mortgage activities and financial condition, to improve supervision and better track predatory and abusive lending practices, although their authority may be in doubt. Claiming authority under the federal Secure and Fair Enforcement for Mortgage Licensing Act... Read More

Servicing Manager Pleads Guilty to $136 Million Fraud That Bankrupted New Jersey Lender

A former servicing manager at New Jersey-based U.S. Mortgage Corp. pleaded guilty to wire fraud and conspiracy last week for a scheme that took $136 million from the lender and caused it to file for bankruptcy. Leroy Hayden, 47, the servicing manager of U.S. Mortgage from 2004 through January 2009, pleaded guilty before U.S. District Judge Katharine Hayden for fraudulently selling Fannie Mae... Read More

Emerging Details Illustrate Bush Administration Efforts to Rein in Fannie Mae and Freddie Mac

The Financial Crisis Inquiry Commission recently released documents that indicate the Bush administration leaked damaging information about Fannie Mae to the press, sparking a plunge in the company’s stock and adding fuel to the panic that was coursing through the financial markets prior to the conservatorships of Fannie and rival Freddie Mac. “Any realistic assessment of... Read More

Groups Say Carper Amendment is Fair Compromise on State Preemption

Opposing groups are expressing satisfaction over a Senate deal reached on state preemption this week which would preserve states’ authority to protect their citizens from financial abuses and allow federal regulators to preempt state law on a case-by-case basis. An amendment by Sen. Thomas Carper, D-DE, passed the Senate by an overwhelming 80-to-18 vote after much... Read More

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