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Inside Mortgage Finance

December 9, 2010

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Increased Production Leads to Higher Mortgage Banking Earnings in 3Q10

Despite significant challenges in loan servicing, mortgage bankers reported rising profits during the third quarter of 2010 on the back of rising loan production activity. Higher earnings were seen in two key measures: earnings releases filed by publicly traded companies with significant mortgage banking businesses and call reports filed by banks. According to...[Includes one data chart and one graph] Read More

HUD Leaves FHA Loan Limits Mostly Unchanged Despite Shifting House Values in Many Markets

The Department of Housing and Urban Development made relatively few adjustments in FHA loan limits for calendar 2011, even though median house prices were significantly lower – and higher – in many counties and metropolitan statistical areas around the country. FHA loan limits were raised...[Includes one data chart] Read More

Experts Lay Out Tougher Regulatory Regime, New Defense to Foreclosure for Loan Servicers

The Dodd-Frank Wall Street Reform and Consumer Protection Act will make things tougher for mortgage servicers as they experience, for the first time, comprehensive and detailed regulations with stronger remedies and penalties enforced by a fledgling yet powerful consumer protection agency. New mortgage servicing regulations will... Read More

Warren Says BCFP Will Need Clear Goals that Make Sense to Consumers in Order to Survive

Elizabeth Warren, special adviser to the president and the Treasury Department, called for a basic change in the way credit is explained and provided to ensure that consumers are aware of the true costs or risks of the financial product they’re seeking to obtain. In recent remarks to the Consumer Federation of America, Warren said... Read More

New Federal Appraisal Guidelines Reinforce New Statutory, Regulatory Standards

Although the Federal Reserve has already issued interim rules on appraiser independence and compensation issues that apply to all lenders, the agency late last week joined other regulators in updating the less formal appraisal guidelines for banks, thrifts and credit unions. The new inter-agency guidelines mark... Read More

Litigation, Regulatory Woes Force Top Foreclosure Document Processor to Quit Due Diligence Business

Lender Processing Services, Inc., one of several document processors and law firms under scrutiny over their servicing and foreclosure practices, has shut down its due diligence service. Michelle Kersch, a senior vice president for marketing at LPS, confirmed... Read More

Brokers, Non-Bank Lenders Would be Subject to Anti-Fraud Requirements Under Proposed Rule

The Financial Crimes Enforcement Network is proposing to bring non-bank mortgage lenders under the scope of its anti-money laundering and fraud reporting requirements. FinCEN, an office in the Treasury Department, issued a proposed rule this week calling... Read More

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