• Gavel-justice-law-legal

    SEC fines First Mortgage $12.7M, bans 6 execs for defrauding Ginnie Mae investors

    InvestmentsLendingServicing

    Claimed performing mortgages were delinquent, resold them into new pools


  • InvestmentsLendingServicing

    Claimed performing mortgages were delinquent, resold them into new pools

    Several senior executives at First Mortgage Corporation lied about the performance of the mortgages the company originated so they could pull the mortgages out of mortgage-backed securities guaranteed by Ginnie Mae, then turn right back around and sell the mortgages back into new mortgage bonds, defrauding investors out of $7.5 million, the Securities and Exchange Commission said Tuesday.

This month in
HousingWire magazine

Cover Story
May 2016

Digital disruption: How consumer demand is pushing lenders to a new normal

Saddled with legacy systems and burdened with changing regulations, the mortgage industry has been slow to adopt digitization compared to many other industries. Now, however, the industry must provide more transparency to regulators and satisfy consumers while managing tighter margins. In this perfect storm, there’s only one lifeboat — a digital process.

Feature

Rental surge: Why more people are opting out of homeownership

Lending

Commentary

A holistic approach to gauging housing market performance

Lending