News

California cuts ties with Wells Fargo in wake of fake account scandal

State Treasurer: This is a legal and ethical outrage that cannot go unpunished
The state of California is suspending several of it business relationships with Wells Fargo as the fallout from the bank’s fake account scandal continues. “Wells Fargo's admission that thousands of its bank employees opened over two million fraudulent consumer accounts is a legal and ethical outrage that cannot go unpunished,” California’s state treasurer, John Chiang, said Wednesday.
Read More

California home sales flat in August

"Flat is the new black"
California home sales wrapped up the summer on a low note, but the news doesn’t come as much of a surprise, Madeline Schnapp, director of Economic Research for PropertyRadar, said in the latest report. Schnapp explained this report similarly to how she unraveled the July report. They key to understanding is in the details.
Read More

New York announces new requirements for maintenance of zombie homes

New regulation will hold lenders and mortgage servicers "accountable"
The state of New York is taking its fight against zombies homes to the next level, as the state announced a series of new regulations for mortgage lenders and servicers that aim to hold the companies “accountable” for the maintenance of abandoned foreclosures.
Read More

Sperlonga starts reporting HOA data to Equifax

Latest step toward trended credit data
The latest news from Sperlonga, a data aggregation business for non-standard credit data sources, falls in line with recent industry events to help create a better picture of borrowers’ credit scores. Sperlonga announced it will start reporting homeowner and condominium association payment and account status data to Equifax.
Read More

Wells Fargo CEO, former executive forfeit millions as bank launches investigation

Bank's board answers calls to claw back executive compensation
When Wells Fargo CEO John Stumpf appears before the House Financial Services Committee on Thursday for his next legislator-led beat down, he will do so with a lot less money in his wallet. The bank's board of directors announced Tuesday evening that it plans to claw back millions in stock options, bonuses, and other financial benefits from Stumpf, although the moves apparently weren’t enough for Stumpf’s loudest critic in Capitol Hill.
Read More

MBA: It’s another quiet week for mortgage applications

Mortgage rates fall across the board
Mortgage applications reported a very quiet week, echoing other industry reports. As for what did change, all mortgage interest rates on mortgage products declined. Here’s what the latest news from the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey found.
Read More

RBS to pay $1.1 billion to NCUA over mortgage securities settlement

Recoveries will offset the total costs to credit unions
The latest in a series of settlements that date back to the financial crisis will cost the Royal Bank of Scotland $1.1 billion, which it will pay to the National Credit Union Administration in order to settle claims related to faulty mortgage-backed securities sold to U.S. credit unions.
Read More

Appraisal volume remains quiet in September

4-week average slightly edges up
There’s less than one week left in September, and so far, the month’s recorded quite the roller coaster. However, despite the drastic rise and fall, September still followed season trends, especially given the beginning of the month included the Labor Day holiday.
Read More