News

CFPB corrects error in TRID rule

Falls victim to the dreaded 'typographical' error
It’s been four months since the implementation of the CFPB’s TILA-RESPA Integrated Disclosures rule in October shook up the housing industry, and many in the industry are still getting used to the new normal. But, starting Wednesday, there’s a small portion of the TRID rule that will be changing, thanks to a “typographical error” in the supplementary information provided by the CFPB.
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Calyx expands service to give mortgage lenders 'broadest view'

Origination clients can now see all loan options in one place
Paper may be a thing of the past as one software company creates a way to apply for, see and compare all loan options online. Dennis Boggs, executive vice president, CalyxSoftware said: "Our product and pricing engine gives originators the broadest view of what is available."
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Los Angeles Rams owner Stan Kroenke purchases massive Texas ranch listed for $725M

It’s larger than New York City and Los Angeles combined
Stan Kroenke, the owner of the Los Angeles Rams, made headlines recently when the NFL agreed to allow Kroenke to move the team from St. Louis to Los Angeles. But the 60 acres that Kroenke owns in Inglewood, California where the team's new stadium will be built pales in comparison to his latest purchase.
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Valuation Partners adds Denise Neely as vice president

Will oversee business development and new client services
Appraisal management company Valuation Partners announced Denise Neely has joined the company as Southwest region vice president. Neely’s new role includes overseeing business development and new client services in Arkansas, Alabama, Colorado, Louisiana, Mississippi, New Mexico, Oklahoma, Tennessee and Texas.
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Freddie Mac to consumers: Here's how to avoid mortgage fraud

Video shows 'red flags' to look out for
As part of a continuing series that aims to educate consumers on all aspects of the homebuying process, Freddie Mac released a video that tells consumers how to avoid mortgage fraud when applying for a loan. In the video, Freddie Mac identifies several "red flags" that consumer should watch out for.
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Home appraisal values still below homeowner price expectations

Appraised values nearly 2% less than what sellers expect
Quicken Loans announced the average appraised values in December were 1.8% lower than homeowners valued their home. According to its monthly HPPI, December is the 11th straight month when appraised values were lower than homeowners expected, although December marks the fourth month the gap between the two values have narrowed.
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OCC lifts mortgage servicing restrictions on U.S. Bank, Santander

Banks fined $13.4 million total for violations of Independent Foreclosure Review
The Office of the Comptroller of the Currency announced Tuesday that it is terminating mortgage servicing-related consent orders against U.S. Bank National Association and Santander Bank, lifting the mortgage servicing restrictions placed on both banks last year due to failure to comply with requirements of the Independent Foreclosure Review.
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CoreLogic: Foreclosures fall to lowest level since 2006

Recovery from housing crisis continues
In another sign that the recovery from the housing crisis is ongoing rather than stalled out, the total number of completed foreclosures in 2015 was the lowest number of completed foreclosures in any year since 2006, a new report from CoreLogic shows.
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1st Portfolio Lending changes name to WashingtonFirst Mortgage

Completes integration into WashingtonFirst Bank after acquisition finalized
WashingtonFirst Bankshares, the parent company of WashingtonFirst Bank, announced Monday that it is rebranding its wholly-owned residential mortgage lending subsidiary, 1st Portfolio Lending, as WashingtonFirst Mortgage.
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Texas court upholds MERS right to claim lien

Electronic registry countersued for its rights
Summit Residential Services acquired an interest in the subject property following a foreclosure sale conducted by a homeowner’s association — and moved to clear title. Summit was granted judgment in its favor; extinguishing a MERS lien. So, MERS countersued in April 2014, and won.
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