Fidelity National bails out Landcastle Title

Fidelity National bails out Landcastle Title

Discovered “substantial account misappropriations”

Closing a mortgage finally makes money

Breaks 6 quarters of straight losses

WATCH: FHFA Director Watt ensures HARP is "not a scam”

800,000 families still eligible for HARP
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News

Mortgage applications rise 2.8% after weeks of low interest rates

Refinance share continues to grow hitting 56%
Trey Garrison
Mortgage applications increased 2.8% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 22, 2014.
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Lenders have some new options; some are great, but many are not so good
Tommy A. Duncan
Software is not likely to replace a well-trained quality control professional, but that hasn’t prevented an increase in mortgage-technology acquisitions aimed at buying the best-automated QC system on the market.
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Rushmore Loan Management Services to open branch in Puerto Rico

Expands loan servicing operations with office in San Juan
Ben Lane
The company plans to hire approximately 50-60 new employees to staff the San Juan office. According to Rushmore CEO Terry Smith, Rushmore will immediately begin servicing approximately 4,000 residential loans and REO when the branch office opens in November.
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Bank Mutual chooses Mortgagebot to provide complete origination platform

System said to offer accessibility, efficiency, compliance and security
Ben Lane
"D+H’s Mortgagebot solution offers the full front-to-back, integrated system we were looking for; in addition to customer service, its reputation for uptime and client focus is outstanding within the industry," said Dan Mekemson, Bank Mutual’s senior vice president and director of mortgage lending.
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California housing market underperforms in July

Pending home sales drop four months straight
Brena Swanson
July was not a strong month for the California housing market as the state continues to underperform. On the positive side, the share of equity sales — or non-distressed property sales — maintained its upward trend, increasing to 90.6% in July, up from 90.3% in June.
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Ellie Mae’s July origination report shows share of purchase loans up

Even better, time to close falls to its lowest
Trey Garrison
Ellie Mae’s Origination Insight report shows that for July, the share of purchase loans rose to its highest level in the series, while time to close fell to its lowest.
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4 charts show how even Realtors are losing confidence in housing

Federal red tape, rising affordability challenges darken sunny demeanors
Trey Garrison
The July 2014 Realtor Confidence Index shows that Realtors aren’t enthusiastic about current conditions and the outlook for the next six months.
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Architect plans to 3D-print the first two-story house

Solution to affordable housing shortage?
Levi Shultz
Minnesota-based Andrey Rudenko completed the world’s first 3D-printed, large-scale model of a castle. Now he aspires to construct a two-story house with his self-designed printer.
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Wells Fargo CEO: GSEs choke mortgage business

“We’re just not going to make those loans”
Brena Swanson
Wells Fargo CEO John Stumpf warned the government-sponsored enterprises that they must stop being so quick to accuse banks of faulty underwriting and then forcing them to repurchase soured loans.
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Fidelity National bails out Landcastle Title

Discovered “substantial account misappropriations”
Ben Lane
According to a letter posted to the joint website for Landcastle and Morris Hardwick Schneider, the acquisition was “precipitated by a significant shortage in the accounts of MHS and Landcastle, of which Fidelity became informed by the partners of MHS.”
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