The Federal Reserve Board today announced a batch of final and interim rules designed to increase the transparency of the mortgage origination and disclosure processes. The Fed is also proposing a number of rules to improve the clarity and accountability around reverse and jumbo mortgage origination.
John Walsh became acting comptroller of currency on Sunday, succeeding John Dugan as he completes his five-year term at the Office of the Comptroller of the Currency (OCC).
Dugan's departure from the OCC, unveiled earlier in July, was expected on August 14.
National home prices rose in June from the same time in 2009, marking the fifth consecutive month of year-over-year increases, according to the latest report from real estate services and data provider CoreLogic [stock CLGX][/stock].
National prices, including distressed sales, rose by 1.4% in June from a year earlier. The yearly appreciation slowed from the 3.7% increase in May from one year earlier. The May increase was revised up from the initial 2.9% estimate.
Fifth Third Mortgage Co., the mortgage unit of Fifth Third Bancorp [stock FITB][/stock], so far converted 70% of its trial Home Affordable Modification Program (HAMP) plans into permanent modifications.
"Fifth Third Bank is determined to keep customers in their homes," said Steve Alonso, executive vice president of consumer lending, mortgage and business banking for Fifth Third Bank. "We are working tirelessly to convert eligible customers in the government's Home Affordable Modification Program."
Loss mitigation technology, lending solution and document services provider Mortgage Cadence is partnering with an investor to help fund the expansion of its product offerings.
The company tapped Monitor Clipper Partners to provide an undisclosed amount of capital as a strategic partner.
Foreclosure prevention and loss mitigation efforts at government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac were led by short sales and modifications in May, according to the latest report from the Federal Housing Finance Agency (FHFA).
The Federal Housing Finance Agency (FHFA) is proposing guidance that would restrict the government-sponsored enterprise (GSEs) from investing in mortgages with private transfer fee covenants.
The proposed guidance, which is available for public comment, would apply to GSEs Fannie Mae, Freddie Mac and the Federal Home Loan Banks (FHLBs).
CIT Group [stock CIT][/stock], a commercial lender that provides financing to small and medium businesses, refinanced $3bn of its first lien debt and prepaid some $1bn balance of the debt with corporate cash.
The company said it has now repaid $4.5bn — or 60% — of its original first lien debt and has refinanced the balance at a lower cost and with more flexible terms.
California mortgage defaults and foreclosure activity remained mixed in July, according to ForeclosureRadar, which tracks filings across the state.
Foreclosure filings and cancellations dropped in July after rising in June while foreclosure sales rose after dropping last month.
Notices of default filings slipped 4.8% from June and 47% from the same month last year. Notices of trustee sale fell 18.9% from June and 30.5% from July 2009:
The number of initial unemployment insurance claims grew by 2,000 to 484,000 in the week ending August 7, swelling more than expected after last week's initial figure was revised upward.
The four-week moving average rose to 473,500, from the previous week's revised average of 459,250, according to new data today from the US Department of Labor (DOL).
When Tim Mayopoulos was vetted prior to joining Fannie Mae nearly 10 years ago in the role of general counsel, board members explained it would only take 12 to 18 months for the company to turn around. That isn’t what it took. It took putting Mayopoulos in charge, years later, to turn the company around. And that’s exactly what he did.
HousingWire began highlighting the unsung heroes of the mortgage finance industry three years ago, recognizing those who continue to make the dream of homeownership a reality for Americans nationwide. Our editorial board selected each of these 40 professionals for their ability to not only transform their companies, but the industry as a whole.
Hispanics have huge purchasing power in the U.S. and the rate of homeownership among this population has grown every year since 2014, reaching 46.2% in 2017. In fact, Hispanics are the only demographic in the U.S. to increase homeownership rates for each of the past three years and are driving gains in the real estate market overall. By understanding the unique needs and expectations of the Hispanic community and positioning yourself to fulfill those needs, real estate professionals can become an important servicer of this consumer demographic and experience related growth.