National Mortgage News, Nov. 19, 2015–Bisbey, Allison
Fannie Mae transferred the credit risk on a $12 billion pool of mortgages to reinsurers.
Category: Top National News
Errors Abound in CFPB’s Complaint Portal
National Mortgage News, Nov. 18, 2015–Witkowski, Rachel
In one instance, a single complaint in the Consumer Financial Protection Bureau’s database was counted as 35 different ones while in another, a complaint against a payday lender was filed against an unrelated bank. Current and former officials say that’s par for the course, leading to inflated complaint numbers and inaccurate data.
Wells Fargo Moving Mortgage Services from Charlotte
Associated Press, Nov. 18, 2015
Wells Fargo is moving mortgage servicing operations from Charlotte to Fort Mill, South Carolina.
Robert F. Dall, Mastermind of Mortgage-Backed Bonds, Dies at 81
New York Times, Nov. 18, 2015–Thomas Jr., Landon
Robert F. Dall, an investment banker and a pioneer of the mortgage bond market on Wall Street, died on Sunday at Lenox Hill Hospital in Manhattan. He was 81.
Delinquencies and Foreclosures Down, Consumer Credit Defaults Rise
National Mortgage Professional, Nov. 17, 2015–Hall, Phil
The National Delinquency Survey from the Mortgage Bankers Association found the delinquency rate for mortgage loans on one- to-four-unit residential properties fell to a seasonally adjusted rate of 4.99 percent of all loans outstanding at the end of the third quarter, which is the lowest level since first quarter 2007.
Judge Allows Breach Claims in Lawsuit over Mortgage Relief
Reuters, Nov. 17, 2015–Aubin, Dena
A federal judge ruled that Bank of America and Nationstar must face breach-of-contract claims for allegedly reneging on promised loan modifications to hundreds of Pennsylvania borrowers whose mortgages they serviced.
Borrower Outreach Events Proving Successful at Preventing Foreclosures
DS News, Nov. 17, 2015–Honea, Brian
Borrower outreach events include HUD-approved housing counselors and mortgage servicers in order to give distressed borrowers a face-to-face meeting to work out a solution such as a permanent loan modification that will allow borrowers to remain in their homes.
Fannie Mae Offers Added Flexibility to Borrowers
Chicago Tribune, Nov. 12, 2015–Harney, KennethFor thousands of people across the country who thought they’d never qualify for a mortgage to buy a home, next month could be a key turning point.
Foreclosure Inventory Shrinks, Rental Market Surges
National Mortgage Professional, Nov. 10, 2015–Hall, Phil
The U.S. foreclosure inventory in September witnessed a 24.3 percent year-over-year decline, while the number of completed foreclosures declined by 17.6 percent compared with September 2014, according to new data from CoreLogic.
MBA’s Stevens: There’s No Urgency to Lower FHA Insurance Premiums
HousingWire, Nov. 16, 2015–Swanson, Brena
There is no urgency to lower mortgage insurance premiums right now, David Stevens, Mortgage Bankers Association president and CEO, said following the Federal Housing Administration’s 2015 Actuarial Report released on Monday.