Associated Press, May 25, 2023-Alex Veiga The failure of several large lenders earlier this year and the banking turmoil that followed have fueled worries for owners of office space such …
Category: Top National News
Colonial Savings to Drop Originations, Refocus on Servicing, Banking
National Mortgage News, May 26, 2023–Bonnie Sinnock (subscription)Colonial Savings announced Thursday that it will cease originating mortgages and focus instead on its servicing and banking businesses.https://www.nationalmortgagenews.com/news/colonial-savings-to-drop-originations-refocus-on-servicing-banking
MSR Market Participants Offer Mixed Outlook on Buyer Interest
National Mortgage News, May 23, 2023–Bonnie Sinnock (subscription)Forecasts from the mortgage servicing rights market have been strong, but stakeholders are watching carefully to see how buyer interest holds up this …
How LLCs Can Protect Heirs From Property Tax Reassessments Under Prop. 19
Orange County Register, May 29, 2023–Jeff LazersonProperty inherited by children in California is reassessed for a new tax rate if the home isn’t used as a primary residence.https://www.ocregister.com/2023/05/26/how-llcs-can-protect-heirs-from-property-tax-reassessments-under-prop-19/
IMBs See Improvement in Production Losses in 1Q
Mortgage Professional America, May 19, 2023–Candyd MendozaIMBs registered a net loss of $1,972 on each loan they originated in Q1 – an improvement from the reported loss of $2,812 per …
Jumbo Lending Drops in First Quarter
Inside Mortgage Finance, May 19, 2023–John BancroftMortgage originations declined across product categories in the first quarter of 2023, with the jumbo sector taking the biggest hit, according to a new …
HUD’s Watchdog Takes Issue with Its Retired COVID-19 Policy
National Mortgage News, May 19, 2023–Maria Volkova (subscription)HUD’s temporary policy for endorsing loans with COVID-19 forbearance was “unclear” and exposed the Federal Housing Administration’s insurance fund to risk, an audit …
FAIR Plan Seeks Nearly 50% Premium Hike from California Department of Insurance
Orange County Register, May 19, 2023–Jeff LazersonIs California on the brink of a homeowners’ insurance crisis? Insurance companies are bailing on tens of thousands of homeowners who have property in …
N.J. Man Stole $525K from Investors in Mortgage Fraud Scheme, Prosecutor Says
NJ.com, May 19, 2023–Anthony G. AttrinoGerrmaioud Chape, 43, of Rochelle Park, solicited investments by claiming he had financial interests in properties he did not own, according to Bergen County Prosecutor …
Potential Debt Default Could Make Housing Market More Volatile
WSAZ (West Virginia) May 18, 2023–Lesya FeinsteinThe deadline is quickly approaching to make a decision about the fate of the nation’s debt ceiling. This impacts many parts of the economy, …