Read the latest news about mortgages, foreclosures, servicers, loan modifications, HAMP, Dodd-Frank, Qualified Residential Mortgage (QRM), mortgage brokers and more.
- FHA Tweaks Interest Rate Rules to Align With QM
American Banker 28 Aug 2014
Home sellers will be able to close at any time of the month without paying extra interest, under revisions being made to FHA rules.
- New FICO Model May Not Help Home Buyers Anytime Soon
Washington Post 23 Aug 2014
Despite the tremendous media buzz surrounding the rollout of FICO's latest credit score -- which lessens the impact of medical debt and treats borrowers with limited histories more fairly -- the new ...
- CFPB Picks 12 Companies for Mortgage Closing Study
American Banker 22 Aug 2014
The Consumer Financial Protection Bureau (CFPB) has selected seven mortgage companies and five vendors to participate in a pilot program that will gauge whether electronic closings benefit consumers, ...
- Some Homeowners Could Get Hit With a Whopping Tax Bill If They Accept Help Through Bank of America's Settlement
Washington Post 21 Aug 2014
Bank of America has pledged $7 billion in mortgage relief for distressed homeowners as part of a massive settlement with the government, but U.S. Attorney General Eric Holder Jr.
- Borrowers Could Suffer in Servicing Transfers, CFPB Warns
American Banker 20 Aug 2014
A bulletin from the Consumer Financial Protection Bureau (CFPB) is warning mortgage servicers that they could face repercussions if consumers are harmed when servicing rights change hands.
- NJ Judge: Freedom Mortgage Deal Amounts to Fraud
Asbury Park Press (New Jersey) 20 Aug 2014
A New Jersey Superior Court judge has ruled that Freedom Mortgage Corp. violated the state's Consumer Fraud Act in the handling of a refinance for an Englewood homeowner in 2009.
- Late-Payment Rate on U.S. Mortgages Declines in 2Q
Associated Press 20 Aug 2014
TransUnion says Americans have become more diligent about paying home loans on time, with the mortgage delinquency rate dropping in the second quarter to the lowest level in six years.
- Helping Prevent Foreclosures
New York Times 17 Aug 2014
Emergency extension of unemployment benefits during the recession helped prevent mortgage defaults even more so than government programs that focused only on reducing monthly payments, according to ...
- Bigger Down Payments Add to U.S. First-Time Homebuyer Blues
Bloomberg BusinessWeek 14 Aug 2014
Prospective buyers of entry-level homes face the challenge of coming up with bigger down payments, according to data on the 25 largest metro areas compiled by Redfin.
- Online Mortgage Firm Operating in Florida Used Bait-and-Switch to Deceive Borrowers
Palm Beach Post 13 Aug 2014
The Consumer Financial Protection Bureau (CFPB) has penalized online lender Amerisave Mortgage Corp. for promoting inaccurate interest rates and loan terms between mid-2011 and 2014.
- Fewer Loans Falling Into Foreclosure, Delinquency
Wall Street Journal 08 Aug 2014
Lenders initiated foreclosure proceedings on just 0.4 percent of home loans in the second quarter, down from 0.45 percent in the previous three months, according to the Mortgage Bankers Association.
- States Charge Fraud by 'Mortgage-Relief' Operation
CBS Connecticut 08 Aug 2014
The attorneys general of Connecticut and Florida have lobbed federal charges at legal operations that took advantage of financially strapped homeowners.
- FTC Mails Refund Checks Totaling Approximately $800,000 to Consumers Victimized by Alleged Mortgage Relief Scams
RealEstateRama 08 Aug 2014
The Federal Trade Commission (FTC) is mailing out checks with a total value of about $800,000 to 1,305 consumers who were victimized by two mortgage-relief scams.
- Freddie Mac's Loan Sale May Let More People Get Mortgage Relief
Washington Post 07 Aug 2014
An unnamed investor has agreed to purchase a portion of Freddie Mac's most troubled loans, which will no longer be subject to its rules governing mortgage forgiveness.
- Mortgage Standards Are Easing, Fed Finds
Wall Street Journal 05 Aug 2014
Nearly one in four U.S. banks made it easier for borrowers with healthy credit to get mortgages during the second quarter, according to the Federal Reserve's quarterly survey of banks' senior loan ...
- How Student Loans Are Shaping Mortgage Approvals
Wall Street Journal 05 Aug 2014
Real-estate interests fret that today's astronomical amount of student debt will keep Millennials from buying homes, but data show that mortgage applicants with student loans are not being rejected ...
- Mortgage Closing Costs on the Rise, National Survey Says
Los Angeles Times 04 Aug 2014
Based on survey responses from lenders in all 50 states and the District of Columbia, Bankrate.com reports that the expense of closing on a home loan has climbed from last year.
- Mortgage Lenders May Be Easing Credit Score Requirements Slightly
Los Angeles Times 03 Aug 2014
Credit score requirements for FHA mortgages have declined steadily this year, but Ellie Mae reports that average FICO scores have not budged in months for borrowers seeking financing in the broader ...
- Homeowners Increasingly Satisfied With Mortgage Servicers, Study Says
Chicago Tribune 31 Jul 2014
Mortgage servicers are redeeming themselves in the eyes of many homeowners -- especially those in danger of delinquency -- reports J.D. Power.
- Backlog Mounts for Homeowner Program
Wall Street Journal 30 Jul 2014
The servicers processing applications for the Home Affordable Modification Program (HAMP) are having trouble keeping up with requests for loan workouts.