Mortgage News

Read the latest news about mortgages, foreclosures, servicers, loan modifications, HAMP, Dodd-Frank, Qualified Residential Mortgage (QRM), mortgage brokers and more.


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  • Foreclosures to Increase as US Housing Recovers 
    Live Trading News 07 Jan 2014
    RealtyTrac predicts that foreclosures will increase as the housing market recovers, mainly because lenders will accelerate the foreclosure process to take advantage of higher prices and more willing and able buyers.
  • CFPB Releases New Consumer Resources to Better Handle Rule Changes 
    National Mortgage Professional  07 Jan 2014
    The Consumer Financial Protection Bureau has made more resources available to consumers related to the new protections afforded by its mortgage rules. The educational materials include sample letters that consumers can send to their mortgage servicers to request information or to correct an error.
  • Regulator Signals Direction Change in Housing Policy 
    Wall Street Journal 06 Jan 2014
    The new regulator of Fannie Mae and Freddie Mac likely will focus more on ensuring access to mortgage credit than on curtailing the role of the government-sponsored enterprises or other policy goals.
  • Will It Be Easier to Get a Mortgage in 2014? 
    The Street 03 Jan 2014
    Tighter controls on mortgage lending take effect this year, and the prospect has stoked fears of a drastic reduction in credit as banks adjust to the new reality.
  • Adjustable-Rate Mortgages Regain Popularity as Prices, Rates Rise 
    Los Angeles Times 01 Jan 2014
    Adjustable-rate mortgages fell out of favor with borrowers when the housing market came crashing down but last year started what could turn into a full-fledged comeback. With property prices and mortgage rates creeping up in 2012, more consumers saw ARMs as a way to keep their monthly payments in a workable range.
  • New Maryland Bill Could Shorten Debt Collection After Foreclosure 
    Washington Post 31 Dec 2013
    Maryland legislators are looking at drastically reducing the time that debt collectors have to pursue a deficiency judgment -- that is, to take borrowers to court for leftover debt on foreclosed homes. Collectors there currently have up to 12 years to sue for outstanding mortgage debt after a foreclosure, but the proposed bill would narrow the window to just 180 days.
  • CFPB Increases Asset-Size Exemption Threshold for Lenders 31 Dec 2013
    The Consumer Financial Protection Bureau has made an annual adjustment regarding which mortgage lenders may be excused from reporting Home Mortgage Disclosure Act (HMDA) data to the federal government.
  • Mortgage Tax Break Expires Despite Bipartisan Support in Congress 
    Los Angeles Times 31 Dec 2013
    To the dismay of housing advocates, industry groups, and U.S. legislators, a tax break for distressed homeowners who mortgages were written down expired on Dec. 31. The 2007 measure exempted borrowers from federal taxes they normally would owe on assistance received from banks, primarily in the form of short sales and forgiven home loan debt. Although the residential property market is in recovery, housing advocates contend that the tax break put in place after the market crash is still needed.
  • Mortgage Program Pans Out 
    Wall Street Journal 31 Dec 2013
    The federal Home Affordable Refinance Program (HARP), launched not long after President Obama took office in 2009, is proving to be one of the administration's more successful efforts in addressing the country's foreclosure epidemic. Nearly 3 million homeowners -- nearly a third of whom were upside down on their mortgages -- have been able to refinance under the initiative
  • Mortgage-Assistance Events Not a Cure-All for Homeowners Facing Foreclosure 
    Washington Post 30 Dec 2013
    A study by the Richmond Fed suggests that mortgage-aid events often failed to help homeowners avoid foreclosure.
  • Foreclosure Bills Aim to Remedy Damage to Wisconsin Cities 
    Milwaukee-Wisconsin Journal Sentinel 29 Dec 2013
    Wisconsin Rep. Evan Goyke (D-Milwaukee) is sponsoring a package of five foreclosure-related bills to address the state's ongoing housing issues.
  • New Mortgage Rules Won't Knock Out Many Borrowers 
    BusinessWeek 27 Dec 2013
    Contrary to some concerns, prospective home buyers who truly can afford to make a purchase are not likely to encounter barriers to financing as a result of the new qualified mortgage (QM) standard.
  • Charges Brought Against Ten in Boca-Based Loan Modification Scam 
    Palm Beach Post 26 Dec 2013
    FHA All Day -- a loan modification operation based in Boca Raton, Fla. -- is facing federal charges for allegedly scamming thousands of distressed homeowners out of millions of dollars.
  • Underwater Homeowners Could Face Extra Tax Burden in 2014 
    Washington Post  26 Dec 2013
    Congress has yet to act on the Mortgage Forgiveness Debt Relief Act, the expiration of which at the end of this year could leave distressed borrowers with an additional financial burden in 2014.
  • Quinn Signs Illinois Foreclosure Protection Law 
    Associated Press 26 Dec 2013
    Declaring that families in the state "must have access to the tools they need to protect their home," Illinois Gov. Pat Quinn barred lenders from selling a residence if the owner is seeking federal home-loan aid.
  • Mortgage Performance Strengthened in Third Quarter: OCC 
    American Banker 24 Dec 2013
    New data from the Office of the Comptroller of the Currency reflects improvement in the mortgage sector. According to OCC, the share of home loans current and performing in the third quarter hit 91 percent -- up from 88.6 percent a year earlier.
  • PNC to Atone for Loan Bias by National City 
    Pittsburgh Post-Gazette 23 Dec 2013
    The Consumer Financial Protection Bureau's two-year investigation into lending practices at National City Bank has ended with charges of loan discrimination against African-American and Hispanic borrowers. According to the probe, the bank charged about 75,000 minority customers roughly 1 percentage point more in interest and fees on home loans between 2002 and 2008.
  • State's Foreclosure Mediation Lacks Teeth, Advocates Say 
    Baltimore Sun 20 Dec 2013
    Although a 2010 law in Maryland granted homeowners in foreclosure the right to mediation, legal advocates say that it has not been very helpful and that some of the practices that the law was meant to stop are still going on. "They're more of a status conference than an actual negotiation or substantive discussion about ways in which a home can be saved," said Owen Jarvis, a staff attorney for the St. Ambrose Housing Aid Center.
  • U.S. Officials Order Ocwen to Give $2 Bln in Relief to Borrowers 
    Reuters 19 Dec 2013
    The Consumer Financial Protection Bureau (CFPB) and state officials on Dec. 19 ordered Ocwen Financial to provide $2 billion in aid to underwater borrowers to settle allegations mortgage servicing improprieties.
  • Report: Banks Confuse Borrowers Seeking Help 
    Orange County Register (CA) 19 Dec 2013
    Banks should improve their communications with homeowners seeking mortgage relief, according to UC Irvine law professor Katherine Porter, who is the California monitor for the $25 billion National Mortgage Settlement. The 2012 deal compels the largest U.S. lenders to address mortgage and foreclosure abuses; but in a recent report, Porter said homeowners often are confused by letters from lenders. She cites ongoing problems for homeowners that include vague requests by banks for missing paperwork and poorly worded explanations of why loan modification applications were declined.
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