Read the latest news about mortgages, foreclosures, servicers, loan modifications, HAMP, Dodd-Frank, Qualified Residential Mortgage (QRM), mortgage brokers and more.
- Calif. Lawmaker Reconsiders Reverse Mortgage Protection Bill
Reverse Mortgage Daily 02 Feb 2014
In California, reverse mortgage legislation that failed to win approval last year could get another chance in 2014.
- CFPB Says 'Yes' to HUD's E-Signed Mortgage Loans
Reverse Mortgage Daily 02 Feb 2014
The Consumer Financial Protection Bureau (CFPB) is applauding HUD's move to let lenders accept electronic signatures on FHA mortgages.
- Race Gap on Conventional Loans
New York Times 02 Feb 2014
Many African-American and Hispanic borrowers have been kept out of the conventional mortgage market, according to Zillow and the National Urban League.
- Do Not Weaken CFPB Consumer Watchdog
Consumer Reports 01 Feb 2014
Consumers Union, the policy and advocacy arm of Consumer Reports, writes that the Consumer Financial Protection Bureau -- created after the financial crisis -- has done a good job of protecting ...
- Banks Loosening Credit Standards: OCC Report
American Banker 31 Jan 2014
Banks are relaxing their underwriting criteria for most types of loans, with the exception of home equity lines, the Office of the Comptroller of the Currency reports.
- CFPB: Servicers Still Engaged in Unfair or Deceptive Practices
Housing Wire 30 Jan 2014
Servicing issues with loan modifications, foreclosures, and payment processing have persisted even after new standards were put in place last year, says the Consumer Financial Protection Bureau.
- Cordray Loses Cool After House GOP Attacks
American Banker 29 Jan 2014
As expected, a Jan. 28 House Financial Services Committee hearing starring Consumer Financial Protection Bureau director Richard Cordray covered a lot of ground, including the impact of the agency's ...
- Subprime Called Safer, Makes Comeback as "Nonprime"
Bloomberg 29 Jan 2014
More executives are working to revive the subprime lending market, though the loans now are called "nonprime" and require as much as 30 percent down.
- 5 Years of Mortgage Help Drying Up for Many
USA Today 29 Jan 2014
Interest rates on home loans that were modified under the government's Home Affordable Modification Program (HAMP) are starting to reset higher, with more than 30,000 homeowners likely to be impacted ...
- Obama Speech Calls for U.S. Housing System Overhaul
Reuters 28 Jan 2014
Under a theme of economic growth that defined Tuesday night's State of the Union address, President Obama reiterated his commitment to re-inventing the nation's housing-finance system.
- Fannie Creates Appraiser Blacklist in Effort to Flag Problem Loans
American Banker 28 Jan 2014
As it continues to seek ways to identify bad loans before they default, Fannie Mae is essentially "blacklisting" appraisers with poor performance records.
- Lawmakers Urge FHFA to Revive Affordable Housing Funds
American Banker 27 Jan 2014
The Federal Housing Finance Agency should provide needed funding for affordable rental housing ahead of broader legislative efforts to reform the housing finance system, according to a group of 33 ...
- Mass. Senate OKs Bill to Overhaul Foreclosure Laws and Restore Titles of Foreclosed Properties
Associated Press 24 Jan 2014
The Massachusetts Senate has approved and forwarded to the lower chamber legislation that would restore the titles of foreclosed properties to homeowners affected by procedural errors or wrongful ...
- Older Americans Are Delaying Retirement to Pay Off Mortgages
Reverse Mortgage Daily 23 Jan 2014
Older adults who are still carrying a balance on their mortgage are more likely to delay retirement, according to researchers from Boston College's Center for Retirement Research.
- November Brought Fewer Loan Mods, Declining Foreclosures
Housing Wire 23 Jan 2014
New numbers from the HOPE NOW coalition of private mortgage servicers, insurers, and housing counselors show that loan modification volume contracted in November.
- New Loan Safeguards Leave Path for Higher-Risk Borrowers
Bloomberg 22 Jan 2014
As regulators tighten mortgage rules and big banks balk at lending to riskier middle-income Americans, state housing-finance agencies (HFAs) are stepping up to restore the fading dream of ...
- Opinion: NJ Court Resurrects American Dream From Foreclosure Nightmare
NJ Spotlight 21 Jan 2014
New Jersey Chancery Judge Peter Doyne ruled in December that Wells Fargo Bank committed “actionable fraud” and “predatory lending” when it persuaded Oscar Montesdeoca to ...
- Lenders to Follow Useful New Rule on Appraisals
Daily Herald 17 Jan 2014
U.S. lenders now have to tell mortgage applicants that they are entitled to a free copy of whatever appraisals, reviews, computer valuations, and other data were used to calculate the amount they are ...
- Lawmakers Urge FHFA to Eliminate FICO Requirement in Seller/Servicer Guidelines
BankCreditNews.com 17 Jan 2014
The Federal Housing Finance Agency is under pressure from legislators to strike a requirement from Fannie Mae and Freddie Mac's seller/servicer guidelines that underwriting be performed with a FICO ...
- Housing Bust Hurt Minority Home Values Most
USA Today 16 Jan 2014
The housing bubble hit home values in Hispanic communities the hardest, according to a new report from market researcher Zillow.