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The Secondary Market Overview: From bonds to production ... Fraud and the...
Today’s issue is fraud. Fraud affects the secondary markets in two very important ways: The existence of fraud is a valid reason to require a seller to repurchase a mortgage. This is commonly known as...
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Fannie Mae clarifies undisclosed liabilities policy
Fannie Mae has issued Selling Guide Announcement SEL-2010-11, which clarifies that lenders are not required to obtain a second credit report just before loan closing. Rather, Fannie Mae is reminding...
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FHA Bans Cambridge Home Capital for Underwriting Violations
The Federal Housing Administration’s Mortgagee Review Board (MRB) has announced that it is permanently withdrawing FHA approval of Cambridge Home Capital LLC (CHC), a Great Neck, N.Y.-based lender. In...
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FHA Reaches $230,000 Settlement With First Guaranty Mortgage Corporation
The Federal Housing Administration’s Mortgagee Review Board (MRB) has announced a settlement agreement with a Virginia-based mortgage lender for failing to apply FHA’s underwriting standards when...
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Genworth Feels QRM Will Force Private Capital Out of Housing Finance Marketplace
In a comment letter filed last week with the six federal financial regulatory agencies responsible for defining the qualified residential mortgage (QRM) as required by the Dodd-Frank Act, Genworth said...
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Option One to Pay $125 Million for Discriminatory Lending Practices
Resolving claims of unfair and discriminatory lending practices, Sand Canyon, formerly known as Option One Mortgage Corporation, will modify thousands of Massachusetts homeowners’ loans and make a...
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With Change in Lending Limits Looming, Wholesaler Launches New Jumbo Product
TMS Funding, the wholesale residential lending channel of Total Mortgage Services LLC, has announced that it has launched a new flexible jumbo mortgage product into the wholesale marketplace. “This new...
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George Washington University Study Reveals FHA’s Layered Risk Increases...
A new study conducted by the George Washington University School of Business (GWSB) has found that the Federal Housing Administration (FHA) is at risk and needs to rethink layering risk— especially to...
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New Jersey Tops in U.S. With an Average Downpayment of 13.76 Percent
With the housing market continuing to struggle and fewer consumers being able to purchase a new home or apartment, LendingTree.com has released data highlighting the average downpayments on residential...
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Credit Plus Launches New Mobile Credit App for Mortgage Professionals
Credit Plus Inc. has announced the launch of a new mobile app, Credit Plus nEXT Generation Credit (nGC), that will allow mortgage professionals to access a wide range of consumer credit data on iPhones...
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CFPB Issues Long-Awaited Industry QM and Ability-to-Repay Rules
The Consumer Financial Protection Bureau (CFPB) has adopted a new rule that will protect consumers from irresponsible mortgage lending by requiring lenders to ensure prospective buyers have the...
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New Penn Financial Announces Changes to Its Jumbo Offering
New Penn Financial LLC has lowered pricing and expanded guidelines on its Jumbo Advantage mortgage program, a portfolio product that is available through brokers and mortgage bankers, and is also...
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United Wholesale Mortgage Unveils New Investment Property Offering
United Wholesale Mortgage (UWM) has announced the launch of Investor Edge, designed specifically for borrowers looking to purchase or refinance non-owner occupied investment properties. The InveClick...
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