Flagstar Bancorp Inc., the holding company for Flagstar Bank FSB, announced that it has entered into an agreement with the U.S. Department of Justice (DOJ) relating to underwriting practices associated with loans insured by the Federal Housing Administration (FHA) of the U.S. Department of Housing & … [Read more...]
Flagstar CEO Campanelli Projects Profitability fro 2012 as FHA and HUD Issues Are Resolved
February 27, 2012 by
New United Guaranty Product Aims to Reduce MI Rescissions and Prevent Buybacks
February 23, 2012 by
United Guaranty Corporation has announced that it has received notice from Freddie Mac that mortgage loans originated and closed using CoverEdge—the mortgage insurer’s underwriting process designed to significantly curtail mortgage insurance (MI) rescissions—are eligible for sale to Freddie … [Read more...]
CampusMBA Launches Online Emerging Servicing Standards Courses
February 21, 2012 by
CampusMBA, the education division of the Mortgage Bankers Association (MBA), has announced that it has developed two comprehensive, instructor-led online courses to provide training for industry professionals in order to comply with emerging servicing standards. CampusMBA's creation of the … [Read more...]
Study Finds QRMs to Force 60 Percent of Creditworthy Borrowers Into High-Cost Loans
January 19, 2012 by
The Center for Responsible Lending (CRL) has announced the release of its latest study, "Balancing Risk and Access: Underwriting Standards for Qualified Residential Mortgages." Findings of the report show that government-mandated downpayment rules as established by the qualified residential … [Read more...]
Chase Reports No Profit on Mortgages as Q4 Profits Dive 23 Percent
January 13, 2012 by
JPMorgan Chase has reported a net income of $3.7 billion for the fourth quarter of 2011, a drop of $1.1 billion over the fourth quarter of 2010, and a 23 percent drop in profit. Chase reported a full-year 2011 net income of a record $19 billion, compared to 2010's net income of $17.4 billion. … [Read more...]
NAHB Feels More Lax Lending Standards Would Jump Start U.S. Economy
January 6, 2012 by
The National Association of Home Builders (NAHB) concurs with a finding by the Federal Reserve Board (FRB) that excessively tight mortgage lending standards are hampering a housing and economic recovery. "The Federal Reserve's report to Congress confirms what we have been saying for some time: That … [Read more...]
WFG National Title Appoints Michael Kelly as New York State Counsel
December 21, 2011 by
WFG National Title Insurance Company has named Michael Kelly Esq. as its new vice president, state counsel for its New York agency office. The company is a full service provider of title insurance and real estate settlement services for lender, commercial and residential transactions … [Read more...]
Bank of America’s CEO on a GSE-Free Future
November 15, 2011 by
The current complexion of the national housing market is prompting Bank of America Corp. Taken from: Bank of America's CEO on a GSE-Free Future … [Read more...]
USA Cares Mortgage Heroes: Vicki White-Sklark and Byron Webb of SunTrust Mortgage
November 4, 2011 by
Sometimes, one mortgage hero begets others. See the original article here: USA Cares Mortgage Heroes: Vicki White-Sklark and Byron Webb of SunTrust Mortgage … [Read more...]
Mortgage Insurers Post $4.9B in Profit Over September
October 31, 2011 by
In bad news for mortgage insurers, the big four U.S. companies saw their profit margins shrink year-over-year by more than a quarter in September, according to the Mortgage Insurance Companies of America. Insurers underwrote $4.9 billion in risk for mortgage lenders last month, substantially down … [Read more...]