Industry News Blog

01/21/2010



Big changes in store for commercial lenders as the Obama administration sets some new rules. Mortgage rates fell after Obama's...

01/18/2010

The HUD inspector general has issued subpoenas to 15 mortgage companies demanding the files and data for failed loans which resulted in claims paid out by the FHA mortgage insurance fund.

While they aren't claiming any fraud has occurred, they are saying the goal of this probe is to determin why there is such a high rate of default and claims with these companies.

The 15 companies subpoenaed are:

First Tennessee Bank N.A., Memphis, TN
Alethes LLC, Lakeway, TX...

01/18/2010

The HUD inspector general has issued subpoenas to 15 mortgage companies demanding the files and data for failed loans which resulted in claims paid out by the FHA mortgage insurance fund.

While they aren't claiming any fraud has occurred, they are saying the goal of this probe is to determin why there is such a high rate of default and claims with these companies.

The 15 companies subpoenaed are:

First Tennessee Bank N.A., Memphis, TN
Alethes LLC, Lakeway, TX...

01/13/2010

Loan modifications at Fannie Mae are rapidly increasing (66%), while Freddie Mac's completed loan mods took a measurable drop (42%), for the same time period – from second quarter to third quarter 2009. 

National Mortgage News takes a quick look at the two to see what the two are doing, or not doing, to help borrowers in danger of foreclosure.

Read more here.

01/12/2010

The FDIC took over the 18-branch lender, with $1.1 billion in deposits as of Sept. 30, after issuing a cease-and-desist order March 3 last year.  Reports suggest the banks failure is going to cost more than $500 million.

MortgageDaily.com reports that two mortgage-related firms have failed so far in 2010, and the total number of firms that collapsed in 2009 was 227.

Read more from MortgageDaily.com...

01/08/2010




Appraisers are not happy with a proposed new rule that would eliminate the appraisal requirement and allow...

01/05/2010

Despite hiring an appraisal management company to handle the appraisal process, HUD is making it very clear that lenders are responsible for the integrity and quality of the appraisal. 

Read the latest update from HUD on Property Valuation and Appraisals here.

12/28/2009

GSE losses are costing the U.S. Government billions of dollars -- and Fannie and Freddie executives are still drawing salaries in excess of $2 million, with two of its CEOs receiving $6 million compensation packages.

Go here to read the recent SEC filing.

12/23/2009

A HUD/FHA spokesperson today verified that the agency has moved the Appraisal Independence requirements date to February 15, 2010.  Regardless of when the requirements take place, AIMS supports the workflow and certification elements concerning appraisal ordering.
 

HUD/FHA announcement:

Delayed Implementation Date for New Requirements in ML 2009-28

12/21/2009


Good news for lenders and homebuyers/sellers.  HUD is rescinding its requirement for a second appraisal on all loans except for properties resold between 91 and 180 days, if...