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Industry News

The latest news on issues impacting the mortgage market is provided below:


HousingWire

This feed provides ALL content published on HousingWire.com -- from feature news, to magazine articles, to blog posts, to Ticker news items, and more. It's the complete HousingWire.com feed.
Updated: 29 min 42 sec ago

Closing rate for mortgage originations drops in July

1 hour 16 min ago
Mortgage originations showed an overall closing rate of 57.7% in July 2014, down from 60.7% in June 2014, according to a sample of 90-day loan applications conducted by Ellie Mae.

What can you get for $1 million in housing these days?

1 hour 48 min ago
Home values are down 11% from their pre-meltdown peak in 2007, and $1 million doesn’t go nearly as far as it used to, according to Zillow’s number crunchers.

Mortgage applications rise 1.4% even as government mortgages drop

4 hours 34 min ago
Mortgage applications increased 1.4% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 15, 2014.

Millennials better at paying their mortgages

5 hours 21 min ago
The youngest group of mortgage borrowers posted the lowest mortgage delinquency rate, falling to 2.34%, overcoming the impact of the Great Recession.

The TILA-RESPA Combined Disclosure connection

9 hours 37 min ago

The primary issue is not only delivering the closing documents to the consumer three days ahead of closing (consummation), but now, with the delivery deadlines and tolerance requirements, the lender is on the hook to ensure even greater accuracy of the GFE/TIL at time of application.  

CFPB expresses “heightened” concern over MSR transfers

Tue, 08/19/2014 - 17:02
In the new bulletin, the CFPB said that it is reminding servicers of their responsibilities to borrowers, “in light of potential risks to consumers that may arise in connection with transfers of residential mortgage servicing rights.”

Chicago FHLB launches Ginnie Mae MBS program

Tue, 08/19/2014 - 15:28
The Federal Home Loan Bank of Chicago will soon launch its new program that allows members to originate and sell government-backed loans into Ginnie Mae mortgage-backed securities.

Are we facing yet another foreclosure crisis?

Tue, 08/19/2014 - 15:00
Despite numerous reports indicating that there has been a deep decline in foreclosure inventory over the past several months in many markets, the reality, as chronicled in several articles recently penned by this author and others, is that foreclosure rates are very likely to rise again in the not-too-distant future.

Good news for the housing market?

Tue, 08/19/2014 - 14:35
Home Depot recorded strong second-quarter earnings on the same day the U.S. Census Bureau and the Department of Housing and Urban Development reported multifamily housing starts soaring.

5th Circuit U.S. Court of Appeals affirms MERS authority to assign mortgage

Tue, 08/19/2014 - 14:15
The U.S. Court of Appeals for the Fifth Circuit affirmed MERSCORP Holdings’ authority to assign the mortgage lien as its basis for affirming the dismissal of a wrongful foreclosure lawsuit.

Truth is, those recent housing numbers aren't so shiny

Tue, 08/19/2014 - 14:00
The bad news is that almost all of those gains from June to July in starts and permits are in multifamily rental housing. That’s not the sign of a housing recovery. That’s the sign of a shift from an ownership society to a rental society.

Look! This penthouse can be yours for half a billion dollars

Tue, 08/19/2014 - 13:48
It’s Monaco, where there is so much money that if you meet three locals, one of them is a millionaire. And now it may be home to the world’s most expensive penthouse.

SEC subpoenas Ocwen over Altisource, HLSS associations

Tue, 08/19/2014 - 13:43
Ocwen’s close relationship with Altisource Residential, Altisource Asset Management Corp., Altisource Portfolio, and Home Loan Servicing Solutions has been under scrutiny since New York's Department of Financial Services first sent a letter to Ocwen’s general counsel about the dealings between the affiliated companies in February.

3 reasons mortgage apps don't reflect housing strength

Tue, 08/19/2014 - 12:58
Mortgage applications continue to hover around the same level, while home sales keep rising. A new reports digs into why, citing three factors for the disconnect.

Alan Levith joins Edcomm Banker’s Academy as chief compliance counsel

Tue, 08/19/2014 - 12:15
In this new role, Levith will have a myriad of responsibilities, with a specific focus on “cradle to grave” regulatory compliance matters related to the financial services industry, including mortgage servicing, originations, and loss mitigation issues for banking and non-banking financial organizations.

How hard is it to get a mortgage?

Tue, 08/19/2014 - 12:00
Is it really that hard? Yes. And no. And mostly yes again. And maybe it should be. And since January 10 when the CFPB’s Qualified Mortgage rule took effect, it is definitely harder. So yes.

This man pretends to be a Realtor and no one can stop him

Tue, 08/19/2014 - 11:00
The Real Estate Council in Alberta, Canada, seems to have a real problem on its hands with real estate agent Derek Johnson, who doesn’t seem licensed to conduct business as an agent and broker. But that’s not stopping Johnson.

Affiliated Mortgage sues Envoy Mortgage for $20M

Tue, 08/19/2014 - 10:41
Affiliated Mortgage is suing Envoy Mortgage, alleging Envoy Mortgage stole some if its key executives in an effort to put Affiliated’s correspondent lending division out of business.

Multifamily housing starts soar while single-family permits remain flat

Tue, 08/19/2014 - 09:47
After plunging in June, housing starts and housing permits recovered in July, printing at 1,093,000 and 1,052,000, respectively. The bad news is that almost all of those gains from June to July are in multifamily rental housing.

Mortgage default rate drives down household debt

Tue, 08/19/2014 - 08:49
“At just above one percent, default rates remain at historical lows. Mortgage default rates have been trending down while Auto and Bank Card are a bit higher than their historical lows set in April and March,” said David Blitzer, managing director and chairman of the Index Committee for S&P Dow Jones Indices.