Mortgage

WASHINGTON, D.C. - February 9, 2011 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 4, 2011. The Market Composite Index, a measure of mortgage loan application volume, decreased 5.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3.9 percent compared with the previous week.

San Diego, CA - February 9, 2011 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today awarded Catherine Rodewald, Vice President of Prudential Mortgage Capital Company, with the CREF Distinguished Service Award at the Association's 21st Annual Commercial Real Estate Finance (CREF)/Multifamily Housing Convention & Expo held in San Diego, CA. The award was given to Rodewald in recognition of her dedication and prominent service to MBA and the mortgage lending industry.

LOWER TOWNSHIP, N.J. - February 8, 2011 - (RealEstateRama) -- Representatives of the New Jersey Housing and Mortgage Finance Agency (HMFA) today joined local officials to celebrate the completion of Conifer Village, an affordable senior housing community located at 3805 Bayshore Road in Lower Township, Cape May County. The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), provided $1.4 million in permanent financing for the project and also awarded federal tax credits and tax credit subsidies.

February 8, 2011 - (RealEstateRama) -- PREET BHARARA, the United States Attorney for the Southern District of New York, announced that DAVID RAMNAUTH, the former president of the Queens mortgage brokerage GuyAmerican Funding Corp. ("GuyAmerican"), was sentenced today to 30 months in prison for his role in a massive mortgage fraud scheme in which over $23 million in fraudulent loans were processed in connection with over 44 properties in the New York metropolitan area. RAMNAUTH pled guilty to his role in the mortgage fraud scheme in August 2010

MILFORD, CT - February 8, 2011 - (RealEstateRama) -- TMS Funding, the wholesale residential lending channel of Total Mortgage Services, LLC, announced today the hiring of John O’Brien as Wholesale Account Executive. Mr. O’Brien, an experienced mortgage professional with many years of successful sales leadership in start-up and territory expansion, has been hired to develop new business relationships and educate, train and support high quality mortgage brokers in their respective markets. In his new role, Mr. O’Brien will be focused on building broker relationships and servicing brokers throughout the New York marketplace.

ATLANTA, GA - February 8, 2011 - (RealEstateRama) -- Real Estate Mortgage Network, Inc. (REMN), a national mortgage lender based in River Edge, N.J., announced today the appointment of Greg Janicki to the position of southeast regional manager. Janicki will be reporting to Rick Floyd, REMN’s managing director of retail sales and will oversee a team of more than 100 people across REMN’s Georgia and Florida branches

San Diego, CA - February 7, 2011 - (RealEstateRama) -- Mortgage bankers originated $110 billion of commercial and multifamily mortgages during 2010 – an increase of 36 percent from 2009, according to preliminary estimates based on the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

San Diego, CA - February 7, 2011 - (RealEstateRama) -- Of the $1.4 trillion balance of outstanding commercial/multifamily mortgages held by non-bank investors, only 11 percent of the total ($155 billion) will mature in 2011, and 9 percent ($125 billion) in 2012 according to today’s release of the Mortgage Bankers Association’s (MBA) 2010 Commercial Real Estate/Multifamily Survey of Loan Maturity Volumes. The survey found that maturities vary considerably by the type of investor holding the loan

New York, NY - February 7, 2011 - (RealEstateRama) -- Mesa West Capital has provided the new owners of 5 Hanover Square in Lower Manhattan with $47 million in first mortgage financing secured by the 25-story, 333,000 square-foot office building, according to Mesa West Principal Raphael Fishbach who originated the financing

MISSION VIEJO, CA - February 7, 2011 - (RealEstateRama) -- Hammerhouse LLC, an expanding national recruiting and strategic growth firm for the financial service industry with mortgage sales and leadership placement at its core, announced today the hiring of Grant Lupo as Strategic Growth Partner. Mr. Lupo, an experienced mortgage professional with years of experience in servicing, hiring and training mortgage production professionals, is being hired to help manage Hammerhouse’s client growth and expand the Company’s national mortgage recruiting market share. Mr. Lupo will report directly to Drew Waterhouse, Managing Director of Hammerhouse and be based in Mission Viejo,

Cleveland, OH - February 7, 2011 - (RealEstateRama) -- Quicken Loans Inc., the nation’s largest online lender and a top-five retail mortgage lender, paid off a client’s mortgage today as part of its “Thanks a Million” contest. Daniel Carbo of Colchester, Connecticut, received the great news during a center court presentation at this evening’s Cleveland Cavaliers basketball game at Quicken Loans Arena. Two other contenders for the grand prize, Ryan and Tonya Rasnake from Cedar Bluff, Virginia, and Richard and Valerie Purvis from East Haven, Connecticut, each received $5,000 as runners-up in the sweepstakes at tonight’s game.

WASHINGTON, D.C. - February 7, 2011 - (RealEstateRama) -- On Friday, February 4, 2011, the Mortgage Bankers Association, (MBA) submitted the attached comment letter to the Financial Crimes Enforcement Network (FinCEN) in response to FinCEN’s proposal to expand its anti-money laundering programs to help reduce mortgage fraud against lenders through a Suspicious Activity Report (SAR) reporting requirement (Notice of Proposed Rulemaking 1506-AB02).

San Diego, CA - February 7, 2011 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its year-end ranking of commercial and multifamily mortgage servicers as of the end of December 31, 2010. On top of the list of firms is Wells Fargo with $451.1 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $337.4 billion, Berkadia Commercial Mortgage with $194.9 billion, Bank of America Merrill Lynch with $126.6 billion, and KeyBank Real Estate Capital with $118.9 billion

PITTSBURGH, PA - February 4, 2011 - (RealEstateRama) -- United States Attorney David J. Hickton and key officials from federal, state and local law enforcement and regulatory agencies recognized today the three‑year anniversary of the Feb. 4, 2008, formation of the Western Pennsylvania Mortgage Fraud Task Force, and the filing of charges against 14 individuals associated with seven different mortgage fraud schemes. The individuals charged include a wide spectrum of roles associated with mortgage fraud, including a closing attorney, mortgage brokers, real estate investors, and a bank employee. The seven schemes involved approximately 320 properties and $75 million in fraudulent loans.

Las Vegas, NV - February 4, 2011 - (RealEstateRama) -- Many Nevada homeowners have tried loan modification; however, loan modifications just don’t work. Remember that until you have equity in your house, all you are doing is renting. That's correct! You are renting from the bank! There is no reason to pay off $300,000 in debt when the home you bought is now worth $150,000 or less. Most experts predict that it will take 10-20 years or more for the Las Vegas housing market to rebound. It makes rational sense to walk away and get a fresh start. Surrendering a home worth half of what you owe is not a failure, it's a business decision.

WASHINGTON, D.C. - February 4, 2011 - (RealEstateRama) -- On Friday, February 4, 2011, the Mortgage Bankers Association, (MBA) submitted the attached comment letter to the Financial Crimes Enforcement Network (FinCEN) in response to FinCEN’s proposal to expand its anti-money laundering programs to help reduce mortgage fraud against lenders through a Suspicious Activity Report (SAR) reporting requirement (Notice of Proposed Rulemaking 1506-AB02).

WASHINGTON, D.C. - February 4, 2011 - (RealEstateRama) -- Jamie Woodwell, Vice President of Commercial/Multifamily Research for the Mortgage Bankers Association (MBA), testified today before the Congressional Oversight Panel at a hearing titled, " Commercial Real Estate's Impact on Bank Stability."

LOS ANGELES, CA - February 3, 2011 - (RealEstateRama) -- Attorney General Kamala D. Harris today announced a $6.5 million settlement of a predatory lending case against Angelo Mozilo and David Sambol, former officers of Countrywide Financial Corporation. Attorney General Harris announced the settlement money will be used to establish an innovative statewide California Foreclosure Crisis Relief Fund to combat the effects of California's high rates of foreclosure and mortgage delinquency

NEW YORK, N.Y. - February 3, 2011 - (RealEstateRama) -- Mortgage rates showed little movement this week, with the benchmark conforming 30-year fixed mortgage rate inching higher to 5.02 percent according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.40 discount and origination points

McLean, VA – Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®) which shows mixed results in both long- and short-term rates this week

McLean, VA - February 3, 2011 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) announced today that it had approximately $15 billion in volume for its multifamily whole loan and bond guarantee business (multifamily mortgage settlements), compared to almost $17 billion in 2009. This volume includes Freddie Mac’s targeted affordable housing products, which finance apartments that receive some form of government subsidy.

Las Vegas, NV - February 2, 2011 - (RealEstateRama) -- We have all heard the same story over and over. It’s the story about a family who gets behind on their mortgage payment, and applies for a loan modification to try and save their home. After waiting many months, the loan modification is denied, and the bank recommends that the homeowner do a short sale.

WASHINGTON, DC - February 2, 2011 - (RealEstateRama) -- HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, released its final 2010 loan modification data, which shows that an estimated 1.76 million homeowners received permanent, affordable loan modifications from mortgage servicers in 2010.

WASHINGTON, D.C. - February 2, 2011 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January 28, 2011. The Market Composite Index, a measure of mortgage loan application volume, increased 11.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 13.2 percent compared with the previous week. The previous week did not include a holiday adjustment for Martin Luther King, Jr. Day

WASHINGTON, D.C. - February 2, 2011 - (RealEstateRama) -- John A. Courson, President and CEO of the Mortgage Bankers Association (MBA) today issued the following statement in response to the Federal Reserve Board's announcement that it would not finalize three pending rulemakings under Regulation Z, which implements the Truth in Lending Act (TILA), prior to the transfer of authority for such rulemakings to the Consumer Financial Protection Bureau (CFPB).

McLean, VA - February 2, 2011 - (RealEstateRama) --Freddie Mac (OTC: FMCC) announced today that it priced its new 0.75% $4 billion two-year USD Reference Notes® security due on March 28, 2013. The issue, CUSIP number 3137EACS6, was priced at 99.758 to yield 0.864%, or 21.5 basis points more than two-year U.S. Treasury Notes. The issue will settle on Friday, February 4, 2011

WASHINGTON, D.C. - February 2, 2011 - (RealEstateRama) -- The Federal Reserve Board on Tuesday announced that it does not expect to finalize three pending rulemakings under Regulation Z, which implements the Truth in Lending Act (TILA), prior to the transfer of authority for such rulemakings to the Consumer Financial Protection Bureau (CFPB).

Los Angeles, CA - February 1, 2011 - (RealEstateRama) -- CB Richard Ellis Group, Inc. (CBRE) today announced the launch of a new, proprietary online real estate loan auction service. This new platform expands the company’s capabilities for assisting sellers in the disposition of commercial real estate loans.

Washington, DC - January 31, 2011 - (RealEstateRama) -- The Conference of State Bank Supervisors (CSBS) is pleased to announce the commencement of the federal registration of mortgage loan originators with the Nationwide Mortgage Licensing System and Registry (NMLS or the System) in accordance with the Final Rules published by the federal banking agencies and the Farm Credit Administration.

Washington, DC - January 31, 2011 - (RealEstateRama) -- The federal bank, thrift and credit union regulatory agencies, along with the Farm Credit Administration, announce that the Nationwide Mortgage Licensing System and Registry will begin accepting federal registrations today. Under the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act) and the agencies' final rules, residential mortgage loan originators employed by banks, savings associations, credit unions, or Farm Credit System institutions must register with the registry, obtain a unique identifier from the registry, and maintain their registrations.