Mortgage

September 22, 2010 - (RealEstateRama) -- The Federal Trade Commission moved to further strengthen its longstanding enforcement program aimed at preventing deceptive mortgage advertising, proposing a rule that would ban misrepresentations for all mortgages and would allow the FTC and the states to seek civil penalties against those who violate the rule.

WASHINGTON, D.C. - September 22, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending September 17, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 1.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 22.9 percent compared with the previous week, which included the Labor Day holiday

WASHINGTON, DC - September 22, 2010 - (RealEstateRama) -- The Federal Housing Administration (FHA) today announced a new modified version of its Home Equity Conversion Mortgage (HECM) product. The HECM loan is a reverse mortgage insured by the federal government. It allows older home owners to tap into their equity to cover living expenses and health care costs while continuing to live in their home without having to make the mortgage payments that are required with a traditional mortgage or equity loan.

SACRAMENTO, CA - September 21, 2010 - (RealEstateRama) -- United States Attorney Benjamin B. Wagner announced that John B. Ngo, 29, of San Ramon, was sentenced today by United States District Judge William B. Shubb to nine months in prison, to be followed by two years of supervised release. Ngo pleaded guilty on December 17, 2007 to one count of making a false declaration before the grand jury.

AUGUSTA, ME - September 21, 2010 - (RealEstateRama) -- Bureau of Financial Institutions Superintendent Lloyd P. LaFountain, III announced this week that second quarter 2010 data submitted by Maine state-chartered banks and credit unions shows a decrease in completed home foreclosures in Maine. Additionally, the number of delinquent mortgage loans declined for the second consecutive quarter.

DALLAS, TX - September 21, 2010 - (RealEstateRama) -- Faith Schwartz, a mortgage industry veteran of 25 years, received the Lifetime Achievement Award, today, at the Five Star Default Servicing Conference and Expo in Dallas, Texas.

WASHINGTON, D.C. - September 21, 2010 - (RealEstateRama) -- The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 8,124 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data made available today cover 2009 lending activity--applications, originations, purchases of loans, denials, and other actions such as incomplete or withdrawn applications.

WASHINGTON, DC - September 21, 2010 - (RealEstateRama) -- With the improvement of disclosures for mortgages and other financial products a top priority for the new Consumer Financial Protection Bureau (CFPB), Treasury Secretary Tim Geithner and Elizabeth Warren, Assistant to the President and Special Advisor to the Treasury Secretary, today hosted a forum to seek input on the simplification of mortgage disclosure forms so that consumers have the clear and easy-to-understand information they need to make the financial choices that are best for themselves and their families.

September 20, 2010 - (RealEstateRama) -- The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 8,124 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data made available today cover 2009 lending activity--applications, originations, purchases of loans, denials, and other actions such as incomplete or withdrawn applications.

WASHINGTON, D.C. - September 17, 2010 - (RealEstateRama) -- The Federal Housing Authority (FHA) commissioner should be granted the resources to better manage the agency through the current housing market crisis and to allow the agency to continue to thrive when the market recovers, according to new report from the Mortgage Bankers Association

WASHINGTON, D.C. - September 17, 2010 - (RealEstateRama) -- MBA’s Annual Convention and Expo is the premier conference for mortgage banking professionals of all sectors. It addresses key industry-related strategic issues and provides in-depth analysis concerning leadership, growth strategies and trends. Garner insight from influential industry executives as they share their views on the current market, and their projections for the future of real estate finance

September 17, 2010 - (RealEstateRama) -- The Federal Reserve Board on Thursday announced the agenda and panelists for the last of four public hearings this year on potential revisions to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).

Greenbelt, MD - September 17, 2010 - (RealEstateRama) -- Finding a home can be a stressful and difficult process, and many potential home buyers, sellers and renters are not aware of the various real estate options available to them. The Real Estate Symposium is a free monthly advisory event designed to answer questions and provide resources to potential buyers, sellers and renters about mortgage options, affordable renting, titles, home inspections, and much more. The Symposium will be held from 9:30 to 11:30 a.m. on September 18, October 23 and November 20 at 7815 Bellepoint Dr. Greenbelt, Maryland 20770. Potential buyers and sellers will meet one-on-one with experienced real estate professionals

ATLANTA, GA - September 16, 2010 - (RealEstateRama) -- The seemingly precipitous drop in July existing home sales, while alarming, was not unexpected, says Ron Peltier, Chairman and CEO of HomeServices of America, Inc., a Berkshire Hathaway affiliate (www.homeservices.com) and the nation’s second-largest, full-service homeownership service provider.“Our Pending Sales numbers for May and June reflected an inevitable slide after the government incentives came to an end this summer,” said Peltier in a statement to the company’s more than 15,000 sales associates. “The positive uptick in July Pending Sales gives the market hope that consumers are beginning to move past the purchasing-paralysis that set in as government incentives came to an end this summer.”

McLean, VA - September 16, 2010 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®). While the 30-year fixed-rate mortgage rate rose, the 15-year fixed-rate dipped slightly; shorter-term rates fell.

McLean, VA - September 15, 2010 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) today announced it is expanding the Freddie Mac First Look Initiative on September 17, 2010 so any home shopper can buy a HomeSteps® home as their primary residence during the first 15 days of the property's listing without competition from investors. HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes

WASHINGTON, D.C. - September 15, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending September 10, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 8.9 percent on a seasonally adjusted basis from one week earlier. This week's results include an adjustment to account for the Labor Day holiday. On an unadjusted basis, the Index decreased 27.4 percent compared with the previous week.

WASHINGTON, DC - September 15, 2010 - (RealEstateRama) -- Business Solutions, an affiliate of the American Bankers Association, has joined with Genworth Mortgage Insurance to offer free Web-based residential mortgage lending training to ABA members.

Fairfax, VA - September 15, 2010 - (RealEstateRama) -- Advanced Title & Settlements, LLC launched “Ask The Experts For Free” radio show in August as a resource for local homeowners who are facing foreclosure. In today’s economy and real estate market, there are many homeowners who are unable to afford their mortgage

COLUMBUS, OH - September 13, 2010 - (RealEstateRama) -- The Ohio Housing Finance Agency (OHFA) today reduced mortgage interest rates on loans through its First-Time Homebuyer Program to the lowest rates in the Agency's history.

WASHINGTON, DC - September 13, 2010 - (RealEstateRama) -- Independent mortgage bankers and subsidiaries made an average profit of $917 on each loan they originated in the second quarter of 2010, up from $606 per loan in the first quarter of 2010, according to the Mortgage Bankers Association (MBA)’s 2nd Quarter 2010 Mortgage Bankers Performance Report released today

September 13, 2010 - (RealEstateRama) -- Mr. D’Amanda focuses his practice on commercial real estate, including development and land use, mortgage and asset lending, foreclosures and workouts, and succession planning for family land holdings. Mr. D’Amanda was drawn to the firm because of the depth of Nixon Peabody’s real estate practice firmwide and the reputation of that group in the Rochester community and throughout Upstate New York.

September 13, 2010 - (RealEstateRama) -- First American Title Insurance Company today announced the launch of its new Mortgage Services division, which is designed to address the title, settlement and valuation needs of residential originators with national retail platforms.First American Title’s Mortgage Services division supports many of the nation’s largest financial institutions in pursuing a national strategy for residential origination that focuses on speed, efficiency, customer satisfaction and cost reduction by providing custom closing solutions, leveraging the strength of a national underwriter, applying proprietary technology and tapping into the extensive resources available within the First American family of companies

Pierre, SD - September 13, 2010 - (RealEstateRama) -- While fall leaves are dropping, so are the interest rates for First-time Homebuyer Loans through South Dakota Housing Development Authority (SDHDA).

Washington, DC - September 13, 2010 - (RealEstateRama) -- In an effort to inform the current discussion on the future of the housing finance system, the Federal Housing Finance Agency (FHFA) today released data on Fannie Mae and Freddie Mac (the Enterprises) that compare the credit quality and performance of the loans they acquired relative to loans financed with private-label mortgage-backed securities.

BEDFORD, N.H. - September 10, 2010 - (RealEstateRama) -- New Hampshire Housing announced today a new mortgage rate of 3.5% under its Single Family Mortgage Program. This historically low rate is made possible through the agency’s partnership with the U.S. Treasury’s New Issue Bond Program (NIBP).

WAUSAU, WI - September 10, 2010 - (RealEstateRama) -- Attorney General J.B. Van Hollen announced today that the Wisconsin Department of Justice (DOJ) and Marathon County District Attorney’s Office have charged two Wausau mortgage brokers with fraud related to their roles in a “buy back” real estate scheme.

Tucson, AZ - September 9, 2010 - (RealEstateRama) -- Arizona received approximately $45.4 million yesterday from the Department of Housing and Urban Development’s Neighborhood Stabilization Program (NSP), which the state can use to purchase foreclosed homes at a discount and rehabilitate or redevelop them. The money was authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act

September 9, 2010 - (RealEstateRama) -- The 31-year-old part owner of Legacy Lending was sentenced yesterday in federal court in St. Paul for participating in a mortgage fraud scheme that involved 37 separate real estate transactions and $20 million in loan proceeds. United States District Court Judge Richard H. Kyle sentenced Thomas John Hunter, of Maple Grove, to 40 months in prison on one count of wire fraud and one count of money laundering in connection to the crime. He also was ordered to pay $228,711.43 in restitution. Hunter was charged on January 26, 2010, and pleaded guilty on March 2, 2010

McLean, VA – Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®). While the 30-year fixed-rate mortgage rate and the 5-year adjustable rose slightly, other rates remained flat or fell lower.