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Housing Industry Groups Wrestle With Federal Policies

Industry trade groups and lobbyists upped the ante in the war of policy, words, and influence following testimony by Federal Reserve Chairman Ben Bernanke before a joint congressional committee this week. News reports and statements contributed to the exchange Thursday, with outlets referencing punches pulled by the Mortgage Bankers Association, National Association of Home Builders, and National Association of Realtors, among others. The Qualified Residential Mortgage remains under attack, while others upheld the role of the GSEs in markets.

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Brokers: Mortgage Industry Will Miss Steve Jobs

Shocking the nation and world, Apple, Inc. co-founder Steve Jobs succumbed to a rare case of pancreatic cancer Wednesday. Speaking with MReport, mortgage brokers, company executives, and other professionals praise the late visionary for his transformative role in creating mortgage apps, iPhones, and other technology that made their professional lives easier and business more convenient. One such broker recalls seeing and hearing about Jobs as he worked on his Apple computer prototype three doors down from her.

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Lawmakers Clear CFPB’s Cordray for Full Senate Vote

In a widely expected turn of events, lawmakers seated on the Senate Banking Committee approved would-be Consumer Financial Protection Bureau director Richard Cordray for a full nomination vote along strictly partisan lines. The nominee will now face a full Senate vote, where his bid will likely meet stiff Republican opposition. Twelve Democrats on the committee signed off on his nomination, even while their 10 Republican colleagues lined up against it. The Senate will now schedule the first hearing.

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TMS Funding Recruiting Nationwide Talent

Total Mortgage Services, LLC, is seeking new talent to add to its wholesale residential lending channel, TMS Funding. The company recently announced that it would hire new account executives in more than 21 states and Washington, D.C., as part of its continued expansion.

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NCHV Honors NewDay with Corporate Partner Award

NewDay Financial has a worthy reason to celebrate, with the announcement that it would receive a Corporate Partners award from the National Coalition for Homeless Veterans (NCHV). The company and its CEO, Rob Posner, is being honored for its strong provisional assistance to veterans in need of housing.

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ACUMA Adds New Partner with Equi-Trax

The American Credit Union Mortgage Association (ACUMA) has added a new member, with the incorporation of Equi-Trax Asset Solutions LP. Equi-Trax, a provider of borrower outreach programming and portfolio analytics, was recently accepted into the ACUMA, as part of the organization's continuing efforts to enhance its consumer assistance platforms.

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Mortgage Rates Drop Below 4% for First Time

Mortgage rates slammed into a new, record-setting low Thursday, with mortgage giant Freddie Mac reporting that figures for the benchmark 30-year fixed-rate mortgage fell below 4 percent for the first time in history. Finance Web site Bankrate.com noted a similarly record-smashing low for the loan. Making the biggest waves, the GSE found the 30-year loan dropping on average to 3.94 percent nationally, down from 4.01 percent last week and 4.27 percent over the same time last year.

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Kontogiannis, Six Others Make the Fraud Blotter

Two cases from New York resonated with the mortgage fraud blotter Wednesday, with news sources reporting indictments against six people accused of raking in some $25 million in mortgage fraud and a reduced prison sentence for a money launderer previously convicted for stripping $98 million from lenders. A statement by the Federal Bureau of Investigation and Reuters story contributed to the round of news for the MReport blotter. Left unclear: the amount of ruin for lenders and homeowners.

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Big Banks Sued for Allegedly Bilking Veterans, Taxpayers

In yet another blow to major mortgage lenders, two brokers unveiled suits Monday against a string of companies alleging the defendants bilked veterans out of millions by hiding illegal fees under other charges for their refinance loans. Quickly emerging as a hot-button topic inside the Beltway, with some pointing fingers at federal agencies, the suit joins a pack of other litigation on the way for big banks. The matter involves the Interest Rate Reduction Refinancing Loans program for veterans.

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Harris Takes the Reins at LPS

Lender Processing Services Inc. has appointed a new president and CEO, with the hiring of Hugh R. Harris. Harris' role begins immediately, effective October 5, and he will also join the company's board of directors.

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