Joining the broadcast today to discuss the new qualified mortgage rules is Chris Whalen, Executive Vice President and Managing Director for Carrington Holding Company. Carrington operates in virtually ...
Read More »FHFA Records Price Gains for 22nd Straight Month
The Federal Housing Finance Agency's (FHFA) monthly House Price Index (HPI) slowed its upward march substantially in November, rising only 0.1 percent compared to October's 0.5 percent. November's increase marked the 22nd straight monthly gain in FHFA's purchase-only, seasonally adjusted index. As of the end of the month, the U.S. index was 8.9 percent below its April 2007 peak, resting at roughly the same level as it was in April 2005.
Read More »First Guaranty Mortgage Names Chief Strategy Officer
First Guaranty Mortgage Corporation (FGMC), based in Virginia, announced the appointment of Chief Strategy Officer Gretchen Malatesta.
Read More »HUD Secretary: FHA Key to Addressing Housing Inequality
During a town hall meeting hosted by Zillow and the National Urban League Wednesday, HUD Secretary Shaun Donovan said progress is being made in regards to inequality in the housing market, but discrimination and inequality still persist. While these deeper issues must be addressed more broadly, Donovan said the Federal Housing Administration (FHA) has been "a life line" for minority home buyers, helping about half of African American and Latino buyers gain access to credit.
Read More »Total Mortgage Rebrands Wholesale Division
In Connecticut, Total Mortgage Services' wholesale division is relaunching with a re-energized focus--and a brand new name, the company announced. Formerly known as TMS Funding, the division is now operating as Total Mortgage Wholesale.
Read More »Industry Experts Discuss QM Pitfalls
While the Consumer Financial Protection Bureau (CFPB) touts its recently enacted mortgage regulations as a "back-to-basics approach" to lending, not everyone agrees. Speaking on "Mortgage Markets Today," Chris Whalen, EVP and managing director for Carrington Holding Company, discussed the pitfalls in the new regulations with Louis Amaya, host of the Five Star Internet radio show and CEO of iServe Companies. Among other things, Whalen predicts politicians and regulators will see pressure to review the rules, which he says have gone too far.
Read More »Pite Duncan Promotes Senior Associate to Partner
Pite Duncan, LLP, announced the promotion of Christopher Peterson to partner.
Read More »CFPB Targets Missouri Lender over Alleged Kickbacks
The Consumer Financial Protection Bureau (CFPB) last week ordered a Missouri-based mortgage lender and its president to pay more than $80,000 for funneling illegal kickbacks in exchange for real estate referrals. According to CFPB's complaint, filed in mid-January, Fidelity Financial Mortgage Corporation (FFMC) in 2010 entered into an agreement with a Missouri bank in which Fidelity would lease an office at the bank in exchange for business referrals.
Read More »FDIC Announces First Bank Collapse of 2014
West Chicago's DuPage National Bank has the dubious honor of being the first FDIC-insured institution to close in 2014.
Read More »Churchill Mortgage Recruits Compliance Trainer
To address concerns related to January's wave of regulations and ensure potential homebuyers still receive the service they're looking for, Churchill Mortgage has recruited a new full-time compliance trainer: Seth Trimble.
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