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Origination

DRI Adds New Sales Position, Promotes Schaefer to SVP

Bolstering support for its executive sales and client activities , DRI Management Systems, Inc., is enhancing its leadership lineup. The technology solutions company has hired Michael J. Bailin to the newly added position of regional sales executive for the western states division, and DRI also announced the recent promotion of Nancy Schaefer to the role of senior vice president of client operations.

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Ex-Linebacker, Realtor, Many Others Nabbed for Fraud

A Realtor and mortgage broker, his wife, and several others found themselves in the crosshairs of prosecutors Tuesday, along with a former Dallas Cowboys linebacker and nine co-conspirators. MReport sourced the stories from two news outlets to create the mortgage fraud blotter for Tuesday. According to one news source, former linebacker William Tisdale received convictions along with nine co-conspirators for their involvement in millions of dollars in mortgage fraud from the North Texas area.

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Mortgage Rates Up on Greek Bailout 2.0: Zillow

Signaling the still-steady role played by eurozone affairs in U.S. markets, real estate Web site ZIllow found interest rates for mortgage loans by and large rising this week. The Web site found the 30-year fixed-rate mortgage ticking up to land somewhere between 3.67 percent and 3.76 percent before arriving at the latter rate Tuesday. For the 15-year loan, the rate hovered around 3 percent, while rates for 5-year and 1-year adjustable-rate mortgages stayed near 2.75 percent.

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CFPB Convenes Panel to Review Mortgage Disclosure Forms

The Consumer Financial Protection Bureau took steps Tuesday to engage mortgage lenders by forming a small business panel to review the integration of mortgage disclosure requirements into a single uniform document. The Dodd-Frank Act obligates the bureau to streamline conflicting rules and statutory requirements from the Real Estate Settlement Procedures Act and Truth-in-Lending Act. The CFPB billed the panel as a way to increase transparency with mortgage lenders.

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FHFA Proposes Remaking Secondary Mortgage Market

The federal agency responsible for Fannie Mae and Freddie Mac released a proposal Tuesday that calls for lawmakers to gradually wean the GSEs off taxpayer funds and stand up a new secondary market, replete with new institutions, securitization measures, and servicing standards. The proposal outlines steps for ways to shift risk and responsibility from Fannie Mae and Freddie Mac to a new market that lawmakers would need to establish without destabilizing a cornerstone of the economy.

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Ex-Mayoral Candidate, Woman Sentenced for Mortgage Fraud

Fraud

A onetime candidate for mayor of a city in Georgia and woman in New Jersey found themselves sentenced by separate courts to several years in prison. MReport sourced the stories Monday from several news outlets. According to one, ex-mayoral candidate Gregory Cordell, a real estate agent and developer, received his sentence for $1.25 million in mortgage fraud for a property in Cartersville. The woman in New Jersey bilked CitiFinancial out of funds for a mortgage, according to another news source.

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Chase Partners With Nonprofit to House Veterans

As many as 100 wounded veterans and service members may receive homes free of charge, thanks to a new partnership between the mortgage lending unit for JPMorgan Chase and nonprofit Operation Homefront. The financial institution will pair homes it currently owns with qualifying families the nonprofit serves, including active-duty, Guard or Reserve, and honorably discharged service members. Any veteran from any era is eligible to apply, as are surviving single spouses of service members killed-in-action and post-9/11 disabled veterans.

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CFPB Proposes Draft Mortgage Statement for Borrowers

The Consumer Financial Protection Bureau called for public comment on a draft it recently proposed for a mortgage statement required for borrowers under the Dodd-Frank Act. If approved, mortgage servicers and assignees of the loan would need to distribute the statement to borrowers with information that includes the principal loan amount, current interest rate, any late payments and penalties, and contact information for both the servicer and a housing counselor. A draft version of the statement shows that servicers would also need to break down past payments.

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