Retesting of Ocwen Financial's compliance with the terms of the 2012 National Mortgage Settlement (NMS) for the first quarter of 2014 revealed that the Atlanta-based servicer failed one metric originally reported as a pass, but passed the other eight metrics, according to a release from the Office of Mortgage Settlement Oversight.
Read More »Pavaso Introduces New “Fast Track” Program
In an effort to prepare for August 1 TRID changes, Pavaso recently introduced a new program designed to help companies easily transition to digital closings called “Fast Track.” The program is intended to help lenders and title companies provide a better consumer experience for the upcoming law changes. Pavaso reports that the Digital Close solution takes only two weeks to complete.
Read More »Senator Bernie Sanders Proposes Bill to Break Up Big Banks
A new bill has been introduced to legislation by presidential nominee, Sen. Bernie Sanders (I-Vermont). The proposal is intended to prevent another costly taxpayer bailout and safeguard the economy by breaking up the nation’s largest banks. Rep. Brad Sherman (D-California) proposed a similar bill in the House.
Read More »ReverseVison Launches Operations Team, Hires New VP of Sales
ReverseVision announced the creation of an operations team, as well as the hiring of a new VP of sales and marketing to their company roster. The operations team will be dedicated to product operations, system monitoring, capacity planning, backup, recovery, hosting management, and product release. Wendy Peel, the company’s new VP of sales and marketing, will manage the brand, work with product development on system enhancements, and increase ReverseVision brand awareness for forward lenders and financial planners.
Read More »By Region, Lowest-Priced Homes Survived Housing Crisis
Lower-priced homes stood a better chance at survival during the 2006-2009 housing crisis, according to an Urban Wire blog post by the Urban Institute and authors Jun Zhu and Bing Bai. Not only did cheaper homes recover more quickly from the bust, according to national averages and location data found by the Urban Institute, cheaper homes became more expensive during the boom as well.
Read More »Mortgage Applications Down 4.6 Percent
According to the Mortgage Bankers Association (MBA) Weekly Mortgage Applications report, mortgage applications have decreased 4.6 percent from last week. The Market Composite Index, which measures the amount of mortgage loans, decreased 4.6 percent on a seasonally adjusted basis for the week ending May 1. The Index experienced a 4 percent decrease compared to last week on an unadjusted basis.
Read More »OCC Works to Decrease Regulatory Burden on National Banks, FSAs
The Office of the Comptroller of the Currency (OCC) took steps toward reducing the regulatory burden placed on community national banks and federal savings associations (FSAs) by participating in an outreach meeting as part of the Economic Growth and Paperwork Reduction Act (EGRPRA) on Monday.
Read More »Congressman to Introduce Bill to Prevent Pay Increase for CEOs of GSEs
U.S. Congressman Ed Royce (R-California) has announced that he plans to submit legislation by the end of the week to prevent a potential pay increase for Freddie Mac CEO Donald Layton. The Federal Housing Finance Agency (FHFA) has given Freddie Mac and its fellow GSE, Fannie Mae, authorization to review the salaries of their respective CEOs, Layton and Timothy Mayopoulos. Both CEOs made $600,000 each without bonuses in 2014. The pay reviews for the top executives at the GSEs are largely due to concerns that the Enterprises will not be able to stay competitive because their CEOs make less than some lower-ranked executives.
Read More »NAHB Reports Housing Market Activity Increase for Q1
Housing and economic activity has returned to or exceeded normal levels in 68 of about 360 metropolitan areas in the country (about 19 percent) as of the end of Q1 2015, according to the National Association of Home Builders (NAHB)/First American Leading Markets Index (LMI) released Wednesday.
Read More »Mark Litzel Named VP of National Sales for LenderLive
LenderLive Network Inc. (LenderLive) recently announced Mark Litzel as their new VP of national sales for the company’s Settlement Services division. LenderLive is a domestic-based mortgage services provider that provides six service offerings to clients originating, servicing, and purchasing loans–outsource services, correspondent lending, loan servicing, document services, settlement services, and due diligence.
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