Freddie Mac's Primary Mortgage Market Survey for the week ending February 12 shows the average interest rate for a 30-year fixed-rate mortgage (FRM) was 3.69 percent (0.6 point) this week, up a full 10 basis points from last week's 2015 low of 3.59 percent.
Read More »Morgan Stanley Makes Bid to Squash FHFA Suits
FHFA, which is suing on behalf of the RMBS pools' trustees, claims that Morgan Stanley committed a breach of contract by failing to buy back the poor performing loans, which were pooled into securities and sold to Freddie Mac in 2007, according to reports.
Read More »DocMagic Implements MISMO 3.3 Ahead of Integrated Disclosures Deadline
With months to go before the Consumer Financial Protection Bureau's (CFPB) Integrated Disclosure Rule takes effect, California-based DocMagic says its entire solution set is now aligned to transition into the new requirements.
Read More »Home Prices Up 6% in 2014’s Fourth Quarter
The national median price for existing single-family homes in the fourth quarter of 2014 was $208,700, up 6.0 percent from the same quarter in 2013, according to a report released Wednesday by the National Association of Realtors (NAR). That was better than the third quarter, which saw 4.8 percent annual growth.
Read More »Firms Announce Class Actions Against Ocwen Spin-Off
Glancy Binkow & Goldberg LLP alerted HLSS shareholders on Tuesday about the suit, which targets HLSS for not being open about the company's close relationship with Ocwen, which has suffered from wave after wave of regulatory setbacks in the last year.
Read More »Cash Sales Share Continues 23-Month Declining Streak
According to CoreLogic, cash sales made up 36.1 percent of total home sales in November, down from 38.8 percent a year prior. The drop marks the 23rd straight month of year-over-year declines, CoreLogic said. Compared to October, the cash sales share was up about half a percentage point, "as is typical for the fall and winter months."
Read More »HUD Chief Faces Questions on FHA’s Financial Position
Castro faced the House Committee on Financial Services and explained why he believes that FHA is in a "strong" position to lower its premiums by 50 basis points down to 0.85 percent despite the MMI Fund's value falling well short of the 2 percent threshold it is required by law to maintain.
Read More »CFPB Moves on Maryland Lender for Deceptive Advertising, Kickbacks
According to CFPB, NewDay deceived consumers by failing to disclose its financial relationship with a veterans' organization in direct mail advertising materials.
Read More »Mortgage Applications Reverse Course as Interest Rates Tick Up
Mortgage applications, including both purchase and refinance volumes, fell a seasonally adjusted 9.0 percent week-over-week for the week ending February 6, the Mortgage Bankers Association (MBA) said Wednesday.
Read More »International Document Services Names First-Ever CEO
International Document Services (IDS), a mortgage document preparation vendor operating out of Salt Lake City, has promoted former EVP Mark Mackey to CEO.
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