The average interest rate for a 30-year fixed-rate mortgage (FRM) slipped 7 basis points in the last week, settling at 3.59 percent (0.7 point) for the week ending February 5, Freddie Mac reported Thursday. "Mortgage rates fell this week following the release of weaker than expected pending home sales, which fell 3.7 percent in December," said Len Kiefer, deputy chief economist for Freddie Mac.
Read More »Mortgage Machine Services Releases Source Code for LOS
Mortgage Machine Services (MMS), an enterprise lending solutions provider based in North Texas, will begin offering the source code to its flagship loan origination system (LOS) to the entire mortgage industry, the company said in an announcement.
Read More »House Subcommittee Investigates Misconduct at HUD
Witnesses offered testimony to the subcommittee that senior HUD employees violated federal employment law practices as well as HUD policies by hiring Debra Gross, a former registered lobbyist, for a position with HUD's Office of Public and Indian Housing.
Read More »Ocwen Anticipates Losses Ahead of Earnings Report
In a note to stakeholders released Thursday, Faris reviewed a handful of the regulatory hurdles Ocwen has had to deal with in the past year, including a long-running investigation from New York's top financial regulator that eventually resulted in a $150 million settlement.
Read More »2014 Refinancers Expected to Save $5 Billion This Year
The refinance boom may be losing steam, but near-record low mortgage rates encouraged more borrowers to refinance in Q4, according to Freddie Mac's 2014 Q4 Refinance Report released Wednesday. Mortgagors who refinanced their loans in 2014 are projected to save on net a total of about $5 billion in interest over the next year, according to the report.
Read More »Titan Lenders Corp. Reports Major 2014 Growth
In Denver, Titan Lenders Corp., a firm specializing in mortgage services, is headed into 2015 strong after closing the book on one of its best years yet, according to an announcement.
Read More »FHFA Chief Discusses GSE Profits, Other Issues with Reporters
In a meeting with reporters on Wednesday, Mel Watt, former U.S. representative and chief of the Federal Housing Finance Agency (FHFA) since December 2013, discussed a number of key issues facing the GSEs and the agency, touching on topics ranging from recently introduced low down payment programs to the often debated subject of principal reduction for struggling homeowners.
Read More »BofA Loses Bid to Overturn ‘Hustle’ Verdict
Bank of America was ordered to pay a $1.27 billion penalty in July 2014 as a result of its alleged role in the "Hustle" case. The bank had been fighting to overturn that verdict since, claiming that the HSSL program ended prior to its acquisition of Countrywide.
Read More »LenderLive Welcomes Two New Regional Account Executives
LenderLive Network, a national mortgage services provider headquartered in Colorado, introduced on Tuesday the two newest regional account executives for its Correspondent Lending division: Andrew Lion and Wendy Lovett.
Read More »Mortgage Applications Rise to End January
The Mortgage Bankers Association (MBA) said Wednesday that mortgage loan applications rose a seasonally adjusted 1.3 percent for the week ending January 30. It was the third increase of the month, following a minor holiday-adjusted drop the previous week.
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