News

Reverse mortgage software provider ReverseVision has a new client: Universal Lending Corporation (ULC), a Denver-based lender with more than three decades of experience in the business.

As part of its "Strategic Plan for Enterprise Conservatorships," the Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to bring up their guarantee fees (g-fees). Based on the GSEs' loan purchases in Q3 2013, FHFA expects the announced changes to the g-fee structure to produce an overall average g-fee increase of approximately 11 basis points, which represents an average increase of 14 basis points on a typical 30-year mortgage.

The Federal Home Loan Bank (FHLB) of San Francisco has elected Pacific Premier Bancorp CEO Steven R. Gardner to its board of directors.

The Mortgage Bankers Association's" (MBA) Mortgage Credit Availability Index (MCAI) slipped 1.2 percent to settle at 110.2 in November, wiping out the 0.7 percent gain recorded a month prior.

LoanSifter, a Wisconsin-based company specializing in technology for loan originators and secondary departments, is hosting two industry panels this week to address concerns and strategies revolving around the soon-to-be-implemented qualified mortgage (QM) rule.

The Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has had laser sharp focus on ensuring foreclosure fraud offenders suffer the consequences of their offenses. A northern California man is now behind bars after a SIGTARP investigation found he used the U.S. bankruptcy courts to con desperate homeowners into paying him monthly fees to postpone foreclosure proceedings. He was sentenced to 10 months in federal prison and three years of supervised release on fraud charges.

Crowdsourcing caught fire as a vehicle for financing documentaries and small businesses. Now, the concept of pooled resources is being used as an investment vehicle offering equities in homeownership to investors and loan assistance to selected prospective homeowners. One of the first companies to offer such a program is PRIMARQ, a capital market company headed up by founder and CEO Steve Cinelli, who says equity deficiencies have become a major barrier for prospective homeowners.

In Massachusetts, Pro Teck Valuation Services introduced Appraisal Desktop with Inspection (ADI), a new hybrid appraisal product for home equity and second mortgage lending.

PNC and Freddie Mac announced an agreement to resolve substantially all indemnification and repurchase obligations related to loans sold to Freddie Mac between 2000 and 2008.

QuestSoft Corp., an automated mortgage compliance software provider, has been recognized as one of Orange County's top workplaces.