News

Gateway Mortgage Group, a privately held mortgage company, is expanding into the Florida market with the opening of a new retail branch in Winter Park.

The housing market may close out the year with a whimper, according to data in Redfin's Real-Time Demand Pulse for November.

A lower supply of inventory and fewer distressed sales led to stronger home price gains across the country, the National Association of Realtors (NAR) revealed in a recent report. On a national level, the median price for existing single-family homes increased 7.6 percent to $186,100 in the third quarter of this year compared to last year, the strongest annual gain since first-quarter 2006. The median price for existing homes improved in 120 out of 149 areas since last year.

While admitting that creating mortgage lending regulations that prevent abuse without over-burdening community banks is "challenging," Federal Reserve governor Elizabeth A. Duke suggested Friday that policymakers "abandon efforts for a one-size-fits-all approach." Speaking before the Community Bankers Symposium in Chicago, Duke said the Federal Reserve has received a large volume of comments from community banks expressing concern over the proposed regulatory capital requirements.

Bank of America's Merrill Lynch unit lost in an attempt to throw out an action from the Federal Housing Finance Agency over mortgage-backed securities (MBS) sold to Fannie Mae and Freddie Mac. Merrill's motion to dismiss the case did not hold up under scrutiny from U.S. District Judge Denise Cote, who is overseeing claims filed by FHFA against Merrill and a number of other banks. Only days prior, Cote denied a similar motion filed by JPMorgan Chase.

360 Mortgage Group, a privately-owned mortgage bank, announced it is bringing on Kenny Deen to help expand the company's presence in Nevada. Deen is 360 Mortgage's newest account executive.

In a regulatory filing released Thursday, JPMorgan Chase revealed it has reached a settlement with the Securities and Exchange Commission (SEC) to resolve claims against itself and Bear Stearns. According to the filing, JPMorgan "has reached an agreement in principle" with the staff of the SEC to resolve claims under investigation. The SEC notified JPMorgan in January that it was considering pursuing claims after an examination of JPMorgan's and Bear Stearns' practices.

The National Association of Federal Credit Unions expressed opposition to the CFPB's proposed rule on mortgage application and settlement disclosures.

In Maryland, Walker & Dunlop, Inc., is preparing to welcome two new board members. Announcing the addition of Andrew Florance and Michael Malone to the firm's directorship, Walker & Dunlop filled two of three vacancies on the board.

Fannie Mae reported a $1.8 billion net income for Q3 this year, an improvement over the $5.1 billion loss last year.