Legal actions on mortgage fraud cases fell to a post-crisis low in 2013's third quarter, Mortgage Daily reported in its quarterly Mortgage Fraud Index. The index, which tracks motions and decisions on cases in which lenders are given false information for the loan decision process, was 655 in Q3, the lowest value since the fourth quarter of 2007. Despite the overall decline, certain states remain hot spots for fraud; According to the site, California had the highest third-quarter index value, and Nevada's index climbed again.
Read More »Full Housing Recovery Hinges on Young Adults Getting Jobs
While the housing market is showing some signs of promise, a few major indicators continue to lag, according to the latest Trulia Housing Barometer.
Read More »Mueller Reports Prepares to Enter Valuation Space with New VP
Mueller Reports, a provider of property data collection services operating out of New York state, announced its intentions to expand into the valuation space in 2014.
Read More »Report Shows $15B Growth in FHA’s Insurance Fund
More than a year after reporting a shortfall of $16.3 billion in the Federal Housing Administration's (FHA) Mutual Mortgage Insurance (MMI) Fund, HUD announced significant improvements in the agency's financial situation--though the fund remains in the red. An actuarial report released Friday shows FHA's insurance fund for single-family home loans has regained $15 billion dollars in value over the last year, bringing it to -$1.3 billion dollars and a capital ratio of -0.11 percent.
Read More »LenderLive Implements ResWare to Enhance Workflow Management
In Colorado, LenderLive Network Inc. announced the implementation of Adeptive Software's ResWare Platform to leverage the automate workflow in the company's Settlement Services division.
Read More »Commercial/Multifamily Debt Outstanding Increases $25B in Q3
The level of commercial/multifamily mortgage debt outstanding increased $25.2 billion in Q3, with all four major investor groups increasing their holdings, the Mortgage Bankers Association (MBA) reported. The quarterly increase (representing about a 1.0 percent gain) was the largest since 2008, MBA reported. As of the end of the third quarter, total commercial and multifamily debt outstanding was $2.47 trillion. Just on the multifamily side, outstanding debt increased $10.8 billion (1.2 percent) to $887 billion.
Read More »Unrealistic Rate Expectations Threaten Housing Recovery
Despite a reported rise in homebuyer confidence in the third quarter--the first this year--unrealistic mortgage rate expectations could lead the housing recovery astray.
Read More »FHFA Announces Plans to Combine Divisions
As the newly confirmed Mel Watt prepares to take the reins at the Federal Housing Finance Agency (FHFA), current Acting Director Edward DeMarco has announced changes to the agency's senior staff.
Read More »HUD Puts Out Qualified Mortgage Definition
HUD has issued a newly revised definition of a qualified mortgage (QM) that will affect all Federal Housing Administration (FHA)-insured loans moving forward. The new rules go into effect on January 10, 2014, and will apply to mortgages that are insured, guaranteed, or administered by HUD. The agency defined two categories of QM, with the main difference being the relation between a loan's annual percentage rate and its average prime offer rate.
Read More »S&P, Fitch Issue Stable Outlooks for Fay Servicing
Fay Servicing, a Chicago-based special servicer, has earned stable outlooks from both S&P and Fitch Ratings.
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