Tag Archives: Agents & Brokers

Making the mortgage fraud blotter Friday, a real estate agent received a 20-month sentence and $5.6 million in fines, while a former attorney convicted on charges related to adoption fraud now also has mortgage fraud to his name. Meanwhile, a convict allegedly tried to orchestrate a hit on a co-defendant from a mortgage fraud scheme that sent him to the slammer in the first place. As with other blotters, MReport culled stories from a number of local, regional, and national news outlets.

Homeownership rates remain at depths not seen since the Great Depression, according to new Census Bureau numbers. Market watchers chalk up the lows to tight lending conditions, concerns about the regulatory environment, and fears about a double-dip recession. Releasing Housing Characteristics: 2010 Thursday, the bureau found homeownership rates deflating by some 1.1 percent to 65.1 percent over the last decade ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the biggest decline since between the years 1930 and 1940.

Following a better-than-expected jobs report Friday, emerging news reports suggested that the Obama administration could submit in full a controversial refinance proposal that sources say would allow eligible homeowners to refinance their mortgages at current rates. Government officials remain mum about exactly when officials and policymakers will see the proposal, but continue to offer snippets about their intentions for it. The one stumbling block for the proposal: the Federal Housing Finance Agency.

The U.S. economy bucked low expectations Friday with news that it added over 100,000 jobs over September, masking other figures that continued to confirm the rising appeal of rental properties alongside a decline in homeownership. Nonfarm payroll employment tacked on 137,000 new faces in the private sector, alongside 103,000 for the nonfarm jobs payroll overall ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô a solid forward step in lieu of pale figures from August, which saw the number of lost jobs eclipsing new ones.

Industry trade groups and lobbyists upped the ante in the war of policy, words, and influence following testimony by Federal Reserve Chairman Ben Bernanke before a joint congressional committee this week. News reports and statements contributed to the exchange Thursday, with outlets referencing punches pulled by the Mortgage Bankers Association, National Association of Home Builders, and National Association of Realtors, among others. The Qualified Residential Mortgage remains under attack, while others upheld the role of the GSEs in markets.

In a widely expected turn of events, lawmakers seated on the Senate Banking Committee approved would-be Consumer Financial Protection Bureau director Richard Cordray for a full nomination vote along strictly partisan lines. The nominee will now face a full Senate vote, where his bid will likely meet stiff Republican opposition. Twelve Democrats on the committee signed off on his nomination, even while their 10 Republican colleagues lined up against it. The Senate will now schedule the first hearing.

Total Mortgage Services, LLC, is seeking new talent to add to its wholesale residential lending channel, TMS Funding. The company recently announced that it would hire new account executives in more than 21 states and Washington, D.C., as part of its continued expansion.

NewDay Financial has a worthy reason to celebrate, with the announcement that it would receive a Corporate Partners award from the National Coalition for Homeless Veterans (NCHV). The company and its CEO, Rob Posner, is being honored for its strong provisional assistance to veterans in need of housing.

The American Credit Union Mortgage Association (ACUMA) has added a new member, with the incorporation of Equi-Trax Asset Solutions LP. Equi-Trax, a provider of borrower outreach programming and portfolio analytics, was recently accepted into the ACUMA, as part of the organization's continuing efforts to enhance its consumer assistance platforms.

Mortgage rates slammed into a new, record-setting low Thursday, with mortgage giant Freddie Mac reporting that figures for the benchmark 30-year fixed-rate mortgage fell below 4 percent for the first time in history. Finance Web site Bankrate.com noted a similarly record-smashing low for the loan. Making the biggest waves, the GSE found the 30-year loan dropping on average to 3.94 percent nationally, down from 4.01 percent last week and 4.27 percent over the same time last year.