Tag Archives: Attorneys & Title Companies

A new CEO has been selected at Mortgage Returns. The company recently announced the appointment of co-founder Jim Blatt to the executive position.

Mortgage Guaranty Insurance Corp. has released its January statistics, as well as the company's projections for the year ahead. MGIC reported an estimated $1.3 billion in new insurance contracts for the month, and the company is predicting a minimal rise in contracts for 2012. Numbers from the fourth-quarter of 2011 show that MGIC handled around $4.2 billion in new contracts, and the company's new insurance total for the year was $14.2 billion. Data from 2011 shows a solid increase over 2010 findings, with MGIC reporting only $12.3 billion in new contracts for 2010. MGIC stated that it anticipates a slight uptick over 2011 statistics for this year.

House lawmakers passed legislation Friday that prohibits insider trading among their members, amending the bill to ban controversial multimillion-dollar bonuses for senior-level executives with Fannie Mae and Freddie Mac. The lower chamber cleared the Stop Trading on Congressional Knowledge Act by a vote of 417 to two. An amendment to the legislation bars executives from receiving bonuses while Fannie Mae and Freddie Mac remain in federal conservatorship. This is the second insider-trading bill from Congress to prohibit bonus pay for GSE executives.

State and federal regulators closed banks in Indiana and Illinois Friday, raising the national tally for failures to nine for 2012. Shelbyville, Indiana-based SCB Bank fell dark with about $182.6 million in total assets and $171.6 million in total deposits. The Office of the Comptroller of the Currency closed the institution and appointed the FDIC to carry out responsibilities as receiver. The OCC also closed Charter National Bank and Trust in Hoffman Estates, Illinois. The bank went under with $93.9 million in total assets and $89.5 million in total deposits.

More than a year's worth of rumors, negotiations, and reversals concluded Thursday with a $26-billion mega-settlement between government officials and the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós five largest mortgage servicers. The size and scope of the settlement makes it the largest endeavor by state and federal officials in U.S. history. Federal officials and 49 state attorneys general closed a deal with Ally Financial Corp., Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo that supplies homeowners in distress with new relief and establishes new servicing standards.

Clarity Appraisal Management Company is upgrading its technological support, recently announcing it has selected ValuLink as the company's software platform provider. With the addition of ValuLink's system, Clarity AMC will benefit from a customized, cloud-based appraisal management program designed to facilitate enhanced business processes.

A new president and CEO has been selected by Oppenheimer Multifamily Housing and Healthcare Finance, Inc. The company recently announced the appointment of James J. Moore III to the leadership role.

A House subcommittee cleared a bill Tuesday that would shore up the Federal Housing Administration's ailing Mutual Mortgage Insurance Fund by setting annual premiums for mortgage insurers and reworking the agency├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós financial controls. Lawmakers seated on the Insurance, Housing, and Community Opportunity subcommittee approved by voice vote the FHA Emergency Fiscal Solvency Act, fronting it for a full vote by the House. The FHA continues to alarm policymakers for failing to keep adequate capital on hand.

A financial fraud task force cleared a final rule Tuesday that requires nonbank mortgage lenders and originators to report suspicious activity related to mortgage fraud. The Financial Crimes Enforcement Network said that originators and lenders will need to report any suspected fraudulent activity to the organization on an annual and quarterly basis. The new rule reflects the scope of authority undertaken by the Obama administration as it pursues mortgage and financial fraud. The new rule will take effect in two months.

The president of the St. Louis Federal Reserve Bank, James Bullard, made national headlines recently following his strong statements regarding the state of U.S. real estate. Among the revelations included in Bullard's February speech - the declaration that nation's housing markets have officially hit bottom. During his speaking engagement in Chicago, Bullard applied pressure to the Federal Open Market Committee, calling the group's decision to extend ultra-low interest rates until 2014 a looming disaster for the country. Bullard cited the decline in U.S. home prices and loss of wealth.