Mortgage Industry News
NYC Man Pleads Guilty to Using Mortgage Fraud for Buying Maine Marijuana Grow House
Ken Yiu faces up to 30 years in prison and a maximum fine of $1 million for the mortgage fraud count and 20 years in prison and a maximum fine of $500,000 for the drug count. Continue Reading NYC Man Pleads Guilty to Using Mortgage Fraud for Buying Maine Marijuana Grow House
Mortgage Application Activity Up by Nearly 5%
The FHA share of total applications increased to 20.2% from 18.3% the week prior. Continue Reading Mortgage Application Activity Up by Nearly 5%
Study: Canadians Re-Evaluating Their Relationships with Lenders
56% of mortgage holders say they will explore refinancing with a different lender when it comes time to renew. Continue Reading Study: Canadians Re-Evaluating Their Relationships with Lenders
Mortgage Rates Drop to 11-Month Low
The 30-year fixed-rate mortgage averaged 6.35% as of Sept. 11. Continue Reading Mortgage Rates Drop to 11-Month Low
Mortgage Credit Availability Inched Up During August
“Mortgage credit availability increased slightly in August, driven by a small increase in ARM product offerings, which was similar to what we saw in July,” said MBA’s Joel Kan. Continue Reading Mortgage Credit Availability Inched Up During August
FHA Requires Lenders to Start Using SCIF
The SCIF will be required for loan applications dated on or after Aug. 28. Continue Reading FHA Requires Lenders to Start Using SCIF
CFPB Enacts $25M Penalty Against ACI Worldwide for Servicing Errors
According to the CFPB, ACI’s data handling practices negatively impacted nearly 500,000 homeowners with mortgages serviced by Mr. Cooper. Continue Reading CFPB Enacts $25M Penalty Against ACI Worldwide for Servicing Errors
Geneva Financial Debuts Portfolio Lending Division
“This new division is an exciting addition to our already robust offering,” said Geneva Financial CEO Aaron VanTrojen. Continue Reading Geneva Financial Debuts Portfolio Lending Division
Mortgage Delinquency Rate Drops to Near-Record Low
Serious delinquencies (loans 90 or more days past due) were down by 18,000 from April, a 3.7% drop. Continue Reading Mortgage Delinquency Rate Drops to Near-Record Low
CrossCountry Mortgage Debuts Program to Help First-Time Buyers with Down Payment Costs
CCM Smart Start is available in all 50 states and Puerto Rico. Continue Reading CrossCountry Mortgage Debuts Program to Help First-Time Buyers with Down Payment Costs
Planet Home Lending Buys MSR Portfolio from Village Capital & Investment
Planet plans to continue acquiring MSRs through bulk and co-issue transactions. Continue Reading Planet Home Lending Buys MSR Portfolio from Village Capital & Investment
Mortgage Rates Drop Again
“Mortgage rates slid down again this week but remain elevated compared to this time last year,” said Chief Economist Sam Khater, Continue Reading Mortgage Rates Drop Again
Mortgage Application Activity Records Scant Uptick
MBA’s Builder Application Survey data for May saw applications for new home purchases were up by 8% from April. Continue Reading Mortgage Application Activity Records Scant Uptick
Mortgage Rates Down Again
The 30-year fixed-rate mortgage averaged 6.69% as of June 15, down from last week when it averaged 6.71%. Continue Reading Mortgage Rates Down Again
FHA Makes Single-Family Mortgage Documents Available in Five Additional Languages
“These new resources will help prospective homebuyers better understand their transaction,” said Federal Housing Commissioner Julia Gordon. Continue Reading FHA Makes Single-Family Mortgage Documents Available in Five Additional Languages
