CFPB Fines Flagstar Bank $37.5 Million For Mortgage Servicing Violations

In a statement, Richard Cordray, director of the CFPB, says the action taken against Flagstar "signals a new era of enforcement to protect consumers against the cost of servicer runarounds."

Castro: It's 'Too Hard' For Most Americans To Get A Mortgage

Many borrowers, Castro said during the Bipartisan Policy Center 2014 Housing Summit, "are ready to own, but are being left out in the cold," mainly because mortgage lenders have tightened their credit policies.

Virginia Sues 13 Banks For $1.15B Over Faulty RMBS

Virginia is suing 13 banks, including Citigroup, Bank of America and Goldman Sachs, for $1.15 billion over claims the institutions misled the state's retirement system about the sale of faulty RMBS.

Freddie Mac: Great Year So Far For Apartment Construction

Construction of condominium complexes is "scant," at least in comparison to 2006, and single-family construction is just "chugging along," Freddie Mac reports.

'Access To Affordable Mortgages Act' Introduced In The House

Rep. Blaine Luetkemeyer, R-Mo., recently introduced the Access to Affordable Mortgages Act, which aims to exempt certain higher-risk loans from property appraisal requirements under the Truth in Lending Act.

In a move that will broaden its offerings to include appraisals, broker price opinions (BPOs) and other valuations-related products, Mortgage Contracting Services (MCS), a provider of property preservation, inspections [Read More]

PERSON OF THE WEEK: Jim Blatt is the CEO and co-founder of Mortgage Returns, a provider of customer relationship management (CRM) software and automated marketing systems geared for mortgage [Read More]


From The Orb

After tumbling 8.1% in June and another 2.4% in July, sales of new single-family homes rebounded in August, reaching a seasonally adjusted annual rate of 504,000 units, an 18% [Read More]

Existing-home sales were running at a seasonally adjusted annual rate of 5.05 million in August, down 1.8% compared to a downwardly revised 5.14 million in July, according to the [Read More]

PERSON OF THE WEEK: R. Hillary Willett, Esq., is the director of publications and services for USFN, America's Mortgage Banking Attorneys, where she is responsible for overseeing and managing [Read More]

BLOG VIEW: Yes, the overall REO market has improved - but no, we are not in the clear yet. According to RealtyTrac's Residential and Foreclosure Sales Report, distressed sales [Read More]

Large lenders are likely to ease their underwriting standards over the next three months, particularly for non-GSE-eligible and government loans, while smaller lenders will be less inclined to do [Read More]

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