Foreclosures | Mortgages | Financing
Recent executive appointments in home lending include positions located from the West Coast to the Mountain Region to the East Coast.
The new executive vice president-general counsel at Fairway Independent Mortgage Corp. is Tim Valentyn, according to a May 31 announcement.
During his 30 years practicing law, Valentyn most recently was president of Murphy Desmond — where he spent 15 years.
From:: Financing
The Department of Housing and Urban Development is selling reverse mortgages where the original borrowers in the transactions have died.
HUD is marketing mortgage pools that consist of approximately 885 reverse mortgages. The loans are first liens secured by vacant single-family properties.
HUD said that it has verified the death of the borrowers on the loans by obtaining a death certificate or a notice of death for each deceased borrower.
From:: Financing
House Republicans have come together to pass legislation that would overhaul and replace the Dodd-Frank Wall Street Reform and Consumer Protection Act.
On Thursday, members of the House of Representatives voted to pass the Financial CHOICE Act of 2017 by a vote 233 to 186. Eleven legislators didn’t vote.
Just one Republican voted against passing the legislation. There were no Democrats who ventured onto the other side of the isle.
From:: Financing
A disappointing jobs report pulled down interest rates on home loans this past week. Over the upcoming week, rates are unlikely to move much.
The Primary Mortgage Market Survey for the week ended June 8 from Freddie Mac had 30-year fixed rates averaging 3.89 percent.
That was the highest average for long-term rates on residential loans since the week ended Nov. 10, 2016, when the 30 year was reported at 3.57 percent.
From:: Financing
After swallowing up a recent acquisition, Home Point Financial Corp. has announced its new management lineup, including some of the acquired firm’s leaders.
Last month, Ann Arbor, Michigan-based Home Point closed on the acquisition of Stonegate Mortgage Corp., an Indianapolis-based publicly traded mortgage banking firm.
At the time, Willie Newman was designated as chief executive officer of the combined company, and Stonegate’s president and CEO, James V. Smith, was named chief operating officer.
From:: Financing
For the second month in a row, home lending institutions have made it harder to get a loan. Constriction was driven by government mortgage programs.
As of May 2017, the Mortgage Credit Availability Index — a standardized quantitative index focused on mortgage credit — was 181.0.
The index retreated from the previous month, when it landed at 183.0. Turns out that the index has now moved lower for two consecutive months.
From:: Financing
A recent Supreme Court decision and Justice Department friend of the court brief has breathed new life into a whistleblower case against Wells Fargo & Co.
The case was originally filed by the former controller of Wachovia Corp., which Wells acquired in 2008, and a former originator of Golden West Financial, which Wachovia acquired in 2006.
According to their lawsuit, which was filed under the False Claims Act, Wells and Wachovia made false claims and statements in order to receive bailout funds.
From:: Financing
A recent Supreme Court decision and Justice Department friend of the court brief has breathed new life into a whistleblower case against Wells Fargo & Co.
The case was originally filed by the former controller of Wachovia Corp., which Wells acquired in 2008, and a former originator of Golden West Financial, which Wachovia acquired in 2006.
According to their lawsuit, which was filed under the False Claims Act, Wells and Wachovia made false claims and statements in order to receive bailout funds.
From:: Financing
A small-town judge in the Empire State has been arrested for allegedly lying to a home lender to obtain a mortgage.
Lurlyn Winchester is a justice for the town of Monroe, New York. She was elected to the post back in 2013.
In 2015, Winchester and her husband sought a loan for a condominium in Monroe so she could say she met the residency requirement for a town judge.
From:: Financing
A small-town judge in the Empire State has been arrested for allegedly lying to a home lender to obtain a mortgage.
Lurlyn Winchester is a justice for the town of Monroe, New York. She was elected to the post back in 2013.
In 2015, Winchester and her husband sought a loan for a condominium in Monroe so she could say she met the residency requirement for a town judge.
From:: Financing