|
Advertisement
|
Pipeline: Fingerprints Please
American Banker (07/29/10) P. 7; Lepro, Sara; Berry, Kate
Final rules were released July 28 on new requirements for mortgage originators at federally regulated financial institutions. They must register with the National Mortgage Licensing System, submit fingerprints for background checks and obtain a unique identifier number that will allow consumers and others to review their job histories. The rules, part of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, are effective October 1.
(More)
|
Fed's Report Shows Slowing Growth
New York Times (07/29/10) P. B3; Kim, Susanna G.
The Federal Reserve's "beige book" reflects uneven growth in recent weeks even as the U.S. economy has improved. The latest regional report describes an economy pinched by such factors as a depressed real estate market and high unemployment. Nearly all 12 districts reported "sluggish" housing markets due to the April expiration of a federal home buyer credit, with residential and commercial construction particularly anemic.
(More)
|
Fewer Tap Into Home Equity
Fort Wayne Journal Gazette (IN) (07/29/10) Willis, Bob
Homeowners tapped $8.3 billion in equity during the second quarter -- the smallest amount of cash extracted in a decade, according to Freddie Mac. In the first quarter, borrowers refinancing prime loans cashed out $8.4 billion. Also, with borrowing costs declining from April through June, about 22 percent of homeowners chose to reduce loan principal, matching the third-highest rate since Freddie Mac started keeping track in 1985.
(More)
|
Fannie Mae Says New Loan Book Soundest in a Decade
National Mortgage Professional (07/29/10) Berman, Andrew T.
Fannie Mae's loan book is the strongest it has been in a decade, CEO Michael Williams said in remarks to the group Women in Housing and Finance. The mortgage finance giant adopted tougher standards last year that stress safer, long-term, fixed-rate loans. It also asks lenders to make loans for homes with better appraisals and to borrowers who have better credit and can better document their income.
(More)
|
Foreclosures Boom Among Nation's Most Creditworthy
USA Today (07/29/10) Armour, Stephanie
As the fragile job market renders more homeowners unable to pay their mortgages each month, a record number of borrowers previously deemed the most creditworthy are succumbing to foreclosure. Lender Processing Services reports that foreclosures among borrowers with prime conforming loans have surged 425 percent since January 2008. Jumbo prime loans not eligible for purchase by Fannie Mae or Freddie Mac have fared even worse during that time frame, with foreclosures on those skyrocketing almost 600 percent.
(More)
|