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Mortgage & Real Estate News
Page Under Construction
Mon., 06 February 2012 15:27 GMT
Reverse Lender Has Top-10 Aspirations
Reverse Mortgage Network was opened for business in October 2011. The company staffed up by recruiting reverse mortgage originators from Wells Fargo Home Mortgage, which had previously announced plans to exit reverse mortgage lending.
Now Reverse Mortgage Network has recruited the founder of a company that has previously claimed to be the biggest reverse mortgage lender in Maryland and 39 of its loan originators.
The parent company says that its chief executive officer projects that "Reverse Mortgage Network will, in the near future, become one of the top 10 largest reverse mortgage lenders in the country."
| Sun., 05 February 2012 01:29 GMT
BofA Mortgage Chief Stepping Down
The president of Bank of America Home Loans is leaving the company. Having been handed the reins at the previously biggest mortgage company in the country, the exiting executive was once thought to be a contender for the top job at the parent company.
When BofA announced in January 2008 its intention to acquire Countrywide Financial Corp. -- the biggest U.S. mortgage lender from 2004 until 2007 -- David Sambol, the president and chief operating officer at the time for Countrywide, was named to lead the company. But by the time the acquisition was done, Barbara Desoer, who had been BofA's chief technology and operations officer, was tapped to run the unit.
This week, the bank announced Desoer's intention to retire.
| Sat., 04 February 2012 01:38 GMT
Mortgage Activity Up Again
Falling mortgage rates motivated an increasing number of borrowers this week to inquire about a refinance, though inquiries for purchases were also higher. Rates, however, are poised to deteriorate. Refinance activity more than doubled compared to a year ago. Despite a widening spread over conforming rates, more jumbo borrowers were out shopping for a loan.
The number of prospective borrowers who inquired about a mortgage rose 4 percent from last week, leaving the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the seven days ended Feb. 3 at 270.
The index was 48 percent higher than the week ended Feb. 2, 2011.
| Fri., 03 February 2012 23:13 GMT
Borrowers Successfully Stave Off Foreclosure
Borrowers in more than a dozen foreclosure actions in 10 states have recently received favorable rulings from the courts. Several of the cases either involve the Federal National Mortgage Association or the Mortgage Electronic Registration Systems Inc. Foreclosure processing services were named as defendants in lawsuits filed by the states of Illinois and Nevada.
A foreclosure judgment in favor of U.S. Bank, N.A., as trustee against Julia Feltus was overturned by the District Court of Appeal of Florida, Second District, last Friday.
U.S. Bank had sought to re-establish a lost promissory note, and the court said that trial court erred because "U.S. Bank failed to show conclusively the absence of a genuine issue of material fact and that it was entitled to foreclosure as a matter of law."
| Fri., 03 February 2012 18:44 GMT
New York Sues MERS, Members
New York's attorney general has filed a lawsuit against the three biggest lenders and the Mortgage Electronic Registration System Inc. alleging that the registry is a sham designed to deceive borrowers and the public and avoid recording fees. The state wants the system declared illegal and all resulting title defects cured.
The complaint was filed Friday in the Supreme Court of the State of New York by New York Attorney General Eric T. Schneiderman.
The state alleges that the defendants have been using MERS "in a wide range of deceptive and fraudulent foreclosure filings in New York state and federal courts, harming homeowners and undermining the integrity of the judicial foreclosure process."
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