“While the servicing market has made some investments in compliance, those investments have not been sufficient across the marketplace to ensure compliance.”
National appraisal management company CoesterVMS reports that it has filed for a U.S. patent for its appraisal fee disclosure calculator, which provides quotes for appraisal fees. The calculator saves mortgage lenders time and money by assisting them with compliance with [Read More]
Homeowners aged 62 and older collectively saw the equity in their homes increase $164.9 billion during the first quarter, according to the National Reverse Mortgage Lenders Association (NRMLA). Currently, these seniors are holding more than $6 trillion in equity, according [Read More]
Texas-based Mid America Mortgage is the latest lender to sign up for FormFree‘s AccountChek automated verification software. The lender is using the solution to conduct automated reviews of borrowers’ asset accounts as part of its push toward executing a complete [Read More]
U.S. home prices increased 1.0% in April compared with March and increased 5.4% compared with April 2015, according to Black Knight Financial Services’ home price index report. The average price for a single-family home, nationwide, was about $260,000, according to the [Read More]
Servicers working on loans held by Fannie Mae and Freddie Mac completed 49,573 foreclosure prevention actions in the first quarter – up from 47,769 foreclosure prevention actions in the fourth quarter of 2015, the Federal Housing Finance Agency (FHFA) reports. [Read More]
If approved, the “CFPB Data Accountability Act” would require the bureau to verify the information in each complaint to ensure that it is valid.
BLOG VIEW: In Idaho and across the country, the appraisal management industry is still young, but a new law passed by the state will further define and establish the profession. The new surety bond requirement is perhaps the most major [Read More]
“Already, we’re seeing appraisers in some rural areas charging $800 for an appraisal, which is about double what lenders are usually willing to pay.”
PERSON OF THE WEEK: Anita Bush is assistant vice president of mortgage servicer product development for FICS, which offers a variety of tools for automating most aspects of the servicing process. MortgageOrb recently interviewed Bush to learn more about how [Read More]
BLOG VIEW: At first glance, there has never been an easier time to get a loan. Financial institutions and lenders saturate the market with offers of low-cost credit – all promising quick approval.