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 Mortgage Industry News.
Provider: MortgageDaily.com
Feed Type: Informational
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Acquired Mortgage Companies Increase as Failures Decline
During the second quarter, 16 companies or operating units were shut down, according to the Mortgage Graveyard. The number of failed companies was down one-third from the first quarter. At the same time, the number of mortgage-related companies that were acquired rose 17 percent to 14 in the second quarter.
07/20/2008 09:36 PM
Executive Summary of New TILA Rule
Most provisions of the new Truth In Lending Act rule announced by the Federal Reserve Board become effective on Oct. 1, 2009. The requirement to establish an escrow account for property taxes and insurance in connection with higher-priced mortgage loans (a new category of loans added by the rule) is effective on April 1, 2010, (or Oct. 1, 2010, for higher-priced mortgage loans that are manufactured home loans). The board advises in the preamble to the new rule that "nothing in this rule should be construed or interpreted to be a determination that acts or practices restricted or prohibited under this rule are, or are not, unfair or deceptive before the effective date of this rule." This appears to be an attempt by the board to preclude claims that certain existing practices constitute unfair or deceptive practices simply because the practices will be prohibited by the new rule.
07/20/2008 09:36 PM
Anti-Broker Campaign Sparks Anger
The www.IHateMortgageBrokers.com Web site was announced Tuesday by Outrageous Enterprises LLC. The Web site promotes sales of T-shirts with statements printed on them such as "Mortgage Brokers Suck." A request for more information from MortgageDaily.com about the owner was denied. "Unfortunately, due to the angry emails we have received from mortgage brokers, we feel it is in the owner's best interest and safety not to disclose anymore information about herself," a spokeswoman said.
07/20/2008 09:36 PM
California Expands Lawsuit Against Countrywide
California's attorney general announced that he has uncovered "shocking new details" about how Countrywide Financial Corp. disregarded prudent underwriting and deceived borrowers. He said wholesale account executives were paid higher commission rates for persuading mortgage brokers to sell more option adjustable-rate mortgages. AEs also allegedly received higher commissions if their brokers steered borrowers into loans with high rates and fees even though they qualified for better terms. An amended complaint alleging "twenty new details about the company's scheme to deceive consumers into taking out dangerous mortgages" has been filed in a lawsuit filed last month.
07/20/2008 09:36 PM
Flagstar Earnings, Originations Improve
Residential loan production was $8 billion in the second quarter at Flagstar Bancorp Inc., the Troy, an announcement said. Fundings improved from the first quarter and from a year earlier. Earnings during the latest period were $16 million, improving from a first-quarter loss.
07/20/2008 09:36 PM
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