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Ohio a Mortgage Hub for Chase

One of the biggest mortgage operations at JPMorgan Chase & Co. is in the Columbus, Ohio, area. The region is home to 7,000 Chase mortgage employees. This year, nearly 2,000 positions were filled by Chase in Central Ohio, including hundreds of mortgage jobs. View full post on Mortgage Stories

Holidays Dampen Demand, Rates Bounce off Bottom

The U.S. Mortgage Market Index from Mortech Inc. and MortgageDaily.com for the week ended Dec. 23 was 193. It was the slowest week for loan inquiries since the Thanksgiving index of 161. The 30-year mortgage average fell to the lowest on record, but an analysis of market data reported by the Department of the Treasury [...]

Fannie Revises Requirements, Raises Fees to Sellers

Fannie Mae said it will immediately permit master or blanket insurance policies that combine insurance coverage for multiple condominiums as long as the coverage meets certain specific criteria. The selling guide was updated to clarify that sellers can’t delegate their authority to execute a note endorsement. The Washington, D.C.-based firm is raising the cost of [...]

Freddie Revises Cashout, Appraisal Requirements

Approved Freddie Mac sellers were advised of new cashout guidelines for properties that were recently acquired for cash. The secondary lender additionally updated its appraisal requirements. Freddie covered the updates in a bulletin to approved sellers. View full post on Mortgage Stories

Former WaMu Execs Settle FDIC Lawsuit

Three of the top executives at the helm Washington Mutual Bank around the time it became the biggest bank failure in U.S. history have agreed to a settlement with the Federal Deposit Insurance Corp. The FDIC previously filed a lawsuit in federal court against Kerry Killinger, Stephen Rotella and David Schneider. Regulators claimed that the [...]

Refis Rise Again Despite Purchase Slump

Inquiries for purchase loans fell 2 percent from last week in the Mortgage Market Index report. But refinances climbed 12 percent over the past seven days. Refinances were even 13 percent stronger than the year-earlier week. View full post on Mortgage Stories

3 More Notaries Indicted in LPS-Related Case

A case involving employees of Lender Processing Services Inc. has yielded criminal charges on three more defendants. The Nevada Attorney General’s Office announced Monday that a criminal complaint had been filed against three notaries public. The complaint was filed just weeks after two other defendants were indicted by the state. View full post on Mortgage [...]

MetLife Emerges as Dominant Reverse Lender

MetLife Bank closed more than 1,200 retail-originated home-equity conversion mortgages in November. That was the most HECMs closed of any reverse lender. In fact, MetLife closed more than three times as many retail loans than the next-biggest originator. View full post on Mortgage Stories

Wells Fargo is Frequent Target in Discrimination Litigation

The judge in a federal lawsuit filed by the City of Baltimore accusing Wells Fargo Bank of causing the city’s foreclosure mess because of discriminatory lending has denied Baltimore’s request for an extensive discovery. A federal judge in California denied a motion by several plaintiffs in litigation against Wells Fargo. A judge in an Illinois [...]

Low Rates Could Fall More

The average 30-year mortgage moved up a basis point from last week. It was the same story for the 15-year mortgage. An analysis of Treasury market data suggests that the 30-year could be around 8 BPS better in next week’s report. View full post on Mortgage Stories