Thanks to the exit of the most prominent reverse lender, government-insured reverse mortgage production took a dive last month. Quicken Loans Inc.’s reverse mortgage subsidiary emerged as last month’s biggest originator. The Federal Housing Administration endorsed 25 percent fewer home-equity conversion mortgages during July than it did in June. Last month’s HECM endorsements were down [...]
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Quicken Unit is July’s Top Reverse Lender
August 2nd, 2012 
davidguide 
Posted in Business Loans 
Tags: dive, Federal, federal housing administration, home equity conversion, Housing, mortgage llc, mortgage production, percent, Quicken, Reverse, reverse mortgage 
Comments OffLenders Seek FHA Home Improvement Financing for Investors
June 7th, 2012 davidguide Mortgage bankers are trying to convince the Department of Housing and Urban Development to allow investors to utilize a government-insured program that finances property improvements. Rental properties had previously been banned from the program due to abuse by non-profit organizations, crooked lenders and other players. Section 203(k) rehabilitation loans are insured by the Federal Housing [...]
Posted in Business Loans Tags: Federal, federal housing administration, FHA, financing, home, Housing, investors mortgage, rehabilitation loans, short term investments, single family properties, use Comments OffNew Business Tumbles at Freddie
May 26th, 2012 davidguide New business sank to the lowest level since last summer at the Federal Home Loan Mortgage Corp., and the book of business has fallen by more than $100 billion during the past year. While there was no change in the rate of residential delinquency, performance on apartment loans deteriorated. The McLean, Va.-based company reported that [...]
Posted in Business Loans Tags: apartment, apartment loans, Business, change, Federal, federal home loan mortgage, federal home loan mortgage corp, home, home loan mortgage, home loan mortgage corp, McLean Comments OffRealtors Oppose REO-to-Rental Program
April 24th, 2012 davidguide The Federal Housing Finance Agency recently began qualifying investors to purchase pools of real-estate-owned assets in some of the nation’s worst housing markets from Fannie Mae and Freddie and convert them to rental properties. But the strategy is opposed by some local California Realtors who stand to lose commissions on such bulk sales. The FHFA, [...]
Posted in Business Loans Tags: california realtors, department of housing and urban development, department of the treasury, Fannie, Federal, finance, Housing, housing and urban development, housing finance agency, REOs, strategy Comments OffGSE Multifamily Business Growing
April 20th, 2012 davidguide The volume of new financing for apartment properties has grown at both the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. First-quarter multifamily issuance at Fannie Mae was $7.1 billion. The secondary lender’s volume was 44 percent more than securitizations during the first-quarter 201 View full post on Mortgage Stories
Posted in Business Loans Tags: apartment, Association, Business, Fannie, Federal, federal national mortgage, federal national mortgage association, home, home loan mortgage, home loan mortgage corp, national mortgage association Comments OffAnger Grows Over FHFA Chief
March 31st, 2012 davidguide California’s attorney general is calling for the ouster of the acting director of the Federal Housing Finance Agency. Another California Democrat calls him a “random idiot.” Meanwhile, Republicans are blasting the FHFA chief for not doing more to rid the nation of Fannie Mae and Freddie Mac — which have cost U.S. taxpayers $188 billion [...]
Posted in Business Loans Tags: california democrat, Democrat, Fannie, fannie mae, fannie mae and freddie mac, Federal, finance, Housing, housing finance agency, ouster Comments OffGov Report Calls for National AMC Standards
July 15th, 2011 davidguide The Government Accountability Office released a study on appraisal management companies. The report said that wider use of AMCs has raised concerns about AMC oversight. “GAO recommends that federal banking regulators, the Federal Housing Finance Agency and the Bureau of Consumer Financial Protection consider addressing several key areas, including criteria for selecting appraisers, as part [...]
Posted in Business Loans Tags: AMCs, appraisal management, Federal, Gov, government accountability office, Housing, housing finance agency, management companies, report, study, use Comments OffCostly Litigation for Foreclosure Firms
December 11th, 2010 davidguide A $12 million settlement was reached in a lawsuit filed by the Federal Trade Commission against National Foreclosure Relief Inc. A $60 million lawsuit was filed in October by California’s attorney general against US Loan Auditors. In Florida, the U.S. Department of Justice announced that Peter James Porcelli II was sentenced to prison and hit [...]
Posted in Business Loans Tags: California, Commission, Costly, Federal, federal trade commission, Firms, Florida, Foreclosure, foreclosure relief, Lawsuit, Litigation, National, national foreclosure, Peter James Porcelli II, porcelli, settlement, Trade, U.S. Department, US Comments OffFederal Funds for Delinquent NC Borrowers
December 3rd, 2010 davidguide A federally funded program could help as many as 21,000 North Carolina homeowners who have lost their jobs keep their homes. The program is for those who missed payments through no fault of their own because of temporary hardship occurring on or after Jan. 1, 2008. Applicants must show proof of their job search or [...]
Posted in Business Loans Tags: Applicants, Borrowers, Delinquent, fault, Federal, Funds, hardship, Jan, job search, jobs, Mortgage, North Carolina, north carolina homeowners, program, proof Comments OffObama Selects Regulator for Fannie, Freddie
November 13th, 2010 davidguide The Obama administration announced a permanent replacement to the acting director of the Federal Housing Finance Agency. Joseph A. Smith Jr. will be nominated by Obama to become FHFA director, an announcement from the White House said. FHFA regulates Fannie Mae and Freddie Mac. View full post on Mortgage Stories
Posted in Business Loans Tags: administration, director, Fannie, fannie mae, fannie mae and freddie mac, Federal, FHFA, Freddie, housing finance agency, joseph a smith, Joseph A. Smith Jr., Obama, Regulator, replacement, Selects Comments Off
