Industry News

This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry. 

August 21, 2018

Trump Administration Plans to End Military Lending Act Prohibition on Offering GAP Insurance to Service Members in Auto Loan Transactions

Ballard Spahr LLP--Rachel R. Mentz

NPR reported last week that the Trump Administration is planning to end the current prohibition under the Military Lending Act (“MLA”) against creditors offering service members GAP insurance in connection with credit intended to finance the purchase of motor vehicles. Current interpretive guidance concerning the Department of Defense’s regulations implementing the MLA prohibits...

Read more

August 21, 2018

AIME scores big win for brokers

Mortgage Professional America--Ryan Smith

The Association of Independent Mortgage Experts (AIME) recently announced the creation of a mortgage brokers’ protection addendum – an agreement between wholesalers and brokers that wholesalers won’t practice “whole-tail” lending, or using brokers simply to feed new clients into their own retail channels.

According to Anthony Casa, chairman of AIME, the addendum is a way to ensure...

Read more

Webinar: Agency and Regulatory Reporting Essentials

August 21, 2018

MBA: Commercial/Multifamily Originations Up in Second Quarter, on Pace With Year Ago

MBA Newslink

Second-quarter commercial and multifamily mortgage loan originations came in 4 percent higher from a year ago and 32 percent higher than the first quarter, the Mortgage Bankers Association reported this morning.

"Commercial and multifamily real estate borrowing and lending continues to track with last year," said MBA Vice President for Commercial Real Estate Research Jamie Woodwell. "Investor demand for...

Read more

August 21, 2018

Foul play in multifamily? Southstar accuses Hines of offloading property with serious hidden defects

Housingwire--Jeremiah Jensen

Southstar Capital Group filed a suit against developer Hines for pulling the wool over its eyes in the $67 million sale of a 306-unit luxury apartment complex near Disney World.

According to Southstar, Hines willfully hid crippling defects on the Aviva at Celebration complex. Southstar said that it bought the newly built property from Hines in 2016 and found that it was so riddled with...

Read more

August 21, 2018

NPR: Hospitals are joining the real estate business

HousingWire--Alcynna Lloyd

Affordability continues to plague the housing industry, leaving some of the nation’s poorest communities struggling just to make ends meet.

This is especially true for residents living in “high-risk” communities where poverty usually partners with inadequate housing, violence and sickness.

Notably, data indicates a link between highly concentrated levels of poverty and physical health.

This realization has driven...

Read more

August 21, 2018

Last Line of Defense: Claims Management

DSNews--Kelly Conley 

Editor’s Note: This feature originally appeared in the August issue of DS News.

The teams that oversee the various aspects of pre- and post-foreclosure sale claim production strive toward a single ultimate end goal—to maximize the retrieval of all eligible claim proceeds. They coordinate to secure qualified principal balance deficiencies and default-related servicer advances while maintaining adherence with...

Read more

Surviving an Onsite Audit

August 21, 2018

Fast-Track Foreclosures and Fighting Urban Blight

DSNews--Krista Franks Brock

In response to the foreclosure crisis in 2008, a number of states enacted or considered enacting “fast track” foreclosure processes as a way to bring vacant properties to market quicker and ease neighborhood blight.

The National Community Stabilization Trust (NCST), a nonprofit organization focused on restoring vacant properties, attempted to review the efficacy of such laws but...

Read more

August 20, 2018

No Mortgage Firms Among 100 Fastest Growing

Mortgage Daily--Sam Garcia

Although there were several real estate companies on the list of this year's 100 fastest-growing firms, there were no mortgage-related firms and very few financial services businesses. The Inc. 5000 is an annual ranking of the fastest-growing private U.S. companies. Organizations that make the list had the greatest three-year revenue growth. At the top of the 2018 ranking was SwanLeap...

Read more

August 18, 2018

Credit Karma enters the mortgage business by buying Approved

HousingWire--Ben Lane

Credit Karma, the personal finance company that provides its members with products and services to manage their finances and connects those members to financial services providers, is officially getting into the mortgage business by acquiring Approved, a digital mortgage platform.

Credit Karma will not be lending though. But the company is expanding into the mortgage business thanks to Approved, which...

Read more