Consumer Credit Strengthens as Defaults Fall

June 28, 2019 | By admin | No Comments | Filed in: Blog.

There is more good news on the housing and economic front, according to recently released data from Standard and Poor’s and Experian.  The S&P/Experian Consumer Credit Default Indices show that the rates of defaults fell in three of the four measured categories. This “comprehensive measure of changes in consumer credit defaults”[1] revealed that defaults on • Read More »

Silver Lining or Dark Cloud: The Ever-Changing Mortgage Market

June 28, 2019 | By admin | No Comments | Filed in: Blog.

It seems that following developments in the mortgage and housing industries is like riding an old wooden rollercoaster.  There are dramatic spikes followed by steep climbs, and just when you think the ride is over, the structure creaks and the car lurches forward for another lap.  Midway through the last week of June, the news • Read More »

$1 Billion HUD Program to Help Distressed Borrowers

June 28, 2019 | By admin | No Comments | Filed in: Blog.

On Monday, June 20, 2011, the Department of Housing and Urban Development (HUD) launched a program designed to provide no-interest loans of up to $50,000, for a period of up to two years, to distressed/delinquent borrowers.  The Emergency Homeowners’ Loan Program (EHLP) is funded in the sum of $1 billion provided under provisions of the • Read More »

Positive Industry Numbers – Gains Reported With Caution

June 28, 2019 | By admin | No Comments | Filed in: Blog.

Two articles published today in the Washington Post (online edition) tell the tale of increased housing starts and decreased foreclosures.  These articles, “Housing Starts in U.S. Increased More Than Forecast in May” and “Foreclosures Plunge as Process Delays Mask Rising Bank Inventory,” point out the positive marks the housing market has hit.  However, these gains • Read More »

License Deficiencies in Effect June 16, 2011

June 28, 2019 | By admin | No Comments | Filed in: Blog.

As of June 16, 2011, license deficiencies will be placed on any state-licensed mortgage company that has failed to submit a Mortgage Call Report (MCR) for the first quarter of 2011 (Q1). As per the requirements of the federal S.A.F.E. Act, state mortgage licensees are required to submit a report of condition to the NMLS.  • Read More »

Tougher Debt Restrictions Sought in Federal Proposal

June 28, 2019 | By admin | No Comments | Filed in: Blog.

Over the past few months there has been a myriad of proposals aimed at streamlining the mortgage lending process, protecting consumers, and preventing another crisis within the industry.  There is now another proposal to add to that growing list. The Washington Post reported yesterday, June 8, that a new federal proposal is targeting the total • Read More »

Risk Retention Rule Comments Delayed

June 28, 2019 | By admin | No Comments | Filed in: Blog.

Federal agencies have pushed back the comment period for the Risk Retention Rule enacted under Dodd-Frank. Under this proposal, mortgage lenders and bond issuers will not be able to pass off loans to the secondary market without accepting some of the credit risk. These lenders and bond issuers will be required to retain 5% of • Read More »