Security Atlantic Mortgage of New Jersey, one of 15 lenders subpoenaed by the government two weeks ago, is telling mortgage brokers that it has stopped taking new applications while transferring unclosed loan files to Real Estate Mortgage Network, a nearby lender.
Flagstar Bancorp, Troy, Mich., is selling a $10 billion package of residential bulk servicing rights, according to investment banking sources.
The Department of Housing and Urban Development has stopped three lenders from originating Federal Housing Administration loans and suspended another as part of a continuing effort to weed out lenders that don’t adhere to FHA rules and policies.
Farmer Mac has raised $250 million in additional capital in a private offering of shares of non-cumulative perpetual preferred stock of Farmer Mac II LLC, a recently organized Delaware limited liability company in which Farmer Mac owns all of the common equity.
Consumers now have access to the National Mortgage Licensing System and Registry to check the credentials and background of state-licensed mortgage lenders or brokers.
Fannie Mae and Freddie Mac could be history after the House Financial Services Committee completes its review of the housing finance system, and makes its recommendations, according to committee chairman Barney Frank, D-Mass., once a huge supporter of the two.
On average, it takes more than six months to complete a loan modification, which is “unacceptable,” according to the State Foreclosure Prevention Working Group.
