|Moynihan Says Bank of America’s Mortgage Headaches Are Behind It|
|Bank of America Corp. Chief Executive Officer Brian T. Moynihan, who was named chairman this month, said legal costs stemming from defective mortgages are largely behind it.
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|CFPB Flexes Its Regulatory Muscles|
|on 28 Oct 2014 by MortgageOrb.com|
|In a report that is essentially a review of recent enforcement actions, the Consumer Financial Protection Bureau (CFPB) says it recently uncovered some violations of its mortgage servicing rules at an unspecified number of servicing shops. The bureau reports that during some recent reviews, auditors found that some mortgage servicers [read more]|
Nearly $20 Billion in U.S. Mortgage Apps Scarred by Fraud
National Mortgage Professional Magazine | October 29, 2014
CoreLogic has released its latest Mortgage Fraud Report, which found that at the end of the second quarter of 2014, the report shows a 3.2 percent year-over-year increase in fraud risk, as measured by the Mortgage Application Fraud Risk Index, and estimates that applications representing approximately $3.3 billion in mortgage debt contained elements of fraud or serious misrepresentations in the second quarter of 2014.
Completed Foreclosures, Inventory Way Down in September
DS News | October 29, 2014
Foreclosure inventory, which includes all homes in some state of foreclosure, totaled approximately 607,000 homes in September 2014 – a decline of 34.3 percent from the same month a year ago, when foreclosure inventory was reported to be about 924,000, according to CoreLogic.
Mortgage Applications Post First Drop in 4 Weeks
Reuters | October 29, 2014
The Mortgage Bankers Association said its seasonally adjusted index of loan requests for home purchases, a leading indicator of home sales, fell 5.0 percent in the week ended Oct. 24 to its lowest level since February. It was 15 percent lower than the same week a year earlier.
Follow ALTA’s Blog for Updates on the CFPB’s Integrated Mortgage Disclosures (from ALTA’s Title News Online)
Follow ALTA’s Blog for Updates on the CFPB’s Integrated Mortgage Disclosures
Have a question or concern about the Consumer Financial Protection Bureau’s final rule for integrated mortgage disclosures? You can submit questions and follow ALTA’s blog for the answers.