Mortgage News
Mortgage news is updated daily.
IndyMac Sells Retail Branches
Prospect Mortgage announced that it will acquire more than 60 branch offices from IndyMac Bancorp. Terms of the deal were not disclosed. The branches involved represent the majority of branches for IndyMac.
Subprime Still Needed
The secretary of the U.S. Treasury spoke before the Federal Deposit Insurance Corporation's Forum on Mortgage Lending, according to a transcript of his prepared statement. He explained that some subprime loans should never have been made. He said that high loan-to-value, low- and no-documentation other lax credit loans have become a thing of the past. But he also said that subprime programs enabled many borrowers to purchase homes.
Lawsuit Targets Credit Report Re-Aging
A lawsuit has been filed against Equifax Information Services LLC, TransUnion LLC, Experian Information Solutions Inc. and Irwin Home Equity, court records indicate. The suit was filed by a former California borrower who paid off a delinquent mortgage in 2002. The plaintiff alleges that as recently as last year "Irwin, Equifax and TransUnion allegedly began reporting the loan as 'in foreclosure, 120 days past due' as of July 2007," according to a statement from her attorney.
Digital Enhancements Improve Originations
Calyx Point customers can now search more than 13,000 wholesale lender products and programs through a new alliance with SearchMyLoan.com, according to an announcement. RateSpeed has been launched to enable prospective borrowers to search all of a mortgage broker's available wholesale programs online, including wholesale pricing, REtech Group LLC said. MortgageBot is now being utilized by Family first Federal Credit Union, an press release said.
600 Indiana Brokerages Face Loss of Licenses
Mortgage brokerages in Indiana had until July 1 to comply with testing requirements under a new law, the Indiana secretary of state said in a statement. But more than 600 brokerages have not met the requirement -- representing more than two-thirds of brokers in the state. A final notice was sent this week to 600 loan broker companies inside and outside Indiana by the Secretary of State's Securities Division notifying them that their licenses will be revoked on Aug. 5 if they fail to take the required steps.
