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In looking at the news this week I found many of the usual suspects - fraud, declining house values and bankruptcies. But I was also relieved to see some good news.
In trying to combat fraud, the new Congress and several state legislatures are contemplating enactments that would require brokers and lenders to make sure a loan is "suitable" for a borrower. Make sure you read the story below to get all of the details.
And in other news, according to the National Association of Home Builders, builders' confidence rose in February to its highest level since June 2006 as low rates and sales incentives helped boost demand.
Have a great day!
P.S. Check out the Demo, and make sure you check out the new design and new features at the client Extranet.
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| DoublePositive |
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| Do you have live call transfers of double-verified and interested borrowers in your leads mix? You should, and we can help. You can call me at [~repphone~], Click to Chat or just Get Started! |
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| Industry News |
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| Mortgage Fraud Blog |
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| Anthony Bellettieri, 53, a partner in the Westchester firm of Bellettieri, Fonte & Laudonio, P.C (“BF&L”)., Pleasantville, New York, pleaded guilty in White Plains federal court to bank fraud and mail fraud in connection with his defrauding of numerous banks and clients of tens of millions of dollars through an elaborate “check-kiting” scheme involving BF&L’s corporate and escrow bank accounts.
Full Story
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| WLBT |
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| This week real estate appraiser Edward Young was sentenced to 42 months in Federal prison for his role in a multi- million dollar mortgage fraud scheme. He was an appraiser who inflated the cost of a Madison home.
Full Story
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| MarketWatch |
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| Subprime lender ResMAE Mortgage Corp. filed for bankruptcy protection this week, the latest sign of stress in the market for low-end home loans.
Full Story
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| Forbes Magazine |
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| As defaults rise, politicians are angling to meddle in the loan-writing business.
Full Story
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| Reuters |
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| Home builders' confidence rose in February to its highest level since June 2006 as low mortgage rates and sales incentives helped boost demand, the National Association of Home Builders said on Thursday.
Full Story
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| FT.com |
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| Talk about a bad vintage. But while last year's subprime mortgages are roiling the mortgage credit market, over on the equity side it looks as though the big fish timed their activities fairly well.
Full Story
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| MarketWatch |
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| Accredited Home Lenders said on Wednesday that it has stopped making some riskier types of loans as the market for low-end mortgages showed signs of a mini credit crunch.
Full Story
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| Originator Times |
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| In the fourth quarter of 2006, 84 percent of Freddie Mac-owned loans that were refinanced resulted in new mortgages with loan amounts that were at least five percent higher than the original mortgage balances, according to Freddie Mac's quarterly refinance review. This percentage is down from the third quarter of 2006, when the share of refinanced loans that took cash out was a revised 87 percent.
Full Story
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| Originator Times |
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| U.S. homeowners are seeing a slight decline in home values on a year-over-year basis for the first time in years, according to home value data from a popular home valuation website. What makes this website's index unique is that all homes in an geographic area are used, not just sold homes.
Full Story
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| Your On-line Account |
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We're working hard to make our client Extranet at Clients.DoublePositive.com an increasingly useful tool. We'll provide weekly updates on improvements recently released and those coming soon. We want to know what enhancements are most valuable to you! We'll use your feedback to prioritize our development, so please email us now with your suggestions!
On-line Account Features
- New site design
- 6 Hour Window a requirement
- View/Edit Users – Password entries are now validated to be at least 5 alphanumeric characters
- Enhanced Analytics - Track Transfers...by loan officer! -- Now for each Transfer you receive...you can track it back to the loan officer in your organization who handled the call.
- Online Ordering and Credit Card Processing - Online reordering is as easy as ever; it now stores the previous credit card you used from the last order.
- Streamlined Credit Review - Submit transfers for credit review and receive responses directly from the Billable Transfers Report page of our extranet.
- Real-time On-Hold Control - Put your account on hold or make it active instantly whenever you like, just by clicking a link.
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