The Federal Reserve Board today announced a batch of final and interim rules designed to increase the transparency of the mortgage origination and disclosure processes. The Fed is also proposing a number of rules to improve the clarity and accountability around reverse and jumbo mortgage origination.
John Walsh became acting comptroller of currency on Sunday, succeeding John Dugan as he completes his five-year term at the Office of the Comptroller of the Currency (OCC). Dugan's departure from the OCC, unveiled earlier in July, was expected on August 14.
National home prices rose in June from the same time in 2009, marking the fifth consecutive month of year-over-year increases, according to the latest report from real estate services and data provider CoreLogic [stock CLGX][/stock]. National prices, including distressed sales, rose by 1.4% in June from a year earlier. The yearly appreciation slowed from the 3.7% increase in May from one year earlier. The May increase was revised up from the initial 2.9% estimate.
Fifth Third Mortgage Co., the mortgage unit of Fifth Third Bancorp [stock FITB][/stock], so far converted 70% of its trial Home Affordable Modification Program (HAMP) plans into permanent modifications. "Fifth Third Bank is determined to keep customers in their homes," said Steve Alonso, executive vice president of consumer lending, mortgage and business banking for Fifth Third Bank. "We are working tirelessly to convert eligible customers in the government's Home Affordable Modification Program."
Loss mitigation technology, lending solution and document services provider Mortgage Cadence is partnering with an investor to help fund the expansion of its product offerings. The company tapped Monitor Clipper Partners to provide an undisclosed amount of capital as a strategic partner.
Foreclosure prevention and loss mitigation efforts at government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac were led by short sales and modifications in May, according to the latest report from the Federal Housing Finance Agency (FHFA).
The Federal Housing Finance Agency (FHFA) is proposing guidance that would restrict the government-sponsored enterprise (GSEs) from investing in mortgages with private transfer fee covenants. The proposed guidance, which is available for public comment, would apply to GSEs Fannie Mae, Freddie Mac and the Federal Home Loan Banks (FHLBs).
CIT Group [stock CIT][/stock], a commercial lender that provides financing to small and medium businesses, refinanced $3bn of its first lien debt and prepaid some $1bn balance of the debt with corporate cash. The company said it has now repaid $4.5bn — or 60% — of its original first lien debt and has refinanced the balance at a lower cost and with more flexible terms.
The number of initial unemployment insurance claims grew by 2,000 to 484,000 in the week ending August 7, swelling more than expected after last week's initial figure was revised upward. The four-week moving average rose to 473,500, from the previous week's revised average of 459,250, according to new data today from the US Department of Labor (DOL).