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Today Top Stories

Referral Fees: Agreement or Understanding

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Question: There has been a lot of litigation and concerns involving referral fees. One of the areas of confusion relates to what is the so-called “agreement” or “understanding” involving a referral of business. So, what do these terms mean?

Answer: RESPA defines a “referral” to a settlement service provider in two ways:Click to continue

NMP's Mortgage Professional of the Month: Andrew Peters, Chief Executive Officer of First Guaranty Mortgage Corporation

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National Mortgage Professional Magazine is pleased to name Andrew Peters, chief executive officer of First Guaranty Mortgage Corporation (FGMC), as its Mortgage Professional of the Month for December, 2013. Beginning his career in the industry while still in college, Andrew has literally worked his way from sweeping the floors to the executive suite.Click to continue

GSEs Execute Three Million-Plus Foreclosure Prevention Actions Since 2008

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Fannie Mae and Freddie Mac have completed more than 3.1 million foreclosure prevention actions since the start of conservatorship in 2008. These actions have helped more than 2.5 million borrowers stay in their homes, including nearly 1.6 million who received permanent loan modifications. During 2013, Fannie Mae and Freddie Mac completed nearly 448,000 foreclosure prevention actions, 99,700 of these in the fourth quarter. The majority of these allowed troubled borrowers to save their homes.Click to continue

Fixed-Rates Drop Slightly to 4.32 Percent

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Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed-rate mortgages (FRMs) moving down slightly after last week's uptick, and remaining within range of average fixed rates for the first quarter of 2014. The 30-year FRM averaged 4.32 percent with an average 0.6 point for the week ending March 20, 2014, down from last week when it averaged 4.37 percent. A year ago at this time, the 30-year FRM averaged 3.54 percent.Click to continue

Fifth Third Set to Shut Down Wholesale Division

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According to a memo written by Bob Lewis, president of Fifth Third Mortgage, the company is shutting down its wholesale division. The memo reads:

“As you are aware, there have been significant changes within the mortgage industry over the past several years. Fifth Third conducts regular reviews of the industries we serve based on the changing competitive and regulatory environment. Based on the current environment, and after careful consideration, we have decided to exit the wholesale business and focus third-party origination on correspondent lending.Click to continue

Investors Purchasing Distressed Homes Masking True Housing Recovery

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The Demand Institute recently published a 96-page report detailing the importance of housing for the American people. Housing, by their definition, takes into consideration apartments, estates, everything in between.Click to continue

Weekly Mortgage App Volume Levels Out as Refis Climb Slightly

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Mortgage applications decreased 0.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Sept. 27, 2013. The Market Composite Index, a measure of mortgage loan application volume, decreased 0.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased one percent compared with the previous week. The Refinance Index increased three percent from the previous week.Click to continue

NMP’s Inside Look: Titan List & Mailing Inc.

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The One-Stop-Shop for Customizable Mortgage Marketing and Data Solutions
An Interview with Justin Restaino, Vice President of Titan List & Mailing Inc.

Justin Restaino is vice president of Titan List & Mailing Inc. based in Deerfield Beach, Fla. Titan specializes in helping mortgage companies reach their target market through the utilization of database and content to drive business growth and grow market share.Click to continue