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NMP News

Mortgage Rates Rise Upon Release of Economic News

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The 30-year fixed mortgage rate on Zillow Mortgages is currently 4.19 percent, up 14 basis points from this time last week. The 30-year fixed mortgage rate rose steadily last week, peaking at 4.30 percent on Sunday before easing down to the current rate.Click to continue

New York State Launches Probe Into Hard Money Predatory Lenders

Scales of Justice/Credit: Thomas Northcut

Benjamin M. Lawsky, Superintendent of Financial Services, announced that the New York State Department of Financial Services (DFS) is launching an investigation into possible predatory lending practices by companies that originate short-term, high-interest loans to New Yorkers secured by a borrower’s home or other real estate – a practice known as hard money lending.Click to continue

First Mortgage Default Rate Rises Slightly in August

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Data through August 2014, released by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices showed a slight increase in default rates. The national composite posted 1.03 percent in August, up two basis points from last month’s historical low. After nine consecutive months of decline, the first mortgage default rate rose to 0.91 percent. The auto loan default rate also rose; it was posted at one percent in August. The bank card rate declined 13 basis points to 2.73 percent.Click to continue

ICBA Leans on Senate for Changes to Ease Regulatory Burden

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The Independent Community Bankers of America (ICBA) has called on the U.S. Senate to pass legislation that reduces the complex and suffocating regulatory burden our nation’s community banks face. Testifying before the Senate Banking Committee, president and CEO of First National Bank of Scotia, N.Y., and chairman of ICBA, John H. Buhrmaster, said by passing such legislation, policymakers can unleash the true potential of community banks to spur economic growth and job creation in their communities.Click to continue

Foreclosure Sales Rise in July

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HOPE NOW has released its July 2014 loan modification data. An estimated 35,000 homeowners received permanent, affordable loan modifications from mortgage servicers during the month. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP). Since 2007, approximately 7.13 million total homeowners have received loan modifications. This includes approximately 5.7 million proprietary loan modifications and 1,397,498 completed via HAMP.Click to continue

U.S. Bank Subsidiary Accused of Fair Housing Act Violation

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The U.S. Department of Housing and Urban Development (HUD) has announced that it has reached an agreement with U.S. Bank National Association, U.S. Bank subsidiary Red Sky Risk Services, LLC (formerly known as USB Lending Support Services, LLC), and one of U.S. Bank’s loan officers, resolving allegations that they refused to refinance the mortgage of a Native American couple in Belcourt, North Dakota, because their property is located on a reservation.Click to continue

FHFA Announces $550 Million Settlement With HSBC

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The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, announced a settlement of $550 million with HSBC North America Holdings Inc., related companies and specifically named individuals (HSBC). The settlement resolves claims in the lawsuit FHFA v. HSBC North America Holdings Inc., et al. (S.D.N.Y.), alleging violations of federal, Virginia and District of Columbia securities laws in connection with private-label mortgage-backed securities purchased by Fannie Mae and Freddie Mac during 2005-2007.Click to continue

HUD Fines FirstBank Mortgage for Fair Housing Act Violation

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The U.S. Department of Housing & Urban Development (HUD) has announced that Jackson, Tenn.-based mortgage lender FirstBank Mortgage Partners will pay $35,000 to settle allegations that it violated the Fair Housing Act when it denied a mortgage loan to a couple because one applicant was on maternity leave.Click to continue

Report Finds Oceanfront and Lakefront Home Values Near Double Median Prices

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Nationwide, the typical oceanfront or lakefront, single-family home is worth more than double the median value of all homes, and in some communities the median waterfront house could be worth ten or more times the median value of non-waterfront houses, according to a new analysis by Zillow. In the U.S. at the time of this analysis, the median single-family home was worth about $171,600, while the median waterfront house was valued at $370,900, a waterfront premium of 116.1 percent.Click to continue

Downpayments on the Rise in Q2

House Atop Money/Credit: Creatas

According to a report released by LendingTree, down payment percentages for conventional 30-year fixed rate purchase mortgages increased in the second quarter to an average of 17.28 percent, up from 15.78 percent in Q1 2014. Additionally, the average down payment amount also increased, from $34,733 in Q1 2014to $37,576 in Q2.Click to continue