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NMP News

CFPB Offers Clarification on Heirs Losing Homes

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The Consumer Financial Protection Bureau (CFPB) is issuing an interpretive rule to clarify that when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without triggering the Bureau’s Ability-to-Repay (ATR) rule. This clarification will help surviving family members who acquire title to a property to take over their loved one’s mortgage, and to be considered for a loan workout, if necessary, to keep their home.Click to continue

Interthinx Study Finds Mortgage Fraud Risk Index Remains Steady

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Interthinx released its quarterly interactive Mortgage Fraud Risk Report covering data collected in the first quarter of 2014. In the first quarter of 2014, the national Mortgage Fraud Risk Index value is 100, the same value as it was a year ago and down one percent from Q4 2013. The national Property Valuation Fraud Risk Index is 128, up 27 percent from last quarter and 17 percent from a year ago.Click to continue

NFCC Poll Finds One in Four Respondents Sketchy on Finance Management

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Successfully managing our daily lives includes making smart financial decisions, often requiring a fair degree of financial competence. Nevertheless, the National Foundation for Credit Counseling (NFCC) June online poll revealed that the majority of respondents were not fully confident when managing their finances, with more than one in four (26 percent) wishing they didn’t have to deal with their finances at all. Only eight percent, the lowest number of respondents, felt as though they had a good grip on their personal finances.Click to continue

Rising Affluence Driving International Buyers to the U.S.

Globe/Credit: John Foxx

Favorable exchange rates, affordable home prices and rising affluence abroad continue to drive international buyers to the U.S. to purchase properties and make real estate investments. According to the National Association of Realtors (NAR) 2014 Profile of International Home Buying Activity, for the period April 2013 through March 2014, total international sales have been estimated at $92.2 billion, an increase from the previous period’s level of $68.2 billion.Click to continue

CoreLogic: Foreclosures Drop 9.4 Percent Year-Over-Year in May

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CoreLogic has released its May National Foreclosure Report, which provides data on completed U.S. foreclosures and foreclosure inventory. According to CoreLogic, for the month of May 2014, there were 47,000 completed foreclosures nationally, down from 52,000 in May 2013, a year-over-year decrease of 9.4 percent. On a month-over-month basis, completed foreclosures were up by 3.8 percent from the 45,000 reported in April 2014.Click to continue

Mortgage Servicer Ocwen Supports HAMP Extension

Ocwen New Logo

Ocwen Financial Corporation has announced its support for Treasury Secretary Jack Lew's recent announcement that the Home Affordable Modification Program (HAMP) is being extended through 2015 and supports his call for the reauthorization of the Mortgage Forgiveness Debt Relief Act (the Debt Relief Act).Click to continue

Mortgage Credit Availability Up in June

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Mortgage credit availability increased in June according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from the AllRegs Market Clarity product. 

The MCAI increased 0.6 percent from 115.1 in May to 115.8 in June. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of a loosening of credit. The index was benchmarked to 100 in March 2012. Click to continue

Money Anxiety Index Dips 0.2 Points, Indicating Slight Improvement

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July preliminary Money Anxiety Index decreased 0.2 index points to 71.3 indicating an improvement in the level of financial anxiety among consumers. July's improvement is the forth consecutive month of declining financial anxiety among consumers, who feel more confident about their personal finances and the economy mainly due to meaningful increases in employment in the second quarter of this year.Click to continue

Fitch Reports Home Prices Cushioning Recent U.S. RMBS from Future Stress

Home For Sale/Credit: Jupiterimages

Though slowing of late, strong U.S. home price growth since 2012 is helping recent vintage U.S. prime residential mortgage-backed securities (RMBS) borrowers by providing a cushion against any unexpected economic stress, according to Fitch Ratings in its latest monthly prime jumbo trends report.Click to continue

SunTrust Reaches Agreement With Multi-Agency Force on HAMP Issues

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The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), the U.S. Department of Justice, the U.S. Attorney’s Office for the Western District of Virginia, the Federal Housing Finance Agency Office of Inspector General, and the U.S. Postal Inspection Service have announced that a non-prosecution agreement with SunTrust Mortgage Inc. has been reached that resolves a criminal investigation of SunTrust’s administration of the Home Affordable Modification Program (HAMP).Click to continue