The Federal Housing Administration (FHA) has announced that it is immediately suspending Equitable Trust Mortgage Corporation (ETM) of Baltimore, Md., thereby preventing the company from originating and underwriting new FHA-insured mortgages. FHA is imposing this action because ETM improperly overcharged 37 borrowers for broker and loan origination fees in excess of what the U.S. Department of Housing & Urban Development (HUD) currently allows.Read more

The House Financial Services Committee (HFSC) has approved HR 3126, the “Consumer Financial Protection Agency Act of 2009” by a vote of 39-29.  The National Association of Mortgage Brokers (NAMB) commends and appreciates the participation of its membership in the Calls-to-Action by contacting representatives and urging them to vote for specific amendments to the bill. Two important amendments offered impacted the Home Valuation Code of Conduct (HVCC) and the Real Estate Settlement Procedures Act (RESPA).Read more

Take action now! Call your House Financial Services Committee representative and ask him or her to support the following three amendments to HR 3126, the “Consumer Financial Protection Agency Act of 2009.” This bill is currently being considered by the House Financial Services Committee.Read more

With the coming of fall, we will experience many changes, and I don’t mean only in the weather … Congress has concluded its summer recess and has returned to Washington, D.C. Without going into detail on each issue, the following are a few issues that the National Association of Mortgage Brokers (NAMB) is working on.Read more

TSS Software Corporation, an independently-owned provider of software and services for the title and settlement services industry, has released a new version of its TitleExpress title and closing system that includes the 2010 HUD-1. The new version is designed to help TitleExpress users meet the new requirements mandated by the U.S. Department of Housing & Urban Development (HUD) effective Jan. 1, 2010.Read more