Regulation and Compliance

Critical flaws persist in nationwide residential mortgage licensing system

Dec 28, 2006

Financial Freedom enhances reverse mortgage programMortgagePress.comReverse mortgages Financial Freedom has launched HECM Advantage, the first in a suite of new reverse mortgage products based on the federally insured Home Equity Conversion Mortgage (HECM). Compared to the original HECM monthly adjustable product with a margin of 1.5 percent, HECM Advantage offers a lower interest rate and access to more home equity that can be converted to cash at a lower overall cost over the life of the loan. Irvine, Calif.-based Financial Freedom is a subsidiary of Pasadena, Calif.-based savings and loan IndyMac Bank FSB. For more information, call (888) 738-3773 or visit www.financialfreedom.com.
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Dec 28, 2006
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Courts
LoanSnap Officially Loses Connecticut License

The AI mortgage startup formerly faced a cease and desist and a consent order from the State of Connecticut.

LoanSnap, Inc., an AI-powered mortgage startup, has had its license to operate revoked in Connecticut, according to a new Consent Order executed by the State's Banking Commissioner, Jorge Perez, on Oct. 2. The news follows LoanSnap's violation of a previous order, enacted in...

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Analysis and Data
Mortgage Applications Fall After Rate-Jump

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In the wake of a positive jobs report and subsequent rise in mortgage rates, more prospective borrowers held back this past week. Mortgage applications fell by 5.1% the week ending October 4, according to data from the Mortgage Bankers Association’s (MBA) Weekly Applicati...

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