Ace Mortgage acquires Millennium Funding

Jan 10, 2007

Illinois thrift creates reverse mortgage subsidiaryMortgagePress.comReverse mortgages Family Federal Savings of Illinois (FFSI) has created a first-tier subsidiary dedicated solely to reverse mortgage lending. The new entity, called 1st Reverse Financial Services LLC, offers multiple levels of correspondent lending opportunities to mortgage lenders nationwide. FFSI is a federally chartered thrift based in Cicero, Ill. For more information, call (708) 656-0100. 1st Reverse Financial Services LLC is based in Westmont, Ill. For more information, call (877) 574-1000 or visit www.1streverse.com.

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Jan 10, 2007

Regulation and Compliance

Mortgage Servicers Added To Junk-Fee Naughty List

New release from CFPB lays out areas of improvement, and concern, for mortgage servicers.

The Consumer Financial Protection Bureau (CFPB) today published new supervisory highlights describing the regulator's recent actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. The CFPB has also announced that it is working to addre...

Analysis and Data

Every Dollar A Fraudster Makes, A Financial Firm Loses $4.41

U.S. investment firms and credit lenders see a 9% annual increase in the financial impact of fraud.

Overall fraud increased at least 6% for 63% of financial firms within the past year, with digital channels accounting for half of the overall fraud losses, according to LexisNexis True Cost of Fraud Study: Financial Services and Lending Report — US and Canada Edition. U....