NAMB in the news

National Mortgage Professional

Nov 25, 2007

MBA, ALTA and AEA standardize closing instructionsMortgagePress.comMortgage closing guidelines The Mortgage Bankers Association (MBA), American Land and Title Association (ALTA) and American Escrow Association (AEA) have announced that they have developed uniform closing instructions to be used in future mortgage transactions. The new instructions will detail the requirements for all transactions and provide a standard format for the details of each transaction, including borrowers' names, property address, loan type, etc. The instructions will be reviewed by members for comment. The MBA, based in Washington, D.C., is a national trade association that represents the real estate finance industry. For more information, call (202) 557-2700 or visit www.mbaa.org. ALTA, based in Washington, D.C., is a national trade association that represents the abstract and title insurance industry. For more information, call (800) 787-2582 or visit www.alta.org. AEA, based in Alexandria, Va., is a national trade association that represents the settlement and escrow industry. For more information, call (703) 519-1240 or visit www.a-e-a.org.

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Nov 25, 2007

Analysis and Data

Mortgage Rates Fall For 3rd Straight Week

The 30-year mortgage dropped to 6.32%, lowest since mid-February.

Amid continued economic unrest, mortgage rates fell for the third consecutive week this week, Freddie Mac said Thursday. According to the government-sponsored enterprise’s Primary Mortgage Market Survey (PMMS), the 30-year, fixed-rate mortgage (FRM) averaged 6.32%, down 10 ...

Regulation and Compliance

Chopra: Nonbanks, Mortgage Servicers May Also Pose Systemic Risk

CFPB director tells Consumer Bankers Association conference such a failure could lead to 'chaos.'

What happens if a nonbank lender or large mortgage servicer fails? That’s a question that recently has been keeping Consumer Financial Protection Bureau Director Rohit Chopra awake at night. "A major disruption or failure of a large mortgage servicer really gives me a night...