Pending legislation in Virginia addresses Mortgage Lender and Broker Act and foreclosure

Apr 27, 2008

Minnesota legislature passes legislation to amend mortgage lending definitions, recordkeeping requirementsMortgagePress.comresidential mortgage loan, Residential Mortgage Originator and Servicer Licensing Act On April 23, the Minnesota legislature presented SF 3214 to the governor for his signature. This bill expands the definition of "residential mortgage loan" under the Residential Mortgage Originator and Servicer Licensing Act (the "Act"), removing the stipulation that a "residential mortgage loan" includes only loans "made primarily for personal, family, or household use." If signed by the governor, this bill will expand the Act to include commercial loans secured by one- to four-family residential real estate. The bill also expands the definition of "residential real estate" to include non-owner-occupied property, and extends certain record-retention requirements from 26 to 60 months. For a copy of the text of the bill, please visit www.revisor.leg.state.mn.us/bin/bldbill.php?bill=S3214.1.html&session=ls85. For more information, visit www.revisor.leg.state.mn.us.

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Apr 27, 2008

Analysis and Data

loanDepot Reports Eighth Consecutive Quarterly Loss

Originator reports a quarterly net loss of $72 million on revenues of $223 million as first-quarter origination volume declines 8% year over year.

loanDepot reported its eighth consecutive quarter of losses Tuesday evening. The Irvine, Calif.-based lender saw its quarterly production volume fall 13% to $4.6 billion January through March, down from $5.3 billion the previous quarter and $4.9 billion in the first quarter ...

Analysis and Data

Mortgage Applications Increase 2.6% Over Week Prior

Latest MBA survey shows purchase and refinance applications still lagging, with 17% and 6% respective decreases YOY

Mortgage applications increased 2.6% the week ending May 3, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. The Market Composite Index, a measure of mortgage application volume, increased 2.6% from the week prior on a seasonally-...