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Mortgage Industry News for the Mortgage Industry

Last Build Date: Fri 22 Sep 2017 22:48 GMT


Mortgage Firms Keep Up With Mobile Adoption

Fri 22 Sep 2017 22:48 GMT

As more data emerges confirming the continued adoption of mobile technology in financial services, home lenders and service providers are capitalizing on the trend.

A survey conducted on behalf of the American Bankers Association indicated that more than a quarter of consumers use their mobile devices most often to conduct their banking business.

For users between 18 and 29 years old, 46 percent use mobile banking the most. The higher usage reflects millennials who have largely grown up constantly using a smartphone.

Refinances Drive Down New Mortgage Business

Fri 22 Sep 2017 22:06 GMT

Driven by refinance transactions, new mortgage activity retreated this past week. While adjustable-rate business was down the most, the category had the biggest year-over-year gain.

A predictor of upcoming single-family loan originations, the U.S. Mortgage Market Index from Mortgage Daily, was 139 during the seven-day period ended Sept. 22.

The index, which is determined based on average per-user rate-lock volume by clients of OpenClose, declined 3 percent from the previous week. No seasonal adjustments were made.

Bankruptcy Ruling Benefits Foreclosing Parties

Fri 22 Sep 2017 18:42 GMT

The 9th Circuit Court of Appeals has barred claims due to the borrower's failure to amend include the claims in their bankruptcy schedules.

On Aug. 29, the 9th Circuit provided foreclosing parties some well-needed protection from borrower lawsuits in Meyer v. Northwest Trustee Services. While the Meyer decision is unpublished and involved a foreclosure trustee, the rationale behind the ruling should apply to future litigation against trustees, servicers and investors in the 9th Circuit of the Federal Courts, which includes Alaska, Arizona, California, Hawaii, Idaho, Montana, Nevada, Oregon and Washington.

In its decision, the Ninth Circuit declined to review the borrower's claims but instead determined that the borrowers were barred from bringing the claims against Northwest Trustee Services Inc. under the doctrine of judicial estoppel.  The ruling sends the message to borrowers that, as soon as they learn of a potential claim during their bankruptcy, they must amend their schedules or disclosure statements to include the claim as an asset.  If they don't, their subsequent claims could be barred by the doctrine of judicial estoppel.

Acquisitions Might Be Factor in Equifax Data Hack

Fri 22 Sep 2017 16:38 GMT

Aggressive growth through a string of acquisitions might have been a big factor in the data breach disclosed last month by Equifax Corp.

After former General Electric executive Richard Smith became Equifax's chief executive officer in 2005, he quickly embarked on a plan to rev up growth.

This included 14 acquisitions that have been completed since 2009 -- including that of employment data provider Talx Corp. in 2007.

BofA Could Avoid Massive Foreclosure Judgment

Fri 22 Sep 2017 15:33 GMT

Bank of America Corp. has reached a settlement with a California couple in a wrongful foreclosure action for far less than a massive judgment imposed earlier this year.

Back in March, a bankruptcy judge ordered the Charlotte, North Carolina-based organization to pay a $46 million judgment for a wrongful foreclosure.

BofA reportedly told the borrowers in 2009 to default on their mortgage so that they could get a loan modification. But after the borrowers defaulted, the bank foreclosed on the property.