Pennsylvania Mortgage News
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In Fuller v. First Franklin Financial Corp., a California appellate court on May 1 reversed a lower court decision in favor of a lender on a statute of limitations basis.
The court said a mortgage broker had a fiduciary duty to a couple who were first-time homebuyers that included disclosing yield spread premium and that the couple could obtain a loan on better terms than was offered. The court also said in the opinion that the appraiser significantly inflated the value of the house.
Residential loan originations, including refinances and purchase financing, are expected to total $494 billion during the three months ended June 30 then retreat to $296 billion in the third quarter.
The second-quarter forecast was raised from last month, when expected home loan originations for the period were $452 billion.
Delinquency of at least three months on residential first mortgages was lower in April, tumbling 10 basis points from March.
The rate of 90-day delinquency has improved every month since December 2012 and has plummeted 45 BPS since April 2012.
A progress update in the national mortgage servicer settlement has been issued by Independent Settlement Monitor Joseph A. Smith of the Office of Mortgage Settlement Oversight.
According to the report, which was announced Tuesday by the Department of Housing and Urban Development, borrowers impacted by the mortgage servicer settlement have received an average of around $81,000 in benefits.
Oakland County, Mich., filed a lawsuit in June 2011 against Fannie Mae and Freddie Mac claiming that a federal tax exemption did not exempt the two secondary lenders from county property transfer taxes.
The district court ruled in favor of Oakland County in March 2012, and the Federal Housing Finance Agency -- which had intervened in the case -- filed an appeal.