NAMB seeks to ban trigger leads

The National Association of Mortgage Brokers (NAMB), an association that represents the interests of individual mortgage loan originators and small to mid-size mortgage businesses, has announced that it is seeking to ban trigger leads. Mortgage trigger leads are created and sold by the national credit bureaus. These leads are composed of names, contact information and …

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More legal trouble ahead for Countrywide

It looks like there’s more legal trouble ahead from Bank of America’s Countrywide unit. A class-action lawsuit has been filed against Countrywide Financial Corp., Bank of America, and LandSafe Appraisal Services. The suit accuses Countrywide and LandSafe of conducting fraudulent appraisals to boost the number of loans originated by Countrywide. The lawsuit claims that in …

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For People of Color, Banks Are Shutting the Door to Homeownership

Fifty years after the federal Fair Housing Act banned racial discrimination in lending, African Americans and Latinos continue to be routinely denied conventional mortgage loans at rates far higher than their white counterparts. This modern-day redlining persisted in 61 metro areas even when controlling for applicants’ income, loan amount and neighborhood, according to a mountain …

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New Association of Independent Mortgage Experts aims to rebrand industry

A new organization has launched to fight for independent mortgage experts, with the goal of doubling their business within three years. Anthony Casa, Garden State Home Loans president, said he founded the Association of Independent Mortgage Experts (AIME) to provide “real tangible financial value” for brokers, loan originators and processors who work for companies that …

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