Spiegel Accountancy Corp., an accounting firm servicing the mortgage industry, is reminding mortgage lenders who sell MSRs to do an analysis to determine whether they can report a portion of the sale as long-term capital gains. “If a lender has maintained the servicing rights for more than 12 months, which is considered long-term, and has …
Month: June 2017
CFPB slams credit-repair companies targeting those searching for mortgages
by Ryan Smith29 Jun 2017 Most Read The Many Ways to Be Relieved of Your Timeshare ObligationsWhile it is true that a timeshare contract is a binding legal document, it is often mistakenly thought that such a contract cannot only be cancelled. In fact, most timeshare companies maintain that their contracts are non – cancellable. …
Homebuyers lose life savings during wire fraud transaction, sue Wells Fargo, realtor & title company
DENVER – A Colorado couple, who lost their life savings while trying to buy their dream retirement home, has filed suit against Wells Fargo Bank, Land Title Guarantee Co., Envoy Mortgage Ltd., Kentwood Real Estate Services LLC and realtor Karen Porras, alleging that none of them did enough to protect sensitive financial information. James and …
Lenders expected to ease credit standards
Lenders are concerned over general economic conditions, and they are easing their credit standards to cope with the anticipated slowdown in market demand. Fannie Mae said in an outlook report that more lenders expect to implement less stringent standards in the next three months for GSE eligible, non-GSE eligible and government loans as lenders report …
Banks Accused Of Pocketing $240M In Foreclosure Billings To US
Law360, New York (June 27, 2017, 3:58 PM EDT) — Bank of America, Wells Fargo, JPMorgan Chase and Citigroup are accused of scamming U.S. agencies out of some $240 million in a False Claims Act suit unsealed Friday in Illinois federal court, which the government has said it will not join. Relator Timothy Morgan’s March …
California moves forward on letting customers sue banks, inspired by Wells Fargo
California took another step on Tuesday toward allowing state residents to sue financial institutions for fraud, rather than letting banks force customers to settle disputes in arbitration, as a bill inspired by last year’s Wells Fargo scandal passed a key Assembly committee. The bill has already passed the state Senate. The full Assembly, the legislature’s …
Trade body proposes housing finance reforms
by Allie Sanchez27 Jun 2017 Most Read The Many Ways to Be Relieved of Your Timeshare ObligationsWhile it is true that a timeshare contract is a binding legal document, it is often mistakenly thought that such a contract cannot only be cancelled. In fact, most timeshare companies maintain that their contracts are non – cancellable. …
Elderly home equity hits $6.3 trillion
Home equity among the elderly rose to $6.3trn in the first quarter of 2017 from $6.13trn in Q4 of 2016, according to data from the National Reverse Mortgage Lenders Association. Further, the NRMLA /RiskSpan Reverse Mortgage Market Index said that the growth in housing wealth among homeowners aged 62 year and above was due to …
Consumer groups seek expansion of CFPB’s authority
Legislation would give CFPB power to enforce protections for military consumers At a time when some in Congress are trying to reduce the power of the Consumer Financial Protection Bureau (CFPB), a coalition of consumer groups is trying to expand the agency’s authority. Specifically, the groups – including the Consumer Federation of American, Public Citizen, …
Housing industry calls for change in CFPB leadership structure
Trade organizations from the property finance sector have petitioned Congress to enact reforms in the leadership structure of the Consumer Financial Protection Bureau (CFPB). In a letter addressed to Congressmen Shelley Moore Capito and other members of the Financial Services and General Government House subcommittee, more than 20 organizations representing thousands of banks, credit unions, …