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The Mortgage Bankers Association (MBA) touts that ALTA is working in conjunction with the MBA on Uniform Master Closing Instructions. But ALTA makes no mention of the initiative on its web site, and the MBA has removed the draft from its site. What is that all about? Having read the MBA draft of Feb 2006, I [...] Freddie Mac, the major secondary mortgage market investor announced that it is working closely with customers in the primary market to fight predatory lending and foreclosures. In so doing, it says it has developed higher underwriting standards. Its recent changes to fight predatory lending include: Today, the Department of Commerces released a diagram of the structure of sham title operations, along with the full Settlement Agreement resulting in a half million dollar fine, and the closing of 35 Title Insuance Agencies. Detail is available online at Minnesota Cracks Down on Cozy Ties between Title Firms, Real Estate Agents State Looks into Real estate Agent Referrals to Title Companies State Fines 3 Title Companies over Kickback Allegations MN Dept of Commerce Cracks Down on Sham Title [...] In a constantly changing climate under the Real Estate Settlement Procedures Act (RESPA,) the MN Department of Commerce has settled with First American Title over what were deemed as violations of the Federal RESPA Law. Although affiliated business arrangements are not prohibited under the Act, there are certain requirements that must be met in order [...] RealtyTrac reported last week that the number of homes entering the foreclosure process increased by 19 percent in January, compared with December’s numbers. Compared with January 2006, the number of homes in the process is up 25 percent. In 2006, a total of 1.2 million homes entered the foreclosure process, 42 percent more than 2005. There [...] |
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