Mortgage News

WA Implements Licensing Requirements
Mortgage bankers and brokers in Washington now have to be licensed unless they work for a bank or credit union.

The Washington Department of Financial Institutions is charged with implementing the new rules.

New requirements for mortgage-loan originators who don't work for a bank or credit union include 20 hours of pre-license education.

BNY Wins NM Case; Borrowers Appeale
A state district judge has ruled that Equity One didn't use deceptive marketing to encourage a New Mexico couple to borrow more money than they had the ability to repay.

The Bank of New York acquired the mortgage and won the right to foreclose on the loan.

The case is now pending before the New Mexico Court of Appeals.

FBI Investigating Secondary Transactions
An investigation by the Federal Bureau of Investigation into Central States Mortgage Corp. focuses on the relationship among individuals involved with the mortgage banker, the credit unions that owned it and a firm that had been owned by several former Central States executives.

Central States shut its doors in March 2009.

Among other things, federal investigators are looking into allegations that the firm owned by the executives moved troubled subprime mortgage loans onto the books of Central States.

2nd Weekly Decline for Mortgage Activity
The Mortgage Market Index for the week ended Wednesday was 310.

A week earlier the index came in at 333.

The conventional 30-year mortgage was unchanged.

But the jumbo 30-year fell 5 basis points -- cutting the spread between the conventional and jumbo mortgage to 94 BPS from last week's 99 BPS.

Real Estate News

Visit HouseLogic: NAR's New Consumer Site
At HouseLogic, not only will you find all the information and tools you need to protect, maintain, and enhance the value of your home, but you'll also get tips on buying and selling a home.
Resources for Home Owners >
Resources for Home Buyers and Sellers >

Learn About the 2009 First-Time Home Buyer Tax Credit
Attention potential home buyers! Take advantage of an $8,000 tax credit toward the purchase of a principal residence for first-time buyers on or after January 1, 2009 and before December 1, 2009. And to make the deal even better, the credit does not require repayment. It's all part of the American Recovery and Reinvestment Act.

New Tax Credit for First-time Homebuyers Available
A $7,500 tax credit is now available for any qualified purchase between April 8, 2008 and June 30, 2009, as part of the Housing and Economic Recovery Act of 2008.
Learn about the tax credit >
Understand the Housing and Economic Recovery Act >




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