Arizona Mortgage News
Arizona Mortgage news is updated daily.
Non-bank residential lenders will now be required to file suspicious activity reports under new regulations finalized Tuesday.
SARs reports help identify straw buyers, fraudulent flips and short-sale fraud.
Wells Fargo Bank, N.A., exited the reverse lending arena with a bang.
The company, which last June said it would stop originating home-equity conversion mortgages, saw 15,673 retail and wholesale HECMs endorsed by the Federal Housing Administration during all of 2011 -- more than any other lender.
The state's attorney general, Kamala Harris, previously backed away from negotiations because the $25 billion deal didn't go far enough to compensate borrowers in the Golden State.
But now Harris says she is back at the table trying to finalize an agreement.
More than 40 states have signed on to a proposed $25 billion settlement, according to Iowa Attorney General Tom Miller.
Miller heads the multi-state settlement negotiations.
An analysis of Federal Reserve data indicates that the MTA was down 1 basis point between December and January.
But the yield on the one-year Treasury, which is used to determine the MTA, rose a basis point between the end of December and the end of January. It was up another basis point Monday.
