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Tag Archives: mortgage

‘Know Before You Owe’ mortgage disclosure rules in effect


By TED CARTER  A new regulation designed to make home mortgages less complicated for borrowers and give them more time to study closing documents went into effect Oct 3. The tradeoff, however, is that home purchases that typically closed in 30 to 45 days can now take up to 60 days, real estate professionals say. What’s more, the “Know Before ...

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CFPB to lift curbs on small banks’ non-conventional mortgage lending


By TED CARTER The U.S. Consumer Financial Protection Bureau has backed off enacting new mortgage rules that would make nonstandard home loans, including balloons, legally risky for small lenders in rural and under-served areas. The action comes as a relief for credit unions and small community banks in rural and small-town markets that had worried they would lose legal protections for ...

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A BIG CHANGE: New mortgage rules seen bringing increase in pricey mobile home loans

National lenders who make loans on new manufactured homes appear to be a growing option for Mississippi borrowers with credit histories too risky for traditional banks in today’s stringent regulatory climate. While credit-challenged borrowers are buying the dwellings at about half the square-foot cost of site built homes, financing them takes a much larger bite out of the household budget. ...

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Court unseals 49-count indictment against ex-Corrections Commissioner Epps

JACKSON — A 49-count federal indictment charges former Mississippi Corrections Commissioner Christopher Epps, who resigned abruptly this week, with accepting more than $700,000 in bribes from a Rankin County businessman. The indictment unsealed yesterday in U.S. District Court in Jackson also charges Cecil McCrory of Brandon and says he paid Epps to obtain contracts for himself and other companies. The ...

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PriorityOne buys mortgage lending offices; forms 'Delta Division'

MAGEE — PriorityOne Bank has acquired new mortgage lending offices in Greenwood and Greenville, which have been dubbed the “Delta Division” of PriorityOne Mortgage. These offices will give PriorityOne Mortgage the ability to service cities and towns in the Delta region of Mississippi. Robert J. Barnes, president and CEO of PriorityOne Bank, said, “We are excited about the growth our ...

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Oxford’s FNC getting new headquarters

Mortgage technology firm FNC Inc. is in the middle of the design phase of its new headquarters in Oxford, a complex that will not only give the growing company needed space, but also reflect the city of Oxford’s vision for large, campus-like environments. “We have been working on our plans for about three years,” said FNC President Glen Evans. “We’re ...

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Trustee wants Vantium to service Community Home loans

JACKSON — United States Bankruptcy Court for the Southern District of Mississippi has approved the request of Kristina M. Johnson, Chapter 11 trustee of the bankruptcy estate of Community Home Financial Services Inc., to retain Vantium Capital Inc. (d/b/a Acqura Loan Services) to service mortgage loans on behalf of the bankruptcy estate. Johnson’s appointment as trustee was approved by an ...

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State's consumers in line for payments under SunTrust settlement

JACKSON — Attorney General Jim Hood says Mississippi consumers will be eligible for payments under a settlement between 48 states, the federal government and SunTrust. The U.S. Justice Department said yesterday the $968-million settlement resolves allegations that SunTrust underwrote and provided faulty mortgage loans. The federal government accused SunTrust of giving borrowers false and misleading information and charging unauthorized fees. ...

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Report: State ranks third in U.S. in negative-equity homes

IRVINE, Calif — CoreLogic has released new analysis showing more than 300,000 homes returned to positive equity in the first quarter of 2014, bringing the total number of mortgaged residential properties with equity to more than 43 million. The CoreLogic analysis indicates that approximately 6.3 million homes, or 12.7 percent of all residential properties with a mortgage, were still in ...

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Attorney pleads guilty to defrauding two banks, court

BILOXI — A Coast attorney has pleaded guilty covering up evidence connected to a scheme to defraud two banks and the U.S. Bankruptcy Court. The government says in a news release that it is seeking restitution on behalf of the victims in the amount of $7.7 million. Stephen Richard Colson entered the plea in U.S. District Court in Gulfport. His ...

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