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American National Mortgage

National Mortgage Settlement

Attorney General Rob McKennna discusses the national mortgage settlement. For more information go to www.nationalmortgagesettlement .com.

SunTrust passes national mortgage settlement review

The mortgage unit of SunTrust Banks in Atlanta is in compliance with requirements for the national mortgage settlement for the second half of last year.

The $200 billion-asset company did not fail any of the compliance metrics that were tested during the third and fourth quarters of 2017, according to a report on Tuesday from Joseph Smith, the monitor of the settlement. The company had also passed its review for the first half of last year.

“SunTrust continues to make progress under the NMS,” Smith said in a press release. “I will continue to monitor SunTrust’s consumer compliance obligations and will report my findings to the court and the public on the final testing period in the future.”

SunTrust had previously failed metric four in the fourth quarter of 2015 and all four quarters of 2016. That metric tests the accuracy of information provided in proof of claims filed in bankruptcy court. The company had initially failed after making changes to an official form.

Economist credits digital mortgages for drop in loan fraud

"It's likely that all of the investment in more digitized, automated, and efficient mortgage manufacturing and underwriting technology that's been made in recent years is beginning to pay off. Now the question is, how much lower will it go?" said Fleming.

The Defect Index for mortgage loan applications overall fell 3.6% in May from a year ago and 2.4% from a month ago. For refinance transactions, the Defect Index grew 4.4% from May 2017 and remained unchanged from April .

Over the next few years, the mortgage industry will be dominated by purchase demand as interest rates grow, with refinance transactions expected to make up 28% of total mortgages by the end of the year and just 23% by 2020, according to the Mortgage Bankers Association's latest economic forecast.

By state, South Carolina saw the greatest annual decline in defect frequency, with the Defect Index plummeting 20.4%, while Arkansas saw the largest increase in defect frequency, with the Defect Index for the state rising 12%.

Historically, what has been the average length of home ownership &/or mortgage?

I have contacted to two trade associations with this question: the american mortgage assoc and the national assoc of realtors. They did not respond to my query. Again, how long do homeowners reside in the home before moving???

Historically, between 8 and 12 years for holding one's primary residence.

Between 4 and 7 years for holding the mortgage.