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NY Court Rules Against Lender in Foreclosure By JERRY PHELPS, Patton Boggs LLP
Failure to prove mortgage note ownership at the time of filing in New York left the lender unable to complete a judicial foreclosure.

Recent New York case law has confirmed that before a lender in the state files a complaint to judicially foreclose on a mortgage securing a defaulted loan, the foreclosing lender must have a legal or an equitable interest in the mortgage, the physical possession of the underlying promissory note, plus all necessary chain of title ownership assignments of the note.

A retroactive assignment of the note to a foreclosing lender after it filed the complaint does not give the lender the legal standing to foreclose. And a written assignment claiming an earlier effective assignment date prior to the complaint filing is deficient without proof that the physical delivery of the note and mortgage occurred on such earlier date.
www.mortgagedaily.com/PbForeclosureNy072810.asp

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Flagstar Performance Better, Warehouse Assets Up
Quarterly loan originations at Flagstar Bancorp Inc. jumped 28 percent and delinquency improved 220 basis points, though both metrics are worse when compared to the same time last year. Warehouse lending assets, however, have grown on a linked and year-over-year basis.

Flagstar reported today second-quarter residential originations of $5.5 billion, higher than $4.3 billion in the prior period.
www.mortgagedaily.com/FlagstarProduction072810.asp

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Business Deteriorates at LendingTree
Falling mortgage rates weren't enough to help LendingTree Loans match its "unprecedented" refinance production last year, while improving rates actually hurt the mortgage leads business.

LendingTree Loans closed 2,800 loans for $0.6 billion in the first quarter, Tree.com Inc. reported today.
www.mortgagedaily.com/LendingTreeProduction072910.asp


Commercial Originations Show Signs of Strength
Driven by big quarterly gains in hotel loan production and mortgages funded by conduits, the origination of commercial real estate loans jumped more than a third. While the year-over-year gain was much more moderate, industrial property lending nearly tripled from a year ago.
www.mortgagedaily.com/CommercialProduction072810.asp

WA Implements Licensing Requirements
Washington State has implemented new licensing requirements for loan originators and granted more than 2,000 licenses over the past few months under the new standards.
www.mortgagedaily.com/MctLicensesWa072910.asp


Closer Look at Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau was created as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This 16-page summary looks at various provisions of the new law that will affect how the residential mortgage industry operates for the foreseeable future.
www.mortgagedaily.com/PbCfpb072810.asp


Financial Regulatory Reform Update
On July 21 President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act. The House of Representatives and the Senate had approved the Conference Report of this legislation on June 30 and July 15, respectively. This 20-page report summarizes the new law.
www.mortgagedaily.com/PbFinancialReformUpdate072810.asp

2nd Weekly Decline for Mortgage Activity New loan activity declined for the second consecutive week based on the Mortech-MortgageDaily.com Mortgage Market Index. The lower activity was accompanied by a falling share of refinances. Fixed rates were mostly unmoved, though the jumbo spread improved. www.mortgagedaily.com/MMI072810.asp