Foreclosures | Mortgages | Financing
A new proposal to significantly weaken the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 could be released this month.
Jeb Hensarling (R-Texas), chairman of the House Financial Services Committee, proposed the Financial Choice Act last year, though it stalled in Congress.
In a memo to other lawmakers on Tuesday, Hensarling outlined planned changes to the legislation that include numerous provisions not in his initial proposal.
From:: Financing
An Illinois judge who came to the country as an immigrant has been indicted for allegedly lying on loan applications to obtain $1.4 million in mortgages.
Judge Jessica A. O’Brien immigrated to the United States after high school. She subsequently graduated from John Marshall Law School.
Before being elected to the Cook County, Illinois, bench in 2012, she owned a real estate company and worked part-time as a loan officer.
From:: Financing
Wells Fargo & Co.’s chief financial officer revealed plans to reduce staffing, including job cuts in the company’s home-lending business.
John Shrewsberry, CFO at the San Francisco-based bank-holding company, discussed first-quarter results in a conference call with analysts Thursday.
Among the topics covered by Shrewsberry was a staff reduction through the centralization and the streamlining of various processes.
From:: Financing
Quarterly mortgage originations tumbled on a quarter-over-quarter basis at Wells Fargo & Co. and could retreat even further. Still, mortgage income held up relatively well.
During the three months ended March 31, 2017, income before income tax expense was just over $7.6 billion, little changed from just under $7.6 billion in the prior three-month period.
The San Francisco-based bank-holding company disclosed the data, in addition to other operational and financial metrics, in its earnings report for the first-quarter 2017.
From:: Financing
Home lending and mortgage earnings both moved lower at JPMorgan Chase & Co. Also declining was residential loan delinquency.
Prior to income taxes, the New York-based financial institution generated an $8.3 billion profit during the first-three months of this year.
Those details, along with other operational and financial results, were included in the financial institution’s first-quarter 2017 earnings report.
From:: Financing
The nation’s origination of loans utilized to finance a home purchase fell to the lowest level during any month in almost two years.
Residential loan production, including purchase financing and refinancing, came to 393,846 units for $105.720 billion during January.
Based on dollar volume, that turned out to be the slowest mortgage originations since February 2016, when the total was $99.408 billion.
From:: Financing
The head of the Department of Housing and Urban Development got stuck in the elevator of a new multifamily project while visiting Miami.
HUD Secretary Ben Carson began a two-day visit to Miami on Wednesday with a tour of the Courtside Family Apartments, which opened in September.
But after a visit to the rooftop of the complex, Carson — along with five other people — got stuck in the elevator when the doors jammed on the ground floor.
From:: Financing
A federal lawsuit alleges that a provider of Property Assessed Clean Energy loans has been misleading homeowners about the transferability of the lien.
The complaint, filed in U.S. District Court for the Northern District of California, alleges that consumers are told the liens can be transferred when the property is sold.
But in reality, according to the lawsuit, PACE liens must be paid when a home is sold because most mortgage programs don’t allow a PACE lien.
From:: Financing
As loan originators stepped up the weekly pace of mortgage applications, refinance share thinned to a level not seen since the financial crisis.
In the seven days that concluded on April 7, the Market Composite Index rose a seasonally adjusted 2 percent from one week previous.
But without any seasonal adjustments, the index — which is a measure of retail residential loan application volume — increased by 3 percent.
From:: Financing
Home-lending activity slowed on a quarter-over-quarter basis at Primary Residential Mortgage Inc., though year-over-year production held up.
As of March 31, 2017, the Salt Lake City-based firm serviced 13,868 home loans that had an aggregate unpaid principal balance of $2.521 billion.
Those details, along with other operational metrics, were provided as part of the Mortgage Daily First Quarter 2017 Mortgage Origination Survey.
From:: Financing