Foreclosures | Mortgages | Financing
A settlement has been reached in a lawsuit alleging that The PNC Financial Services Group Inc. failed to properly pay overtime to loan officers.
The lawsuit was filed by current and former mortgage loan originators of the Pittsburgh-based financial institution who were located across the country.
According to the complaint, PNC discouraged them from reporting overtime and improperly calculated their pay when they turned in overtime.
From:: Financing
A settlement has been reached in a lawsuit alleging that The PNC Financial Services Group Inc. failed to properly pay overtime to loan officers.
The lawsuit was filed by current and former mortgage loan originators of the Pittsburgh-based financial institution who were located across the country.
According to the complaint, PNC discouraged them from reporting overtime and improperly calculated their pay when they turned in overtime.
From:: Financing
Prosperity Home Mortgage LLC, one of the first companies to report first-quarter results, saw a significant decline in loan production and a drop in staffing.
Residential loan originations during the period that started on Jan. 1, 2017, and finished on March 31, 2017, came to 2,051 units for $0.561 billion.
Those details and more were provided by the Chantilly, Virginia-based firm as part of the Mortgage Daily First Quarter 2017 Mortgage Origination Survey.
From:: Financing
Financial services firms continue to delve deeper into mobile technology to enhance the customer experience, and service providers are helping them along the way.
On April 18, the California Mortgage Bankers Association is hosting, How to Win on Mobile, a free webinar on mobile technology for those in real estate finance.
The event will help participants understand why mobile matters. It will also cover what should be included in a mobile strategy and how to measure strategy success.
From:: Financing
For the second time since late last year, the parent of United Wholesale Mortgage has reached a settlement with government authorities. The latest action was due to interest overcharges.
On Dec. 28, 2016, the Department of Justice announced a $48 million settlement with United Wholesale-parent United Shore Financial Services LLC.
The lender was accused of violating the False Claims Act by pressuring and compensating underwriters to approve loans insured by the Federal Housing Administration.
From:: Financing
The production of commercial real estate loans secured by apartment buildings this year could accelerate to the highest level ever recorded.
Total originations of commercial mortgages that were secured by multifamily properties during all of 2016 came to an estimated $280 billion.
That was an improvement over multifamily loan production that was generated during the previous year, when the total was $250 billion.
From:: Financing
The Department of Veterans Affairs has outlined the terms of a new program to replace its VA Home Affordable Modification Program.
Previously, the department VA introduced the VA HAMP-style modification in accordance with the Making Home Affordable program.
But on Friday, the VA unveiled the VA Affordable Modification to replace HAMP on residential loans that are guaranteed by the agency.
From:: Financing
During all of last year, staffing in the mortgage industry expanded — though rising interest rates are likely to reverse recent gains. California experienced the biggest quarterly gain.
As of year-end 2016, there were an estimated 742,600 people who were employed in real estate finance. The total increased from 677,400 as of the end of the third quarter.
Estimated industry headcount has expanded even more significantly when compared to the conclusion of 2015, when the number of mortgage jobs came to an upwardly revised 640,600.
From:: Financing
A healthy increase in new purchase-money financing drove up new weekly home-lending activity. Government and jumbo mortgage business soared.
The Mortgage Daily U.S. Mortgage Market Index, a reflection of average per-user rate locks by OpenClose clients, was 168 in the week ended April 7.
A 13 percent rise was recorded from the previous week for the index, an indication of upcoming loan originations. No seasonal adjustments are made.
From:: Financing
Last month, consumers resorted to bankruptcy in numbers that haven’t been seen in two years. On a month-over-month basis, filings soared 40 percent.
Consumers and businesses filed 81,590 new bankruptcy cases during March of this year. That was the most filings since March 2015, when there were 81,693.
Total bankruptcies last month jumped from February 2017, when there were 58,336 filings. Activity also accelerated compared to 78,372 in March 2016.
From:: Financing