Tag: finance

Upcoming events that are related to residential lending are taking place in the nation’s capitol, in the wine country and in the South. One workshop is being held in the Midwest.

Beginning on April 6 and concluding on April 7, the American Enterprise Institute is sponsoring 2017 Conference on Housing Affordability. The free event takes place at AEI’s offices in Washington.

The conference will bring together prominent academics, policymakers, and real estate industry experts to discuss ways to address the severe shortage of affordable housing.

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From:: Financing

It’s been more than a year-and-a-half since the late payment rate on securitized commercial real estate loans was as high as it was last month.

The rate of 30-day delinquency on loans that are contained in commercial mortgage-backed securities closed out March 2017 at 5.37 percent.

That turned out to be 6 basis points worse than the prior month, the second month in a row that the rate rose and the highest rate since August 2015’s 5.45 percent.

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From:: Financing

Millions of dollars in recent settlements were disclosed with several firms for not meeting Federal Housing Administration mortgagee requirements. Over a hundred firms were penalized for late recertification reports.

Settlements were reached with several FHA mortgagees for a variety of reasons including allegedly falsely certifying loans and failing to perform quality control reviews on defaulted loans.

Other alleged violations included not reporting acquisitions of other companies, failing to notify the Department of Housing and Urban Development when the companies or employees were sanctioned by states or entered consent orders, and failing to show correct branch identification numbers on loans.

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From:: Financing

The founder and chief executive officer of Guaranteed Rate Mortgage stands behind his business development manager despite blemishes on her record.

Jenny Sepulveda has been the business development director at the Chicago-based mortgage banking firm for approximately six months.

Before she joined Guaranteed Rate, Sepulveda had maintained a real estate license with the Illinois Department of Financial and Professional Regulation.

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From:: Financing

An upcoming acquisition by Flagstar Bancorp Inc. will expand its retail lending business on the West Coast and boost its originations by nearly 10 percent.

The Troy, Michigan-based bank-holding company previously reported more than $32 billion in residential loan originations for all of last year.

Mortgage production was generated from more than 40 loan origination centers and bank branches that are primarily concentrated in the Midwest.

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From:: Financing

Residential lenders have a host of recently launched or enhanced services that will help them maintain compliance with mortgage rules, banking regulations and agency requirements.

An enhanced web services integration layer for Visionet System Inc.’s complete solution for converting Closing Disclosure images to Uniform Closing Dataset XML was announced on March 24.

The solution, CD2UCD, reportedly addresses situations — like disclosures modified at the closing table and loans acquired through correspondent or bulk channels — where the data required to produce the UCD is not available.

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From:: Financing

It is understandable that a purchaser of a property at a trustee’s sale is anxious to immediately begin eviction proceedings in order to take possession of and market the property.

However, two recent published decisions draw into question the practice of serving the properties’ occupants with a notice to quit before perfecting title.

As more fully discussed in this article, after the Appeals Division of the Superior Court in McLitus, California, ruled that both sale and title to be perfected prior to even service of the notice to quit, the Court of Appeals in Westlake clarified that California Code of Civil Procedure § 1161a held that title must be perfected prior to the tenant being removed from the property, not prior to service of the Notice to Quit.

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From:: Financing

A drop in securitizations at the Federal Home Loan Mortgage Corp. pulled agency issuance down on a month-over-month and year-over-year basis.

March 2017 finished with $90.942 billion in fixed-rate mortgage-backed securities issued on behalf of Fannie Mae, Freddie Mac and Ginnie Mae.

Volume retreated from the previous month, when agency issuance came to $94.316 billion. It was also lower than $96.848 billion a year previous.

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From:: Financing

The 11th District Cost of Funds Index fell to the lowest level on record in its 36-year history even as another index moved higher.

COFI, which is utilized as an index for some legacy adjustable-rate mortgages, was determined to be 0.591 percent in February.

Based on data going back to July 1981, the most-recent index turned out to be the lowest ever, breaking the record set in October 2016.

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From:: Financing

Although quarterly mortgage originations dipped from the previous period, there was an increase in annual volume. There was some jockeying for position among the nation’s 10 largest lenders.

U.S. home lenders originated an estimated $517 billion during the final-three months of 2016, according to data collected for the Mortgage Daily Fourth Quarter 2016 Mortgage Origination Survey.

Mortgage production declined from the previous three-month period, when $568 billion in residential loans were closed. But activity accelerated from $375 billion in the final quarter of 2015.

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From:: Financing