Foreclosures | Mortgages | Financing
A final civil action has been disclosed by the government in the False Claims Act settlement by the parent of United Wholesale Mortgage.
In December, a $48 million settlement was reached between United Shore Financial Services LLC and the Department of Justice.
At issue were mortgages originated by the Troy, Michigan-based company that were insured by the Federal Housing Administration.
From:: Financing
Although the average volume of financial services complaints worsened from a month earlier and year earlier, mortgage complaints declined.
In its Monthly Complaint Report, the Consumer Financial Protection Bureau reported 26,262 financial services complaints filed in February.
Volume diminished from the prior month, when the total was 29,679. But the number of complaints filed accelerated from 22,788 a year prior.
From:: Financing
A federal bankruptcy judge has ordered Bank of America Corp. to pay $46 million for proceeding on a foreclosure despite a bankruptcy stay.
A California couple was allegedly told in 2009 by the financial institution to default on their mortgage in order to qualify for a loan modification.
But when BofA denied the modification request, the coupled filed Chapter 13 bankruptcy in U.S. Bankruptcy Court for the Eastern District of California.
From:: Financing
New applications for residential loans dipped last week thanks to a drop in refinance activity. Refinance share thinned to a more than eight-year low.
A seasonally adjusted less than 1 percent decline from the previous week was recorded for the Market Composite Index for the week ended March 24.
Even without applying any seasonal adjustments, the index, a measure of mortgage loan application volume, still moved down by less than 1 percent.
From:: Financing
A buyer has been found for a small portfolio of government-sponsored enterprise residential loans that are severely delinquent.
The transaction involves 158 Federal National Mortgage Association loans that have an unpaid principal balance of nearly $26 million.
On a weighted-average basis, the loan-to-value ratio based on broker price opinions is 93.46 percent and the note rate is 5.29 percent.
From:: Financing
National home prices were little changed on a month-over-month basis, though the Empire State fared well. The Northwest had the strongest year-over-year gains.
As of January 2017, the Federal Housing Finance Agency U.S. House Price Index was calculated to be 242.6 on a seasonally adjusted basis.
While the index was mostly the same as it was during the final month of last year, it has moved higher by 5.7 percent compared to the first month of last year.
From:: Financing
With all mortgage players effectively using technology to improve the customer experience, lenders need to develop an emotional connection to drive growth.
Among home-loan customers, just 12 percent of those who are highly satisfied would be willing to pay higher rates and fees on future mortgages.
But the share who would pay more soars to 68 percent among those mortgage customers who are considered to be emotionally connected.
From:: Financing
A new watchdog report criticizes the regulator of the government-sponsored enterprises for not ensuring that its examiners follow a formal rotation process.
At the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System and Federal Deposit Insurance Corp., examiners are systematically rotated.
The three bank regulators have recognized the benefits of examiner rotation and have adopted written policies and practices that require the rotation of their examiners.
From:: Financing
Loan origination systems for mortgage firms have recently been evaluated, enhanced and integrated with offerings from other technology service providers.
The 2017 Technology Insights Survey from SRATMOR Group included results data to assess the LOS landscape’s readiness for coming digital mortgages.
According to the report, off-the-shelf LOS systems come up short — with low user satisfaction, and LOS systems are not delivering what they could.
From:: Financing
A bank merger that was completed last summer was expected to enable the planned expansion of three business, including the residential lending business.
When KeyCorp acquired First Niagara Financial Group last year, it was expected that around 300 employees would initially be needed to handle all mortgage functions.
That was because Cleveland-based KeyCorp’s home-lending subsidiary, KeyBank Mortgage, outsourced its production and portfolio management to PHH Mortgage.
From:: Financing