Foreclosures | Mortgages | Financing
Losses turned to profits during the last quarter of 2016 at Walter Investment Management Corp. The mortgage servicing portfolio significantly declined.
During the final-three months of last year, income prior to income taxes came to $27 million. Earnings swung from a $158 million loss the prior quarter.
The results, in addition to other operational and financial metrics, were included in the Tampa, Florida-based firm’s fourth-quarter 2016 earnings report.
From:: Financing
Developers of loan originations systems have recently been busy integrating the offerings of other mortgage service providers into their systems. Several LOS upgrades have been announced.
Ellie Mae Inc. unveiled this month Encompass Developer Connect — a portal into the Encompass lending platform. It provides developers with documentation and tools supporting application programing interfaces.
The API enables developers to extend Encompass to add new functions, easily integrate Encompass with external systems and data and build and deploy custom applications in the cloud.
From:: Financing
While the future of the Dodd-Frank Wall Street Reform and Consumer Protection Act is uncertain, positions about the law are more clear.
Dodd-Frank is actually enforced through hundreds of detailed regulations based on the 848-page law, which is unlikely to be entirely repealed.
But even revisions to the regulations, which would involve the months-long public notice and comment process, could invite legal challenges.
From:: Financing
A mortgage broker and her stepson, who was a banker, have been convicted in federal court of defrauding the California bank where he worked.
Leyla Wydler was a mortgage broker who owned several Houston-area businesses including Globan Mortgage Co., Casa Milagro and First Milagro.
One of the business ventures of Wydler, 57, was a real estate project that she was developing in Houston with her stepson, Carlos Wydler, 45.
From:: Financing
A watchdog report indicates that the Government National Mortgage Association’s resources are being strained by the increase in non-bank issuers.
Ginnie Mae previously reported $472 billion in issuance of mortgage-backed securities that were secured by residential loans in fiscal-year 2016.
During that same year, non-bank entities were responsible for 73 percent of the Washington-based organization’s single-family MBS issuance.
From:: Financing
A bank operating from Rockford, Illinois, has settled allegations of racial discrimination against people who applied for residential loans.
Alpine Bank & Trust Co. was established in 1962. As of Dec. 31, 2016, staffing at the financial institution stood at 358 employees.
Its $1.250 billion in assets includes $0.156 billion in one-to-four family residential loans and $0.308 billion in commercial real estate loans.
From:: Financing
A sharp week-over-week increase in new purchase financing activity drove overall mortgage business higher this past week. But jumbo activity turned significantly lower.
In the week that ended on March 10, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily, a gauge of upcoming loan originations, came in at 168.
That turned out to the the highest level since the week ended Nov. 11, 2016, for the index, which is determined based on average per-user rate locks by clients of OpenClose.
From:: Financing
A federal judge granted Quicken Loans Inc.’s motion to dismiss on a portion of loans in the government’s case based on the statute of limitations.
The Department of Justice’s lawsuit is tied to loans originated by the Detroit-based lender that are insured by the Federal Housing Administration.
The complaint, filed in April 2015, alleges that Quicken Loans engaged in “reckless disregard” when underwriting of FHA-insured mortgages.
From:: Financing
It’s been almost a year since securitizations at the Government National Mortgage Association were as slow as they were last month.
February 2017 concluded with $1.7982 trillion in Ginnie Mae mortgage-backed securities outstanding — the most on record.
The Washington-based firm’s book of business expanded from $1.7865 trillion a month earlier and $1.6615 trillion a year earlier.
From:: Financing
A month-over-month decline in the number of people working in real estate finance was the result of a drop in staffing at the nation’s mortgage brokers.
U.S. nonfarm payroll employment increased by 235,000 jobs during February, according to data released Friday by the Bureau of Labor Statistics.
Growth was mostly in line with the upwardly revised 238,000 jobs added the previous month and the downwardly revised 237,000 a year previous.>
From:: Financing