Foreclosures | Mortgages | Financing
The parent of Nationstar Mortgage LLC is in the middle of negotiating a settlement with the Consumer Financial Protection Bureau.
At issue is the company’s alleged failure to comply with the reporting requirements of the Home Mortgage Disclosure Act.
The Coppell, Texas-based company is currently in negotiations with the bureau regarding the payment of civil monetary penalties.
From:: Financing
Although the rate of past-due payments on most commercial real estate loans stands near record lows, securitized CRE loan performance is worsening.
On loans that are included in commercial mortgage-backed securities, delinquency of at least 30 days was 4.53 percent as of the fourth-quarter 2016.
That turned out to be a 30-basis-point increase versus the previous quarter. But compared to the final quarter of 2015, the rate was down 20 BPS.
From:: Financing
As the nation’s book of mortgages grew, home lenders improved their equity position on a year-over-year basis. Negative equity diminished.
At the end of last year, there were 51,209,000 U.S. residential loans outstanding with an aggregate unpaid principal balance of $9.320 trillion.
Outstanding mortgages grew from 51,078,000 loans for $9.249 trillion three months earlier and 50,599,000 loans for $9.062 trillion a year earlier.
From:: Financing
For six consecutive months now, home lenders have made it easier to qualify for a mortgage. Government lending requirements led the latest loosening.
A standardized quantitative index that is focused on mortgage credit, the Mortgage Credit Availability Index, landed at 177.8 as of February 2017.
The index increased from 177.1 as of the previous month. It has moved higher every month since August 2016, when it was calculated to be 164.7.
From:: Financing
A surge in gains on mortgage servicing rights significantly lifted Stonegate Mortgage Corp.’s income. But home lending slowed and will fall further.
From Oct. 1, 2016, through the end of last year, the Indianapolis-based mortgage banking firm earned $37 million before income tax expense.
The results, in addition to other financial and operational metrics, were presented in Stonegate’s earnings report for the fourth-quarter of 2016.
From:: Financing
Several residential lenders have recently issued reports about the level of production they have generated. In addition to touting overall record activity, some focused on their robust financing of home purchases.
loanDepot LLC, which previously reported $38.2 billion in 2016 mortgage production, said in January that its total originations — including residential and personal loans — have reached $100 billion since opening in 2010.
“As the newest and most forward-looking brand among the nation’s top five retail mortgage lenders, loanDepot has grown originations on average by 70 percent annually since 2010, and grown its market share by 400 percent since 2012,” the statement said.
From:: Financing
During the final three months of last year, non-bank mortgage lenders saw a decline in market share — resulting in a drop for full-year market share.
Mortgage originators, including financial institutions and non-banks, generated $517 billion in loan production from Oct. 1, 2016, through year-end 2016.
Business slowed from the third quarter, when $568 billion in loans were originated. But activity accelerated from $375 billion in the fourth-quarter 2015.
From:: Financing
Most of the quality-control issues experienced by home lenders last year were tied to disclosures implemented by the Consumer Financial Protection Bureau.
Combined mortgage disclosures required by the Truth in Lending Act and the Real Estate Settlement Procedures Act went live in October 2015.
The TILA-RESPA integrated disclosures replaced the Good Faith Estimate with a Loan Estimate and the HUD-1 Settlement Statement with a Closing Disclosure.
From:: Financing
Residential loan applications completed moved higher in the latest seven-day period, with purchase financing activity maintaining a strengthening pace.
In the week that concluded on March 3, the Market Composite Index moved higher by a seasonally adjusted 3 percent from a week earlier.
But without seasonal adjustments, the index, a measure of mortgage application volume, leapt 16 percent from the week that included Presidents Day.
From:: Financing
Quicken Loans Inc. generated an average of more than $500 million per month in originations last year from its Rocket Mortgage program.
When the Detroit-based lender introduced Rocket Mortgage in November 2015, it promised a hard approval and more in just eight minutes.
Quicken said the the product would enable prospective borrowers to complete a simplified application either online or on a wireless device.
From:: Financing