Foreclosures | Mortgages | Financing
A new report indicates loans included in residential mortgage-backed securities will benefit from digital mortgages as long as legal issues are addressed.
Increasingly, loan originators are adopting e-mortgages — where critical loan documentation is created, executed, transferred and stored electronically.
By utilizing the digital loan process, RMBS transactions will likely benefit from improving data quality as well as improving loan documentation.
From:: Financing
Several real estate finance firms were recently named as top employers in their communities, while some also touted their standing among peers.
The San Diego Union Tribune named Guild Mortgage Co. to its San Diego’s Top Workplaces ranking, according to a Jan. 4 press release.
Guild said the list was limited to organizations that had at least 50 employees on their payroll. Guild employs 600 of its 3,606 staff in San Diego.
From:: Financing
A small bank in Utah has been shut down by regulators. The latest depository failure puts the nation on track to exceed the total for all of last year.
On Friday, the Utah Department of Financial Institutions seized control of Proficio Bank, a 16-year-old organization in Cottonwood Heights.
Proficio’s staff finished 2015 at 75 employees. But by the end of the following year, the bank had dramatically scaled back its payroll to just 11 people.
From:: Financing
A new digital lending process that has been unveiled by loanDepot LLC can provide near-instant approvals for home lending prospects, though it’s not for everyone.
The Foothill Ranch, California-based firm unveiled Monday a host of new tech tools that will enable customers to apply for a mortgage without talking to a loan officer.
loanDepot’s prospective borrowers can complete applications online, submit documents with smartphone cameras and take advantage of automated verifications.
From:: Financing
Monthly business dipped slightly at the Federal Housing Administration and is likely to fall further. Residential loan performance, meanwhile, deteriorated.
At the end of last year, FHA insurance was in force on 8,457,200 residential loans with an unpaid principal balance of $1.2573 trillion as of Dec. 31, 2016.
The metrics were according to a Mortgage Daily analysis of monthly operational data reported by the Department of Housing and Urban Development.
From:: Financing
The president and chief executive officer of CoreLogic Inc. has died just two week after the board of directors granted him a medical leave.
Anand Nallathambi worked for First American Financial Corp. for 18 years. He served in several executive positions during his tenure there.
Then he led CoreLogic as president and CEO when it broke away in June 2010 from First American through an initial public offering.
From:: Financing
Last year’s first-lien residential loan production ascended to the highest level in nine years, with purchase-money activity reaching a decade high.
Mortgage bankers originated 2.080 million loans for $559 billion during the period that started on Oct. 1, 2016, and concluded at year-end 2016.
The number of loans closed retreated from the previous three-month period, when the nation’s mortgage production came to 2.165 million loans.
From:: Financing
An improvement in new weekly mortgage activity was mostly fueled by a solid increase in purchase financing. Adjustable-rate business soared more than any other category.
An indication of upcoming loan originations, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily, was 147 in the week that ended on March 3.
The index, which is based on average rate locks per user by clients of OpenClose, climbed 13 percent from the prior week, which included the Presidents Day holiday.
From:: Financing
The New York Appellate Division, Second Department, recently decided a novel issue which may serve as a lifeline for lenders facing the expiration of the statute of limitations in mortgage foreclosure actions.
In Wells Fargo Bank, N.A., v. Eitani (No. 2014-09426, 2017 N.Y. App. Div. LEXIS 1014; 2017 NY Slip Op 0101015, 2d Dep’t Feb. 8, 2017), the Second Department, in a 3-2 decision, held that an assignee of a note and mortgage is entitled under certain circumstances to invoke the six-month extension of the statute of limitations provided by CPLR 205(a), New York’s “Savings Statute”, even though the prior action was commenced by a prior holder of the same instruments.
In November 2005, Argent Mortgage Company LLC filed a foreclosure complaint in Supreme Court, Kings County, after the borrower-defendant Doron Eitani defaulted on his mortgage. Eitani did not answer the complaint and, in June 2008, the trial court entered an order of reference based upon his default.
From:: Financing
Technology, mortgage servicing rights and financial regulations are among the topics to be covered at a host of mortgage-related conferences during the next few months.
Lendit USA 2017 is billing itself as “the world’s biggest show in lending and fintech.” The convention runs from March 6 to March 7 at the Jacob Javits Center in New York
Lendit attendees will pay $2,995 to honor and recognize innovation, emerging talent and top performers and experience “limitless business opportunities and networking.”
From:: Financing