Foreclosures | Mortgages | Financing
MGIC has relaxed some of its underwriting guidelines. Among the changes are higher loan-to-value ratios, increased loan amounts and reduced credit scores.
With a credit score of at least 720, the maximum loan amount on one-unit properties has been raised to $650,000 from $450,000. The LTV ratio is 97 percent.
On residential loans up to $650,000 with LTV ratios up to 95 percent, the minimum credit score on one-unit properties has been reduced to 680 from 700.
From:: Financing
A $225 million settlement with the state of California resolves a consent order that was reached in early 2015 with an Ocwen Financial Corp. unit.
In January 2015, the California Department of Business Oversight sought to suspend the mortgage licenses of Ocwen Loan Servicing LLC.
The action, taken because it allegedly failed to comply with requests for documentation, jeopardized the servicing of $94 billion of loans in the state.
From:: Financing
Heading into the Presidents Day holiday weekend, new refinance activity sank — driving down overall mortgage business. But adjustable-rate business soared.
A gauge of upcoming residential loan originations, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily, was 123 in the week ended Feb. 17.
The index, which is determined based on average per-user rate-lock volume by customers of OpenClose, tumbled 17 percent compared to the previous week.
From:: Financing
Nearly $800 million in distressed government-sponsored enterprise residential loans have been put on the auction block.
The offering includes five pools that contain $759 million in non-performing Federal Home Loan Mortgage Corp. loans.
Some of the loans are serviced by Nationstar Mortgage LLC, and the rest are serviced by Specialized Loan Servicing LLC.
From:: Financing
The Consumer Financial Protection Bureau has won a round in a contentious lawsuit that was previously filed by PHH Corp.
PHH’s lawsuit sought to rein in the CFPB’s June 2015 order requiring it to pay $109 million over kickbacks received for reinsurance.
The CFPB’s order reversed a November 2014 recommendation by an administrative law judge calling for PHH to disgorge over $6 million.
From:: Financing
Quarterly losses at the parent of PHH Mortgage soared past $200 million as home-lending volume fell. The company is transitioning into a smaller business.
Before income taxes, parent-PHH Corp. experienced a $206 million loss from the period that started on Oct. 1, 2016, and concluded on Dec. 31, 2016.
The Mount Laurel, New Jersey-based firm presented the numbers, in addition to other operational and financial results, in its fourth-quarter 2016 earnings report.
From:: Financing
While there was a year-over-year rise in quarterly business at National Mortgage Insurance, a quarter-over-quarter decline occurred. The book of business grew.
Income at parent NMI Holdings Inc. prior to income taxes rose to $7 million during the three months ended Dec. 31, 2016, from $6 million the previous quarter.
Those details, along with other operational and financial results, were revealed by the the Emeryville, California-based firm in its fourth-quarter 2016 earnings report.
From:: Financing
Even though the foreclosure rate fell to a nine-year low and foreclosure starts sank to a 28-year low, quarterly 30-day mortgage delinquency spiked.
Delinquency of at least 30 days on home loans, including loans in the foreclosure inventory, closed out the fourth quarter of last year at 6.33 percent.
The non-current mortgage rate deteriorated compared to the end of the previous three-month period, when it came in at 6.07 percent.
From:: Financing
A plunge in homebuyer traffic for new homes drove down the level of confidence among the nation’s home builders for the second month in a row.
During February, the Housing Market Index came in at 65. An index of more than 50 indicates that more builders view conditions as good than poor.
But despite the favorable reading, the index was down for the second consecutive month from 67 in January though it was well above 58 in February 2016.
From:: Financing
A recent report indicates that, driven by regulations, loan servicing technology is migrating to the cloud. One service provider seems to recently be dominating the market.
Research and Markets reported last month that the global loan servicing market is expected to grow at a compound annual growth rate of 14.19 percent from 2017 to 2021.
The report indicated that the global loan servicing software market is currently witnessing the emergence of software-as-a-service-based loan servicing technology.
From:: Financing