Tag: finance

New programs recently being offered by wholesale mortgage lenders include nonprime programs, high loan-to-value jumbo loans and a product for foreign national borrowers.

A promotional notice from Citadel Servicing Corp. indicated that it now offers nonprime loans for borrowers with FICO scores as low as 500 and loan amounts up to $750,000.

Borrowers whose FICO scores are at least 600 can qualify for loan amounts as high as $3 million, according to the notice from the Irvine, California-based mortgage banking firm.

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From:: Financing

For the first time since the national housing crisis, the monthly pace of completed foreclosures has fallen back to pre-crisis levels.

Residential loans that were at least 90 days past due accounted for 2.6 percent of all U.S. loans outstanding as of year-end 2016.

The rate of serious mortgage delinquency turned out to be the lowest it’s been since June 2007 based on historical performance data.

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From:: Financing

While many of its peers saw residential loan production weaken during the final quarter of last year, loanDepot LLC reported a healthy gain in new business.

From the period that began on Oct. 1, 2016, and concluded at year-end 2016, the Foothill Ranch, California-based firm originated $11.584 billion in home loans.

Those details, as well as other operational metrics, were provided as part of the the Mortgage Daily Fourth Quarter 2016 Mortgage Origination Survey.

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From:: Financing

With the recent completion of a major acquisition, Arch Mortgage Insurance Co.’s book of business skyrocketed and delinquency deteriorated.

Arch Capital Group LTD, the parent of the mortgage insurer, disclosed in its fourth-quarter 2015 earnings report pre-tax income of $83 million.

Profits sank from the $317 million that was generated in the previous three-month period but improved from $39 million one year previous.

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From:: Financing

Among a host of recent appointments at mortgage banking firms are a pair of regional vice presidents and variety of other home-lending executives.

On Feb. 7, American Pacific Mortgage Corp. announced that Michael Pankow was promoted to executive vice president of national production.

Pankow previously was general manager for nearly 10 years at Big Valley Mortgage, a subsidiary of Roseville, California-based American Pacific.

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From:: Financing

A federally insured credit union that is operating in the Empire State with nearly $2 billion in assets has gone belly up.

Melrose Credit Union is comprised of 23,462 members. It’s most-recent call report indicated that assets were $1.78 billion.

On Friday, the New York State Department of Financial Services seized control of the Briarwood, New York, institution.

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From:: Financing

Residential finance firms that participate in the LendingTree network have been rated by their customers, an the results are in.

Insight Loans landed in the top spot of the LendingTree Q4 2016 Top Mortgage Lenders top customer-rated network lenders.

Lenders were ranked based on a five-star quality review system that rates the customer experience as determined by LendingTree users.

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From:: Financing

In what appears to be a case of disparate impact, users of Windows and Android operating systems pay higher mortgage rates than Apple users.

Average offered 30-year fixed interest rates were 3.93 percent for Macintosh users — lower than for users of any other operating system.

The competitive rate reflects top credit ratings for Macintosh customers, who have an average credit score of 722 — the highest of any group.

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From:: Financing

An insider has been named to head up Quicken Loans Inc.’s management team. A domino effect impacted three high-profile executives.

Bill Emerson started his career at the Detroit-based residential lender in 1993. His first job at the online lender was mortgage banker.

Emerson, who is a Quicken investor, ran several business units before ascending to the role of chief executive officer in February 2002.

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From:: Financing

Automated bank branches have become a reality at Bank of America Corp., enabling customers to video chat with employees at other locations.

In Minneapolis, a completely automated office is operated by the Charlotte, North Carolina-based organization. Another operates in Denver.

In all, BofA is currently testing three automated branches, which are a quarter of the size of a typical branch. It’s a new market for the financial institution.

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From:: Financing