Foreclosures | Mortgages | Financing
For the second week in a row, interest rates on residential loans didn’t change much. It’s possible that the trend could extend to three weeks.
Thirty-year fixed rates were reported at 4.17 percent in Freddie Mac’s Primary Mortgage Market Survey for the week that ended on Feb. 9.
Long-term interest rates on home loans improved by 2 basis points compared to the prior survey — when mortgage rates also moved little.
From:: Financing
The top executive at the parent of Radian Guaranty Inc. is retiring, and a successor has been named to run the mortgage insurance company.
Since May 2005, and during the financial crisis, S.A. Ibrahim has reigned as chief executive officer over Philadelphia-based Radian Group Inc.
But in May 2016, Radian announced that Ibrahim, who was 64 at the time, disclosed he intended to retire at the end of his contract in December 2017.
From:: Financing
Trends in mortgage complaints are far more favorable than trends for those filed for all types of financial products on a monthly and annual basis.
During the final month of last year, there were 22,852 complaints that were filed by U.S. consumers with the Consumer Financial Protection Bureau.
Activity was marginally slower than in November 2016, when the regulator’s monthly volume for all financial services providers came to 23,134.
From:: Financing
Even though quarterly originations moved lower at Prosperity Home Mortgage LLC, an up tick was recorded for annual activity.
As of Dec. 31, 2016, the Chantilly, Virginia-based firm carried 443 employees on its payroll, 10 more than three months earlier.
Those details and more were provided as part of the Mortgage Daily Fourth Quarter 2016 Mortgage Origination Survey.
From:: Financing
One of the industry’s most popular loan origination systems has been upgraded. Other LOS enhancements involve technology integrations.
Ellie Mae Inc.’s all-in-one mortgage management platform, Encompass, has been upgraded to version 17.1, a news release Monday said.
This iteration of the LOS includes expanded support for construction loans and more streamlined workflow integrations with Fannie Mae and Freddie Mac.
From:: Financing
One of the industry’s most popular loan origination systems has been upgraded. Other LOS enhancements involve technology integrations.
Ellie Mae Inc.’s all-in-one mortgage management platform, Encompass, has been upgraded to version 17.1, a news release Monday said.
This iteration of the LOS includes expanded support for construction loans and more streamlined workflow integrations with Fannie Mae and Freddie Mac.
From:: Financing
A new government report indicates that cost estimates for the automation and modernization of the Federal Housing Administration have been deficient.
Technology investment cost estimates developed by the Department of Housing and Urban Development have been unreliable, the report says.
The shortcomings have reportedly led to cost estimates that lacked a sound basis for informing the department’s investment and budgetary decisions.
From:: Financing
With an acquisition deal negotiated, Flagstar Bancorp Inc. will be able to claim the title of the fourth-largest correspondent mortgage originator.
Flagstar previously reported that overall residential production from all originations channels was $32.453 billion during all of last year.
Included in the Troy, Michigan-based financial institution’s full-year 2016 volume was $24.5 billion in correspondent loan acquisitions.
From:: Financing
Lending conditions in real estate finance were more relaxed for the fifth consecutive month. Jumbo lending loosened most.
As of the first month of the new year, the Mortgage Credit Availability Index was calculated to be at a level of 177.1.
The MCAI, which is a standardized quantitative index focused on mortgage credit, increased from 175.2 in December 2016.
From:: Financing
Deals have been negotiated, and some closed, to acquire residential lenders. In addition, capital investments have been made in some mortgage firms.
Assets from Cimarron Mortgage Capital were acquired on Oct. 21, 2016, by El Paso, Texas-based WestStar Bank, according to an announcement.
The residential construction and mortgage origination business, as well as its seven employees have become part of subsidiary WestStar Home Loans.
From:: Financing