Foreclosures | Mortgages | Financing
Citigroup Inc.’s home-lending and finance company servicing units have agreed to settle allegations of improperly handling distressed borrowers.
The first settlement was with CitiFinancial Servicing. The business is headquartered in O’Fallon, Missouri and made up of four separate entities.
The second settlement was with CitiMortgage Inc. The company, which is also based in O’Fallon, operates as a subsidiary of Citibank, N.A.
From:: Financing
Despite a quarter-over-quarter drop in mortgage originations, Flagstar Bancorp Inc. lifted lending and servicing on a year-over-year basis.
In its fourth-quarter 2016 earnings report, Flagstar revealed income before taxes of $42 million in the three months ended Dec. 31, 2016.
Earnings at the Troy, Michigan-based financial institution sank from $87 million the prior quarter and fell from $45 million in the year-prior period.
From:: Financing
HomeStreet Inc.’s residential servicing portfolio and mortgage staffing expanded. But quarterly home lending activity slipped and is likely to fall further.
HomeStreet earned $3 million before taxes during the final-three months of last year, plummeting from $43 million in the previous three-month period.
The Seattle-based organization revealed the numbers, in addition to other operational and financial metrics, in its fourth-quarter 2016 earnings report.
From:: Financing
Although there was a quarter-over-quarter decline in lending volume at Primary Residential Mortgage Inc., employee count and servicing expanded.
The Salt Lake City-based business serviced 13,307 residential loans with an aggregate unpaid principal balance of $2.444 billion as of year-end 2016.
PRMI reported the metrics, along with other operational data, as part of the Mortgage Daily Fourth Quarter 2016 Mortgage Origination Survey.
From:: Financing
For the third month in a row, the nation’s mortgage bankers have reduced the volume of refinance production they expect to generate this year.
Overall loan originations, including purchase financing and refinancing, are predicted to reach $344 billion during the first-three months of this year.
Home lending is then expected to climb to $430 billion in the second quarter and ascend further to $437 billion during the following three months.
From:: Financing
Delinquency on residential loans improved both on a month-over-month and year-over-year basis, as did the rate of foreclosures.
As last year concluded, 2.731 million residential loans were either at least 30 days past due or in the foreclosure pre-sale inventory.
The non-current count declined from Nov. 30, when the total was 2.761 million, and year-end 2015, when the number was 3.097 million.
From:: Financing
This and next year’s expected origination of loans to finance home purchases was modestly elevated. But projected 2017 refinances, however, retreated.
During the first-three months of this year, U.S. residential lenders are predicted to originate $350 billion in mortgages, including purchases and refinances.
National mortgage production is then expected to jump to $431 billion in the second quarter and $418 billion during the following three-month period.
From:: Financing
President Donald Trump’s nominee for secretary of the Department of the Treasury took a beating yesterday from Senate Democrats over OneWest Bank.
Steven Mnuchin, Trump’s pick for Treasury secretary, spent more than five hours on Thursday at a Senate Finance Committee confirmation hearing.
Democrats on the committee grilled Mnuchin on the foreclosure practices at OneWest, which was created to take over failed IndyMac Bank FSB.
From:: Financing
With refinances leading the way, new mortgage activity moved lower in the week that included the Martin Luther King holiday.
In the week that ended on Jan. 20, the U.S Mortgage Market Index from OpenClose and Mortgage Daily landed at 122.
The index, an indication of upcoming residential loan originations, retreated nearly 7 percent compared to the previous week.
From:: Financing
One of the first acts by the administration of the newly inaugurated President Donald J. Trump was to suspend a reduction in premiums on government-insured mortgages.
Earlier this month, the Department of Housing and Urban Development announced a cut in mortgage insurance premiums on Federal Housing Administration-insured loans.
As a result of the reduction, outlined in Mortgagee Letter 2017-01, borrower-paid annual M.I. premiums on most new loans were expected to be lowered by 25 basis points.
From:: Financing