Foreclosures | Mortgages | Financing
Bank of America, N.A., has been charged with treating Hispanic mortgage applicants in South Carolina worse than their non-Hispanic counterparts.
In February 2013, the National Fair Housing Alliance sent a non-Hispanic woman and a Hispanic woman into BofA’s Charleston, South Carolina branch.
Both testers were told to enter the branch without an appointment to request information about home loan products for themselves and their spouses.
From:: Financing
With a deal reached to make two upcoming acquisitions, the parent of Quicken Loans Inc. will be in the business of mortgage lead generation.
An announcement Friday from Rock Holdings Inc., the parent of Quicken, indicated that it has signed an agreement to acquire a pair of companies.
One of those acquisitions will be LowerMyBills, which generates leads for a variety of verticals — including residential loans and reverse mortgages.
From:: Financing
Despite a surge in the final month of last year for federally insured reverse mortgage production, annual production slumped.
Last month, endorsements were issued by the Federal Housing Administration for 4,658 home-equity conversion mortgages.
HECM production soared from 3,891 units during November. It was also greater than 4,233 loans in the final month of 2015.
From:: Financing
Although the employment report for all industries was less than stellar, non-bank mortgage employment has expanded for nine consecutive months.
During the final month of 2016, the rate of U.S. unemployment was 4.7 percent, according to data released Friday by the Bureau of Labor Statistics.
The jobless rate worsened from November, when it came in at 4.6 percent. But the rate was down from December 2015, when it was 5.0 percent.
From:: Financing
A whole-loan transaction has been executed on the sale of more than $300 million in seasoned home-equity lines of credit.
The deal involves the successful execution of HELOCs with an aggregate principal balance of approximately $339 million.
It’s the final execution of the first-lien HELOC portfolio. The sale of the first tranche of the portfolio took place early last year.
From:: Financing
Last year, there were fewer consumer bankruptcies filed than in any year during the last decade. Monthly filings, though, rose from a year earlier.
A combined 56,394 new commercial and non-commercial cases were filed with the nation’s bankruptcy courts during the final month of last year.
The figure fell from November, when the total was 59,300, but rose from December 2015, when the number came to an upwardly revised 53,844.
From:: Financing
Quarterly delinquency on residential loans serviced by banks moved lower, as did the number of foreclosures that were initiated and completed.
Delinquency of at least 30 days, including foreclosures in process, was 5.2 percent as of the third-quarter 2016 on first liens serviced by banks.
The non-current rate improved from the previous quarter’s 5.3 percent. It was also lower than 6.1 percent as of the same quarter a year previous.
From:: Financing
A variety of mortgage origination statistics have been reported for home lenders, including rural lending and lending in the Big Apple.
Residential loan production exceeded $150 billion last year at the Mortgage Collaborative, a Dec. 20 announcement indicated.
The San Diego-based organization, which was founded in 2013, reported that 50 new lenders joined the association during 2016.
From:: Financing
Corporate changes at mortgage insurance companies have prompted the Federal National Mortgage Association to issue mortgage insurance updates.
On Tuesday, Arch Capital Group Inc. announced that it completed the acquisition of United Guaranty Corp. from American International Group Inc.
Fannie Mae approved the acquisition of UGC and affiliates United Guaranty Residential Insurance Co. and United Guaranty Mortgage Indemnity Co.
From:: Financing
The insurance subsidiary of Walter Investment Management Corp. is being sold. Word of the deal drove up its sagging share price.
On Wednesday, the financial services company disclosed that it has reached an agreement to sell GTI Holdings Corp. for $125 million.
GTI is the parent of Green Tree Insurance Agency Inc., Tampa, Florida-based Walter Investment’s licensed insurance agency.
From:: Financing