Tag: finance

The parent of United Wholesale Mortgage has agreed to settle allegations that it pressured and compensated underwriters to approve government-insured mortgages.

United Shore Financial Services LLC has reached a settlement tied to False Claims Act violations in making loans insured by the Federal Housing Administration.

According to the Department of Justice, the Troy, Michigan-based firm knowingly originated and underwrote FHA-insured loans that didn’t meet FHA requirements.

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From:: Financing

Despite a year-over-year increase in average monthly financial services complaints, there was a decrease in mortgage complaints.

For all of November 2016, U.S. consumers filed 23,134 complaints against companies that provide all types of financial services.

That was 14 percent fewer complaints than a month earlier. It was also less than the 21,002 complaints reported for a year earlier.

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From:: Financing

The risk of bad data in mortgage applications was held in check, and government-sponsored enterprise initiatives will help even more next year.

As of November of this year, the Loan Application Defect Index, which reflects estimated mortgage loan defect rates over time, was 68.

The index estimates the frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications.

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From:: Financing

The volume of monthly contracts written on existing residential properties for sale turned lower, with activity in the West leading the drop.

After the application of seasonal adjustments, the Pending Home Sales Index came in at a preliminary level of 107.3 for November.

That turned out to be 3 percent lower than as of the previous month for the index, a forward-looking indicator based on contract signings.

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From:: Financing

Among several recent mortgage-related executive moves are a pair of c-suite promotions and a pair of senior vice president appointments.

Chris Henson has been named president of both BB&T Corp. and subsidiary Branch Banking and Trust Co., a Dec. 21 statement said.

Henson takes over from Kelly King, who will remain chairman and chief executive officer of Winston-Salem, North Carolina-based BB&T.

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From:: Financing

More than 2,000 home-purchase transactions were enabled this year as a result of a Wells Fargo & Co. program that provides down payment assistance.

Since 2012, the San Francisco-based company reports that it has helped 12,725 homebuyers with down payment assistance grants and homebuyer education.

That worked out to over $327 million invested by Wells Fargo to support local economic recovery and advance neighborhood revitalization in 48 communities.

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From:: Financing

On a month-over-month basis, cities in Florida dominated home price gains. On a year-over-year basis, a pair of Northwest cities continued to lead.

As of October of this year, the S&P CoreLogic Case-Shiller Composite-20 Index came in at a level of 191.79, rising 0.1 percent from the prior month.

An even more substantial increase has been recorded for the index compared to the same month last year, with a 5.1 percent year-over-year increase.

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From:: Financing

On a month-over-month basis, cities in Florida dominated home price gains. On a year-over-year basis, a pair of Northwest cities continued to lead.

As of October of this year, the S&P CoreLogic Case-Shiller Composite-20 Index came in at a level of 191.79, rising 0.1 percent from the prior month.

An even more substantial increase has been recorded for the index compared to the same month last year, with a 5.1 percent year-over-year increase.

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From:: Financing

An improvement was recorded in the performance of securitized commercial real estate loans, though deterioration is forecasted for next year.

As of Nov. 30 of this year, delinquency of at least 30 days on loans that are included in commercial mortgage-backed securities was 2.98 percent.

The 30-day rate moved down 5 basis points compared to the end of the previous month, when delinquency had moved higher by 13 basis points.

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From:: Financing

A sharp month-over-month increase in new home sales in the Midwest region was out front of an improvement on a national basis.

The sale of new single-family houses that were sold during the entire month of November 2016 came to a preliminary 41,000 units.

New home sales slowed from the previous month, when the number was 45,000, and an upwardly revised 36,000 a year previous.

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From:: Financing