Foreclosures | Mortgages | Financing
A three-year-old residential lender based on the East Coast is adding staff on the West Coast and has plans to expand its east coast staff.
MC Financial Inc. was established in October 2013. The co-founders of the mortgage banking business are Ray P. Cruz and Amir Guerami.
From its headquarters in Bethesda, Maryland, the firm originates loans in California, Florida, Maryland, Virginia and the District of Columbia.
From:: Financing
Loan originators and the companies they work for have been busy renewing licenses through the Nationwide Multistate Licensing System.
Out of the 581,000 licenses managed through NMLS, nearly 63 percent had been submitted for 2017 renewal as of the end of last month.
Of the renewals submitted, more than half have been approved. That was an increase of around 33,500 compared to the same point last year.
From:: Financing
A marketplace lender says it has exceeded $1 billion in mortgage originations, more than doubled its staff and launched a securitization vehicle.
LendingHome Funding Corp. opened its doors in October 2013. Since its launch, it has raised more than $100 million in equity financing.
Headcount at the San Francisco-based peer-to-peer lender has grown from just 85 people back in May 2015 to over 250 employees currently.
From:: Financing
As anticipated, the Federal Home Loan Mortgage Corp. has implemented the common securitization platform on some of its securities.
The CSP was first proposed in 2012 for both Freddie Mac and Fannie Mae by the then acting director of the Federal Housing Finance Agency.
FHFA has said that the platform is expected to reduce interest rates on home loans, improve the lending process and cut transaction costs.
From:: Financing
An offering of mortgage servicing rights on more than $1 billion in government-sponsored enterprise home loans has hit the market.
The MSRs are being offered on 3,976 residential loans with an aggregate unpaid principal balance of $1.084 billion as of Nov. 30.
Fannie Mae A/A loans account for 80.2 percent of the mortgages, while Freddie Mac Reg S/A make up the other 19.8 percent.
From:: Financing
While quarterly performance on most types of commercial real estate loans improved, late payments deteriorated on securitized CRE loans.
The rate of 30-day delinquency on loans included in commercial mortgage-backed securities concluded the third quarter at 4.23 percent.
Compared to three months earlier, the 30-day rate worsened 19 basis points. The past-due rate improved, however, 61 BPS from a year earlier.
From:: Financing
Multiple residential lenders have recently reported strong mortgage originations. Some have touted all-time high quarterly activity, while monthly records were announced by others.
Based on an analysis of Home Mortgage Disclosure Act data, Callahan & Associates determined credit unions were responsible for 6.1 percent of 2015 purchase-money first-mortgage originations.
Credit union market share was greatest in Alaska at 28.4 percent. The share was 24.0 percent in Vermont, 18.3 percent in Wisconsin, 16.9 percent in Iowa and 15.9 percent in Idaho.
From:: Financing
Credit standards for loans included in residential mortgage-backed securities are expected to loosen next year as interest rates rise.
In 2017, new RMBS transactions will be backed by more diversified collateral, while they will also feature some structural changes.
More importantly, the performance of existing mortgage securitizations are expected to remain strong or even improve during next year.
From:: Financing
Among several recent appointments at real estate finance organizations are an addition to the board of directors at a government-sponsored enterprise, a chief financial officer at a residential lender and a pair of wholesale executives and a large mortgage banking firm.
Fannie Mae reported on Nov. 28 that George W. Haywood has been elected to its board of directors. The “finance and technology entrepreneur” was the director of corporate and high yield bond investments at the hedge fund Moore Capital Management from 1994 to 1998. Before that he was a managing director at Lehman Brothers.
Haywood, who now is a self-employed private investor, is currently a member of the board of directors at at Denny’s Corp., according to the Washington-based company. In addition, he was previously a member of the XM Satellite Radio Holdings Inc.’s board.
From:: Financing
Several mortgage-related events being held over the next few months on the East Coast will cover mortgage-backed securities, compliance and regulation-related topics.
On Thursday, the 4th Annual SFIG RMBS Symposium takes place at the Marriott New York Downtown in New York. The cost for registration ranges between $495 and $1,995.
The Reagan Center Bldg. & International Trade Center in Washington is the venue for the How Housing Matters 2016 Conference. The event, which is sold out, takes place on Dec. 13.
From:: Financing