Tag: finance

Enhancements recently made to product-and-pricing engines for residential loan products have mostly concentrated on integrations with other mortgage technology products.

A LinkedIn posting last week from loanDepot LLC Chairman and Chief Executive Officer Anthony Hsieh highlighted a matrix of service providers utilized by loanDepot competitors.

When it came to PPEs, seven out of nine mortgage bankers listed utilized Optimal Blue, one used “LoanLogics Proprietary” and one utilized “Customized Empower Engine.”

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From:: Financing

The holiday week had a significantly negative impact on new mortgage activity, though business held up from a year ago. Leading the week-over-week decline was refinance business.

During the week ended Nov. 25, Mortgage Daily’s U.S. Mortgage Market Index, an indication of upcoming originations based on per-user rate locks by OpenClose clients, was 106.

The index, which is not adjusted for seasonal variations, tumbled by a third compared to the previous report. However, activity slowed by less than a percent compared to a year earlier.

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From:: Financing

Long-term mortgage rates climbed to the highest level so far this year, have increased for four weeks in a row now and are expected to rise further.

During the week ended Nov. 23, thirty-year fixed rates averaged 4.03 percent, according to Freddie Mac’s Primary Mortgage Market Survey.

The latest average marks the first time this year it was above 4 percent and the highest level since it was 4.04 percent in the week ended July 23, 2015.

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From:: Financing

Ally Financial Inc. has agreed to settle allegations of misleading marketing on the sale of subprime residential mortgage-backed securities.

The Detroit-based company’s subsidiary, Ally Securities LLC, handled the packaging, securitization, marketing, sale and issuance of RMBS.

Among the offerings were RASC-EMX series RMBS that were issued between 2006 and 2007. It served as the lead underwriter on the deals.

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From:: Financing

Several dozen scratch-and-dent mortgages that are currently performing but don’t meet agency requirements are being auctioned off.

The secondary offering involves 72 residential loans that had an aggregate unpaid principal balance of less than $16 million as of Nov. 17.

On a weighted-average basis, the FICO score is 707, the debt-to-income ratio is 36.0 percent and the loan-to-value ratio is 81.8 percent.

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From:: Financing

The banking subsidiary of Huntington Bancshares Inc. is adding a thousand Ohio jobs. The additional staffing includes positions in mortgage banking.

A new 210,000-square-foot office complex is being developed in Columbus, Ohio, by The Huntington National Bank, a news release Tuesday said.

The announcement indicated that Huntington plans to invest $18.3 million in the new facility, which has been dubbed Huntington Gateway Center.

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From:: Financing

The annual rate of existing home sales climbed to the highest level in nearly a decade as home shoppers sought relief from the summer’s tight inventory.

Home buyers closed on the purchase of 446,000 pre-owned homes during October, including single-family homes, townhomes, condominiums and co-ops.

Existing home sales dropped from the previous month, when 486,000 units were sold, while a modest rise occurred from 444,000 sales a year previous.

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From:: Financing

A request from the Mortgage Bankers Association to be exempted from a requirement to obtain prior consent for robocalls has been denied.

In June 2016, MBA filed a petition for an exemption from the prior-express-consent requirement of the Telephone Consumer Protection Act.

The trade group sought the exemption for non-telemarketing residential mortgage servicing calls to wireless telephone numbers.

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From:: Financing

A month-over-month decline in loan modifications completed was driven by proprietary activity. Government-supported modifications saw a year-over-year gain.

During September of this year, residential loan servicers successfully completed 30,799 loan modifications. Modification volume fell from 36,161 a month earlier.

The total, including proprietary modifications and modifications completed through the Home Affordable Modification Program, dipped from 31,588 a year earlier.

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From:: Financing

A growing share of the nation’s residential loan servicing is expected to be handled by non-banks firms as regulatory scrutiny continues.

Greater regulation has become a significant operational burden for U.S. loan servicers. As a result, mortgage servicing costs have risen.

On the other hand, home-loan borrowers have benefited from the regulations because the quality of mortgage servicing has improved.

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From:: Financing