Foreclosures | Mortgages | Financing
Home-lending activity slowed at PennyMac Financial Services Inc. But the company reported growth in both its servicing and staffing.
In its fourth-quarter 2017 earnings report, the Westlake Village, California-based mortgage banking firm revealed $122 million pre-tax income.
Earnings improved from $94 million in the preceding three-month period thanks to a $32 million benefit from the Tax Cuts and Jobs Act.
From:: Financing
In addition to changing its chief executive officer, Walter Investment Management Corp. will change its name. The company has updated the date it expects to emerge from bankruptcy.
Last week, the the Fort Washington, Pennsylvania-based mortgage banking firm disclosed that its CEO and president, Anthony N. Renzi, will be leaving.
This week, Walter Investment announced that it will abandon the name it has held since it changed its name from Walter Industries Inc. in 2009.
From:: Financing
A variety of sources reveal a range of quarterly and annual mortgage origination statistics for several mortgage banking firms. The lenders include banks, credit unions and wholesalers.
Ally Financial Inc.’s fourth-quarter 2017 earnings report revealed $2.2 billion in bulk mortgage purchases during the three months that finished on Dec. 31, 2017.
From Jan. 1, 2017, through year end, Ally’s bulk purchases amounted to $4.5 billion. That was a 20 percent increase from 2016, putting the prior-year total at around $3.8 billion.o two years ago.
From:: Financing
The planned sale of a majority of Fiserv Inc.’s lending unit will include its mortgage servicing software but will exclude its mortgage origination system.
On Wednesday, the Brookfield, Wisconsin-based company disclosed that it is selling 55 percent of its interest in Fiserv Lending Solutions to Warburg Pincus LLC.
By retaining a 45 percent interest in the business, Fiserv will create a joint venture that it said will strengthen service and innovation.
From:: Financing
Genworth Financial Inc.’s mortgage insurance unit saw increased income despite higher delinquency and losses at its parent. New business fell, but the book of business expanded.
In its fourth-quarter 2017 report, Genworth disclosed a $290 million loss from continuing operations before income taxes during the three months ended Dec. 31.
Losses at the Richmond, Virginia-based firm widened from $56 million in the final three months of 2016 and swung from a $286 million profit three months earlier.
From:: Financing
The country’s largest originator of federally insured reverse mortgages has begun offering traditional mortgages for its mostly older customers. Dozens of hirings are planned.
Last year, American Advisors Group was responsible for a record 12,775 home-equity conversion mortgages that were endorsed by the Federal Housing Administration, according to data from Reverse Market Insight.
That was the most HECMs originated by any FHA mortgagee, more than twice as many as the next-biggest lender, and 22 percent of all HECMs endorsed by FHA during 2017.
From:: Financing
While prospective borrowers completed more mortgage applications last week, the share applying for government loans has fallen each of the preceding three weeks.
The number applications for a home loan that were submitted to residential lenders during the week ended Feb. 2 rose by a seasonally adjusted 1 percent from a week earlier.
That is according to a measure of retail single-family loan application volume, the Market Composite Index, which climbed 4 percent without seasonal adjustments.
From:: Financing
Quicken Loans Inc., which last week touted itself as America’s biggest retail mortgage lender, reported a quarter-over-quarter increase in originations but a year-over-year decline.
As of Dec. 31, 2017, the Detroit-based home lender’s servicing portfolio consisted of residential loans with a collective unpaid principal balance of $279.1 billion.
Quicken provided details about its servicing, along with other operating metrics, as part of the Mortgage Daily Fourth Quarter 2017 Mortgage Origination Survey.
From:: Financing
Monthly and annual residential business at the Federal Housing Administration retreated as delinquency deteriorated. But in its commercial real estate business, activity ascended.
Last year ended with FHA insurance in force on 8,597,089 residential loans for $1.3128 trillion, according to operational data from the Department of Housing and Urban Development.
The total was comprised of $1.1654 trillion in single-family loans, $0.1465 trillion in home-equity conversion mortgages and $0.0010 trillion in Title I loans.
From:: Financing
The new president of New Penn Financial LLC was promoted from within the company. The move comes in the midst of the home lender being acquired.
On Tuesday, the Plymouth Meeting, Pennsylvania-based company issued a statement indicating that Kevin Harrigan was promoted to president.
Harrigan, who originally joined New Penn in 2013, was promoted from the position of chief operating officer — a role he took on in May 2017.
From:: Financing