Tag: finance

A surge in quarterly residential lending activity was reported by Caliber Home Loans Inc. As well, the mortgage banking firm grew its servicing portfolio and added to its human resources.

Caliber serviced 372,634 mortgages with an aggregate principal balance of $83.698 billion as of Sept. 30. The portfolio increased from 342,001 loans for $76.325 billion the prior quarter.

Those details, along with other operational metrics, were provided by the Irving, Texas-based company as part of the Mortgage Daily Third Quarter 2016 Mortgage Origination Survey.

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From:: Financing

Last month, serious delinquency deteriorated on both first mortgages and second mortgages. At the same time, mortgage debt outstanding has been expanding.

Ninety-day delinquency on consumer credit came in at a rate of 0.87 percent as of October. The past-due rate worsened by 3 basis points from a month earlier.

Serious consumer delinquency — which reflects the performance of auto loans, bank cards and first and second mortgages — fell by 7 BPS from a year earlier.

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From:: Financing

Quicken Loans Inc. has won a battle in its war against the Department of Justice over alleged improper underwriting on government-insured residential loans.

Back in April 2015, the Justice Department sued the Detroit-based company alleging it falsely certified compliance with Federal Housing Administration requirements.

The lawsuit came just days after Quicken filed a preemptive lawsuit claiming that the Justice Department was pressuring it to agree to a False Claims Act settlement.

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From:: Financing

A modest improvement was made by Movement Mortgage LLC in its quarterly loan production. In addition, the home lender grew its staffing and mortgage servicing.

Movement reported as part of the Mortgage Daily Third Quarter 2016 Mortgage Origination Survey that it serviced 2,353 loans for $0.427 billion as of Sept. 30.

The Indian Land, South Carolina-based mortgage banking firm’s residential servicing portfolio was up from 1,427 loans for $0.284 billion as of three months earlier.

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From:: Financing

Following an all-time high reached at the Government National Mortgage Association, monthly mortgage securitizations settled back to a still-robust pace.

The unpaid principal balance of Ginnie Mae mortgage-backed securities outstanding concluded October at $1.7393 trillion based on monthly operational data.

The Washington-based corporation’s book of business expanded from $1.7281 trillion as of a month earlier and $1.6231 trillion as of a year earlier.

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From:: Financing

An offering of mortgage servicing rights is being made on more than $1.8 billion in Ginnie Mae loans. The pool has a concentration of loans in the Golden State.

The proposed transaction includes MSRs on 7,237 GNMA II residential loans that had a collective outstanding principal balance of $1.819 billion as of Nov. 9.

Just over a third of the loans included in the offering are secured by properties located in California. All other states have less than a 10 percent market share.

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From:: Financing

While changes are likely to the Dodd-Frank Wall Street Reform and Consumer Protection Act under a Donald J. Trump administration, a full repeal is unlikely.

President-elect Trump made it clear during his campaign that Dodd-Frank went too far. Trump’s transition website says community banks were hit especially hard.

It now appears that a Trump administration will move quickly toward making changes to the controversial law that was created in the aftermath of the financial crisis.

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From:: Financing

Home purchase financing activity drove overall new mortgage activity to the highest level in more than three months. Adjustable-rate activity soared by a quarter.

In the week that concluded on Nov. 11, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily — an indicator of upcoming originations — was 182.

The last time that the index, which is based on average per-user rate locks by OpenClose clients, was this high was in the week ended Aug. 5, when it came in at 185.

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From:: Financing

Some of the country’s biggest mortgage banking firms have made changes to their management ranks. Most of the recent executive activity was on the production side.

David E. Kress has been promoted to general counsel of Indianapolis-based Stonegate Mortgage Corp., a Nov. 4 press release from the residential lender indicated.

Kress was promoted from his role as associate general counsel, which he took on in February 2014. He worked in private practice for 15 years before joining Stonegate.

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From:: Financing

Quarterly mortgage originations increased at Stearns Lending Inc., while the size of the mortgage servicing portfolio was larger, and the number of people on the payroll rose.

Stearns reported as part of the Mortgage Daily Third Quarter 2016 Mortgage Origination Survey that it serviced 115,332 loans for $24.244 billion as of Sept. 30.

The Santa Ana, California-based company’s mortgage servicing portfolio grew from three months earlier, when the total came to 113,715 loans serviced for $23.857 billion.

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From:: Financing