Foreclosures | Mortgages | Financing
Although customers who took out a new mortgage are more satisfied this year, a significant share have experienced buyer’s remorse.
The level of overall satisfaction among borrowers who closed on a residential loan is higher for this year than it was for last year.
But despite the improvement, a big share of borrowers who financed a home purchase were remorseful about their choice of lender.
From:: Financing
Before the impact of the presidential election, mortgages rates were already rising. In the next report, fixed interest rates are likely to leap.
In the Primary Mortgage Market Survey from Freddie Mac for the week ended Nov. 10, thirty-year fixed rates averaged 3.57 percent.
The last time that the secondary lender had 30-year fixed rates this high was in the week ended June 9, when the average was 3.60 percent.
From:: Financing
The election of Donald J. Trump as president of the United States could have a huge impact on the regulation of financial services and the mortgage industry.
Trump has pledged to dismantle much of the landmark Dodd-Frank Wall Street Reform Act of 2010. Few mortgage lenders are likely to oppose this.
And with the recent appellate court ruling in PHH Corp.’s lawsuit against the Consumer Financial Protection Bureau, the agency’s director could be removed.
From:: Financing
In addition to reducing the size of its residential loan servicing portfolio, Walter Investment Management Corp. cut the size of its staff.
Before income taxes, Walter had a $158 million loss during the three months ended Sept. 30, worsening from $132 million a year earlier.
Those were some of the details disclosed by the Tampa, Florida-based mortgage banking firm in its third-quarter 2016 earnings report.
From:: Financing
Allegations that PHH Mortgage Corp. has been deficient in its mortgage origination and servicing practices in New York have been been settled.
The Multistate Mortgage Committee, a group of several state regulators, conducted an examination of PHH that uncovered weaknesses.
PHH was allegedly found to have failed to provide accurate Good Faith Estimate disclosures to mortgage borrowers for their residential loans.
From:: Financing
A modest boost in applications for loans to finance a home purchase was outdone by a reduction in mortgage refinance applications.
In the week ended Nov. 4, the Market Composite Index moved down by a seasonally adjusted 1 percent from the previous week.
The index, a measure of home loan application volume, dipped 2 percent when seasonal adjustments are eliminated from the calculation.
From:: Financing
FORTUNE’s latest list of the fastest-growing publicly traded companies is out, and there are several mortgage-related firms — mostly banks — that made the cut this year.
At the top of the ranking for all industries was Rolling Hills Estates, California-based Natural Health Trends, a multilevel marketer of beauty products and nutritional supplements.
The rankings factor in the revenue-growth rate, earnings-per-share growth rate and the annualized total return for the three years ended June 30, 2016, according to FORTUNE.
From:: Financing
Mortgage earnings didn’t move on a quarter-over-quarter basis at Regions Financial Corp., while a modest gain was made with originations. But there was growth in mortgage servicing.
Before income taxes, Regions earned $471 million from continuing operations during the three months ended Sept. 30. Income accelerated from $378 million earned one year prior.
The Birmingham, Alabama-based parent of Regions Bank released the numbers, in addition to other operational and financial metrics, as part of its third-quarter 2016 earnings report.
From:: Financing
Quarterly home lending activity moved higher, the residential loan servicing portfolio grew larger, and employment expanded at Guild Mortgage Co.
As of Sept. 30, the San Diego-based mortgage banking firm serviced 146,026 residential loans with an aggregate principal balance of $27.876 billion.
The portfolio, along with other operational metrics, were disclosed as part of the Mortgage Daily Third Quarter 2016 Mortgage Origination Survey.
From:: Financing
Earnings and new mortgage insurance activity increased at Essent Guaranty Inc., while its book of business grew. Defaults worsened, though.
Hamilton, Bermuda-based Essent Group Ltd. reported Friday that its income before income taxes came to $83 million in the third quarter.
Earnings increased from $74 million during the previous three-month period and were also better than the $60 million earned a year earlier.
From:: Financing