Foreclosures | Mortgages | Financing
Quarterly earnings and mortgage originations improved at Ocwen Financial Corp. Meanwhile, the mortgage servicing portfolio and staffing have been reduced.
Pre-tax income was $2 million in the period that began on July 1, 2016, and concluded on Sept. 30. Earnings swung from a $96 million second-quarter loss.
The West Palm Beach, Florida-based organization detailed its financial and operational performance Wednesday in its third-quarter 2016 earnings report.
From:: Financing
Secondary mortgage activity dipped last month at Freddie Mac. Meanwhile, a new eight-year low was established for serious residential loan delinquency.
Freddie Mac concluded September with a total mortgage portfolio of $1.9840 trillion. The portfolio balance was up from $1.9795 trillion the prior month.
The data, along with other operational metrics, were reported by the McLean, Virginia-based company in its Monthly Volume Summary: September 2016.
From:: Financing
Mortgage earnings and originations at Huntington Bancshares Inc. improved as mortgage assets and servicing were boosted by an acquisition.
Before income taxes, Huntington earned $152 million during the three months ended Sept. 30. Income fell from $229 million during the prior period.
Those details and more were delivered Wednesday by the Columbus, Ohio-based bank-holding company in its third-quarter 2016 earnings report.
From:: Financing
The number of prospective home loan borrowers who submitted a new application fell last week, with applications from home buyers taking the biggest hit.
During the week ended Oct. 21, the volume of new U.S. retail residential mortgage applications declined a seasonally adjusted 4 percent from the prior week.
That was according to the Market Composite Index, which actually moved up 7 percent from a week earlier when no adjustments are made for seasonal factors.
From:: Financing
After leading the rate of new home sales lower in August, the Northeast was out front of a month-over-month and year-over-year gain last month. Home prices climbed.
There were 46,000 new houses that were sold during September. That turned out to be a thousand fewer property sales than the prior month’s downwardly revised level.
But the sale of new houses exceeded the volume reported for the same month last year, when there were a downwardly revised 35,000 transactions that were closed.
From:: Financing
In addition to a quarter-over-quarter and year-over-year increase in home lending, Quicken Loans Inc. expanded the size of its mortgage servicing portfolio.
As of Sept. 30, 2016, the Detroit-based firm serviced $229.0 billion in residential loans. The servicing portfolio grew from $215.0 billion three months earlier.
The data, along with other operational metrics, were disclosed by Quicken as part of the Mortgage Daily Third Quarter 2016 Mortgage Origination Survey.
From:: Financing
Integrated mortgage disclosures that went into effect last year caused much anxiety for the industry at the time. But the head of the Consumer Financial Bureau says things are moving along smoothly now.
In October 2015, disclosures required under the Truth in Lending Act and the Real Estate Settlement Procedures Act went into effect. The TILA-RESPA Integrated Disclosures became known as TRID.
The was much concern at the time about difficulty integrating information technology systems and getting multiple players on the same page in dealing with the Loan Estimate and Closing Disclosure.
From:: Financing
The average volume of mortgage complaints has fallen from a year ago versus a rise in overall complaints, though there’s recently been a flip flop.
Consumers filed a monthly average of 26,134 complaints against providers of financial services during the three months ended September 2016.
Complaint volume worsened compared to the same three-month period last year, when there were an average of 24,845 complaints filed.
From:: Financing
A Pennsylvania man and his sister have been tried for and convicted of committing mortgage fraud through his mortgage brokerage business.
James Nassida owned and operated Century III Home Equity. His sister, Janna Nassida, was a manager and loan originator for the firm.
According to federal prosecutors, loans originated through the company contained fraudulent appraisals that had inflated property values.
From:: Financing
Mortgage bankers have lifted their estimate of overall originations from last year through 2018 by more than $300 billion — including an over $250 billion boost to refinances.
Overall mortgage originations are expected to amount to $470 billion during the final-three months of this year then fall to $400 billion in the first three months of next year.
Residential loan production, which includes refinances and purchase financing, is then expected to bounce back up in the second quarter of next year — reaching $440 billion.
From:: Financing