Tag: finance

The fraudulent account scandal at Wells Fargo & Co. had an immediate impact on its home lending business, though quarterly mortgage production and earnings improved.

Prior to income taxes, Wells Fargo earned $8.3 billion from July 1 through Sept. 30. Earnings inched up from $8.2 billion the prior quarter but fell from $8.8 billion a year prior.

The San Francisco-based bank-holding company divulged the numbers, as well as other financial and operational results, Friday in its third-quarter 2016 earnings report.

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From:: Financing

Although one mortgage conference was canceled due to the recent hurricane, another is set to start next week. Several events are targeting banking executives.

Harrah’s Convention Center in Atlantic City, New Jersey, is the location of the 8th Annual Northeast Conference of Mortgage Brokers and Professionals.

The event, which takes place from Oct. 17 through Oct. 20, costs between $165 and $330 depending on association membership status and sessions attended.

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From:: Financing

Home-lending activity was up by a fifth at Lake Michigan Credit Union’s, as the size of its servicing portfolio rose, and its mortgage payroll grew larger.

There were 55,030 residential loans being serviced for $8.513 billion as of the end of the third-quarter 2016 at the Grand Rapids, Michigan-based firm.

The numbers, as well as other operational metrics, were revealed as part of the Mortgage Daily Third Quarter 2016 Mortgage Origination Survey.

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From:: Financing

More than $800 million in previously delinquent home loans owned by the Federal National Mortgage Association that are now performing are for sale.

In all, a pool of 3,600 residential loans with an aggregate principal balance of $806 million is being auctioned off by the Washington-based organization.

The reperforming mortgages have been delinquent in the past but have since become current. In some cases, loans were brought current with modifications.

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From:: Financing

A federal appeals court has ruled in favor of PHH Corp. in an action challenging a Consumer Financial Protection Bureau order and its structure.

In June 2015, CFPB Director Richard Cordray issued an order requiring PHH to pay $109 million over kickbacks received for reinsurance.

The hundreds of millions of dollars received by PHH were in violation of the Real Estate Settlement Procedures Act, according to the regulator.

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From:: Financing

While serious delinquency on home loans retreated to a nearly nine-year low, the number of homes repossessed rose for the third month in a row.

Loans at least 90 days past due accounted for 2.8 percent of all mortgages outstanding as of Aug. 31 — the lowest rate since September 2007.

The rate of serious mortgage delinquency was previously reported at 2.9 percent as of one month prior and 3.4 percent as of one year previous.

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From:: Financing

As the loan servicing portfolio expanded, and the number of employees climbed past 2,000 at Primary Residential Mortgage Inc., originations crept up.

As of Sept. 30, the Salt Lake City-based mortgage-banking firm serviced 13,045 residential loans with a collective unpaid balance of $2.418 billion.

PRMI provided the details about its operations as part of its participation in the Mortgage Daily Third Quarter 2016 Mortgage Origination Survey.

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From:: Financing

Slight month-over-month deterioration was recorded for securitized commercial real estate loans, and office building loans led the way.

Sixty-day delinquency on loans that are included in commercial mortgage-backed securities finished September 2016 at 3.18 percent.

CMBS loan delinquency moved higher compared to one month previous, when the 60-day past-due rate worked out to 3.15 percent.

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From:: Financing

A week-over-week slowdown in refinancing activity helped pull down overall new mortgage activity. But one category — jumbo business — turned positive for the week.

An indication of upcoming residential loan originations, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily, was 162 in the week ended Oct. 7.

New loan activity declined 9 percent from the previous seven-day period. But compared to the same week last year, new business has improved by 15 percent.

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From:: Financing

Monthly loan securitizations on behalf of the Government National Mortgage Association soared to a new all-time high, with jumbo activity reaching a record high.

Issuance of Ginnie Mae mortgage-backed securities came to $54.639 billion during September — the biggest month on record for the government-owned corporation.

The findings, based on an analysis of monthly operational data reported by the Washington-based firm, indicate that there were $48.424 billion in prior-month issuance.

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From:: Financing