Tag: finance

The outgoing Federal Reserve Board chair had some harsh words — and harsh actions — for Wells Fargo & Co. on her way out the door.

Janet L. Yellen’s last day as chair of of the board of governors at the nation’s central bank was on Friday. On Monday, Jerome H. Powell was sworn in as chairman.

On Yellen’s last day, the Fed issued a cease and desist order against the San Francisco-based financial institution over multiple scandals that have been revealed over the past two years.

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From:: Financing

Demand for residential loans at the nation’s banks has weakened over the past three months. Meanwhile, credit standards on most residential products were mostly unchanged.

On single-family loans that meet government-sponsored enterprise qualifications, credit standards have eased at a 10th of banks from three months earlier.

Thirty-eight percent of smaller banks that make GSE loans reported that demand for such loans has diminished over the past three months.

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From:: Financing

A New Jersey loan officer is accused of altering his own personal banks statements to use for prospective borrowers on over 20 government-insured mortgages.

Between August 2013 and July 2014, Richard Patino was a mortgage loan originator for a home-lending firm that was based in New Jersey.

Patino originated residential loans insured by the Federal Housing Administration. Among the loans he originated were mortgages to finance a home purchase.

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From:: Financing

A residential lender in Indiana, which already claims to be the biggest mortgage originator in the state, has aspirations to become the largest home lender in the Midwest.

David Ruoff founded Ruoff Home Mortgage Inc. more than three decades ago. More recently, the company has opened a new location in Greensburg, Indiana.

Previously, Ruoff Home Mortgage has projected that its home loan originations for all of last year were expected to reach $2 billion.

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From:: Financing

The monthly rate of delinquency on securitized commercial real estate loans moved lower and stands 420 basis points below the peak. Multifamily delinquency was lowest — especially apartments located in business districts.

Delinquency of at least 60 days on loans that are part of commercial mortgage-backed securities concluded last year at 5.86 percent.

That’s a far cry from the 10.06 percent peak that was reached in July 2012. It was also a 44-basis-point improvement compared to the preceding month.

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From:: Financing

Thanks to a steep increase in up-front mortgage insurance premiums, federally insured reverse mortgage production surged last month to the highest level in nearly seven years.

Home-equity conversion mortgages endorsed by the Federal Housing Administration during January came to 6,313 units — the strongest month since 7,306 HECMs were endorsed in March 2011.

Monthly volume surged as prospective borrowers submitted more than 20,000 applications in September 2017 ahead of an increase in the initial FHA mortgage insurance premium on HECMs to 2.00 percent in October from just 0.50 percent.

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From:: Financing

The chief executive officer of Wells Fargo & Co. sat down to talk about a number of issues — including the bank’s recent scandals and home lending to minorities.

Following the disclosure in 2016 that the San Francisco-based company had created millions of unauthorized accounts, then-CEO John Stumpf was ousted.

Stepping up to take the reins was Tim Sloan, a long-time executive who, at the time, was Wells Fargo’s chief financial officer.

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From:: Financing

A federal lawsuit has been filed against Deutsche Bank and affiliates, Ocwen Financial Corp. and Altisource Portfolio Solutions Inc.

The complaint was filed Thursday in U.S. District Court for the Northern District of Illinois by the National Fair Housing Alliance and 19 fair housing organizations.

According to the plaintiffs, the defendants allegedly neglected foreclosed and real-estate-owned properties in minority neighborhoods in 30 metropolitan areas.

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From:: Financing

Mortgage rates moved to an 11-month high this past week thanks to expectations about Federal Reserve rate hikes. Some signs point to another increase in mortgage rates over the next week.

Thirty-year fixed interest rates on single-family loans averaged 4.22 percent in the seven days that concluded on Feb. 1, according to Freddie Mac’s Primary Mortgage Market Survey.

The last time that long-term mortgage rates were that high was in the week ended March 23, 2017, when Freddie reported the 30 year at 4.23 percent.

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From:: Financing

In addition to retreating for six consecutive months, delinquency on securitized commercial real estate loans now stands at the lowest level in more than eight years. Retail loans led the latest drop.

Last year ended with a 30-day delinquency rate of 2.41 percent for loans packaged in commercial mortgage-backed securities — the lowest rate since it was 2.28 percent in May 2009.

CMBS delinquency was 2.54 percent as of Nov. 30, 2017, while the 30-day past-due rate was 3.00 percent at the conclusion of December 2016.

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From:: Financing