Foreclosures | Mortgages | Financing
Despite a weak report on the U.S. job market, the number of people working in real estate finance has reached the highest level in nearly 10 years.
U.S. nonfarm payroll employment grew by 156,000 during September, retreating from an already weak but upwardly revised 167,000 the prior month.
The report released Friday from the Bureau of Labor Statistics, however, showed stronger growth than September 2015’s upwardly revised 149,000.
From:: Financing
Could one senator’s transformation to Trump supporter from adversary of the billionaire be a signal that the Republican lawmaker from the Lone Star State has his eye on a cabinet post that impacts home lending?
Last month, Sen. Ted Cruz (R-Texas) endorsed Trump for chief executive of the United States. Cruz worked the phones Thursday for Trump, though the LA Times said he never explicitly said to vote for Trump.
The decision to throw his support behind the GOP nominee was made after Trump referred to Cruz as “Lying Ted;” offended his wife, Heidi Cruz; and suggested Cruz’s father was associated with Lee Harvey Oswald.
From:: Financing
Interest rates on residential loans held steady this past week. But an increase is likely in the next report unless tomorrow’s employment report is weak.
The Primary Mortgage Market Survey from Freddie Mac had fixed rates on 30-year mortgages averaging 3.42 percent in the week ended Oct. 6.
Although there was no change in long-term rates compared to the previous week, rates have declined from 3.76 percent in the same week last year.
From:: Financing
Thousands of underwater borrowers in Georgia have applied to take advantage of money available in the state from the Hardest Hit program.
The Hardest Hit Fund was created in 2010 to help borrowers in housing markets that were most negatively impacted by the housing crisis.
An announcement indicated $110 million is available in Georgia from the program, which is funded through the Troubled Asset Relief Program.
From:: Financing
The owner of a defunct mortgage firm is accused using fake appraisals and fraudulent documents in a multi-million-dollar mortgage fraud conspiracy.
Century III Home Equity opened in 1994 and enabled founder James Nassida to purchase a $1.3 million house, a vacation home and an Aston Martin.
The motto for the South Hills, Pennsylvania, company, which grew annual production to 700 units, was, “We do what it takes to get the loan closed.”
From:: Financing
Although there was a quarterly improvement in the performance of home-equity loans, the rate of late payments deteriorated on home-secured credit lines.
As of the second quarter of this year, delinquency of at least 30 days on closed-end installment loans owned by the nation’s banks came in at 1.35 percent.
Thirty-day delinquency on consumer credit, which reflects payment performance on eight closed-end installment loan categories, was the lowest on record.
From:: Financing
Credit conditions in the residential lending business are more lax now than they have been at any time since the financial crisis erupted.
The Mortgage Credit Availability Index, a standardized quantitative index that is focused on mortgage credit, was 167.0 in September.
Historical data indicate that the last time the index was this high was prior to June 2008, when the nation was descending into the financial crisis.
From:: Financing
The head of KB Home told investors that the builder is ending the joint venture with Nationstar Mortgage LLC due to the level of service.
Last month, Los Angeles-based KB Home disclosed that it was winding down its joint venture with Nationstar, Home Community Mortgage.
The assets and operations of the partnership, which was established with Nationstar in 2013, are being transferred to Stearns Lending LLC.
From:: Financing
A foreclosure action on a $2.5 million home loan has been dismissed by a state judge in New York because the statute of limitations was exceeded by the mortgage lender.
Samuel and Patricia Rudick, who is now deceased, consolidated three notes in 2006 into a $2.47 million mortgage loan that was held by JPMorgan Chase Bank, N.A.
After the borrowers defaulted, Chase started foreclosure proceedings in 2008. But that action was discontinued, and a second foreclosure action was commenced in 2014.
From:: Financing
A deal has been reached to transfer ownership on nearly $1 billion in severely distressed government-sponsored enterprise residential loans.
The transaction, which was facilitated through the auction process, involves 5,364 mortgages that are deeply delinquent and non-performing.
Four pools that had a collective unpaid principal balance of $962.7 billion were sold at a weighted average price that wound up in the mid-70s.
From:: Financing