Foreclosures | Mortgages | Financing
Strengthening in the mortgage refinance category was behind a week-over-week improvement in the volume of applications for residential loans.
A seasonally adjusted 3 percent increase from one week prior was recorded for the Market Composite Index for the week ended Sept. 30.
Foregoing any seasonal adjustments, the index, a measure of home-loan application volume, still moved up 3 percent from the previous report.
From:: Financing
Several executives recently appointed at home-lending firms are mid-level managers who oversee various origination channels at a number of different locations.
On Tuesday, Castle & Cooke Mortgage LLC reported that it brought on Glenn Hodge as a regional manager to oversee an expansion in the Midwest and East.
Hodge’s three decades in the mortgage business include time at Taylor Bean & Whitaker Mortgage Corp., Washington Mutual Inc. and Wells Fargo Bank, N.A.
From:: Financing
Compared to a month earlier, the volume of federally insured reverse mortgages was lower. There was also a decline from a year earlier.
Originators of home-equity conversion mortgages generated 3,741 endorsements by the Federal Housing Administration during September.
The volume of HECM production tumbled compared with the previous month, when there were 4,387 HECMs that were endorsed by FHA.
From:: Financing
After losing a chunk of outsourcing business earlier this year from its largest client, PHH Corp.’s operating subsidiary will lose the rest of the client’s business.
In April, Merrill Lynch Home Loans advised PHH Mortgage Corp. that it planned to handle new applications and originations for some products in-house.
Merrill Lynch, a subsidiary of Bank of America, N.A., additionally indicated that it had significantly reduced its volume forecast for the remainder of this year.
From:: Financing
An increase from this year to 2017 in the volume of new loans to finance home purchases will be more than offset by a sharp drop in refinance production.
During all of 2016, residential loan originations are expected to total between 7.6 million loans for $1.756 trillion and 8.5 million loans for $1.936 trillion.
Business is projected to retreat next year, with the forecast ranging from 5.8 million loans funded for $1.403 trillion to 6.1 million loans for $1.478 trillion.
From:: Financing
A pair of Utah mortgage firms have agreed to settle for nearly $10 million allegations they violated the False Claims Act on government-insured loans.
Both companies have been approved as Direct Endorsement Lenders for the Federal Housing Administration insurance program since at least 2006.
The lenders, which are both based in Salt Lake City, are accused of knowingly originating and approving FHA loans that didn’t meet applicable requirements.
From:: Financing
Residential loan performance on mortgages serviced by large banks worsened, though there was a decline in new, pending and completed foreclosures.
First-lien delinquency of at least 30 days as of the second quarter, including foreclosures in process, came to 5.3 percent at federally regulated banks.
The past-due rate rose from 5.1 percent as of the end of the first quarter. But there was an improvement from 6.2 percent as of the second-quarter 2015.
From:: Financing
After heading north for the 23rd month in a row, the Monthly Treasury Average has now escalated to its highest reading since late in 2009.
For September, the MTA was calculated to be 0.54167 percent, according to a Mortgage Daily analysis of Federal Reserve Board data.
Based on historical data, the index stands at its highest level since October 2009, when it was 0.54417 percent — an all-time low at the time.
From:: Financing
As loan performance and efficiency continues to improve at banks, they have reduced their mortgage servicing staffs even as non-banks have held steady.
Residential loan servicing businesses at the nation’s banks currently employ an average of approximately 4,000 full-time mortgage servicing employees.
Staffing within the financial institutions’ servicing operations has thinned considerably compared to two years ago, when average headcount was around 8,000.
From:: Financing
A settlement reached between the Royal Bank of Scotland’s U.S. securities unit and Connecticut is the largest in the state’s history.
RBS Securities Inc. served as lead underwriter on residential mortgage-backed securities that contained subprime home loans.
In all, RBS was involved in 250 RMBS transactions for $250 billion that were issued between January 2005 and December 2008.
From:: Financing