Foreclosures | Mortgages | Financing
As home values near pre-crisis levels, the Northwest led the gain from a year earlier. But New York state had a strong month-over-month showing.
One widely watched measure of U.S. house prices, the S&P CoreLogic Case-Shiller Composite-20 Home Price Index, landed at 190.91 in July.
The index, which was reported on Tuesday, inched up 0.6 percent versus the previous month. Compared to a year previous, it increased 5.0 percent.
From:: Financing
Some of the charges in a government securities lawsuit against former top executives of bankrupt Thornburg Mortgage Inc. have been dropped.
Amid the financial crisis, Thornburg — a now-defunct jumbo mortgage lender based in Santa Fe, New Mexico — filed bankruptcy in 2009.
In a 2012 lawsuit, the Securities and Exchange Commission alleges senior executives hid more then $400 million in losses, leading to its demise.
From:: Financing
An Arkansas bank has failed. Meanwhile, the failure of a much larger bank seven years ago proved to be very profitable for the acquirer.
Last Friday, the Arkansas State Banking Department seized Allied Bank and closed down the Mulberry, Arkansas, financial institution.
Allied Bank, which was established back in 1902, reported that there were 40 people who were on its payroll of its the middle of this year.
From:: Financing
A new program from the Federal Home Loan Mortgage Corp. utilizes a panel of mortgage insurance companies to share credit risk.
Freddie Mac is using a new front-end credit risk transfer offering, Freddie Mac Deep MI CRT, according to an announcement Monday.
The pilot credit risk sharing program utilizes a forward credit insurance policy through a panel of mortgage insurance company affiliates.
From:: Financing
Wells Fargo & Co.’s banking subsidiary has agreed to settle allegations that it violated federal law on telephone calls made in connection with home loans.
A class action lawsuit filed against Wells Fargo Bank, N.A., alleges that it called, or sent non-emergency texts to, cellphones without prior express consent.
The calls were reportedly made by the financial institution utilizing an automatic telephone dialing system or using artificial or prerecorded voice technology.
From:: Financing
After delaying an update to its automated underwriting system that will accommodate non-traditional credit, the Federal National Mortgage Association has taken it live.
Fannie Mae disclosed in June that the planned June 25 release date for Desktop Underwriter Version 10.0 would be delayed to ensure a successful implementation.
DU 10.0 utilizes trended credit data to provide an enhanced credit risk assessment and new automated underwriting capabilities for applicants without traditional credit.
From:: Financing
The nation’s new home sales slowed in August, though they still remain strong. While sales in the Northeast plunged, they moved higher in the West.
Last month, the sale of new U.S. homes preliminarily totaled 50,000 units, slowing from July’s nearly nine-year high of 57,000 new houses sold.
But despite the month-over-month decline, sales picked up from August 2015, when the new home sales total was a downwardly revised 41,000.
From:: Financing
In conjunction with updates being made to the Federal National Mortgage Association’s automated underwriting system, Genworth Mortgage Insurance is making changes of its own.
Loans with nontraditional credit that receive an approve/eligible recommendation from Fannie Mae’s Desktop Underwriter will be eligible for delivery on a delegated or non-delegated basis.
But the Raleigh, North Carolina-based firm noted that loans which don’t receive an approve/eligible recommendation will still need to be manually underwritten based on standard guidelines.
From:: Financing
A new initiative will provide individual loan originators with $10,000 to help them start up their own new mortgage brokerage firm.
The KickStart program has been launched to grow the broker channel, the National Association of Mortgage Brokers announced Friday.
According to NAMB, which also operates as the Association of Mortgage Professionals, the KickStart program will begin immediately.
From:: Financing
With the opening of a new regional facility in Florida, Fay Servicing LLC plans to staff the location with a hundred new employees.
The Chicago-based mortgage servicer is opening a new office in Tampa, Florida, that will be its southeastern regional headquarters.
Fay Servicing, which already employs more than 500 people across the country, is adding a host of new positions at the new office.
From:: Financing