Foreclosures | Mortgages | Financing
A reverse mortgage that lands in foreclosure is behind a string of Texas bank robberies that take place in a fictional outlaw motion picture.
In Hell or High Water, a woman takes out a reverse mortgage on the family farm. When she dies, the bank attempts to take back the property.
But her two sons, who are aware that there is oil under the land, go on a bank-robbing spree to pay off the loan and avoid foreclosure.
From:: Financing
A monthly improvement was reported for serious mortgage delinquency, the rate of foreclosures and completed foreclosures.
The rate of 90-day delinquency on the nation’s book of residential loans closed out the month of July 2016 at 2.9 percent.
Serious mortgage delinquency declined to its lowest level since May 2016, when it was previously reported at 2.8 percent.
From:: Financing
A trio of mortgage executives has been promoted at New York-based JPMorgan Chase & Co. The appointments are in consumer, retail and correspondent lending.
Sean Grzebin has been appointed to managing director, mortgage banking head of consumer originations, a spokeswoman for the financial services company confirmed.
Grzebin was promoted from his role as head of retail mortgage banking. His LinkedIn profile indicates that he originally came on board at Chase in August 2011.
From:: Financing
For those in mortgage-related businesses, there are still dozens of opportunities to attend conventions and workshops throughout the rest of this year.
From September through the end of this year, there are 85 events on Mortgage Daily’s conference calendar. This month is the busiest with 34 events listed.
The conference calendar dates back to 1999 and includes links to articles about many of the events — with photos included for some older conventions.
From:: Financing
Just days after coming to figurative blows with each other, community banks and credit unions are now united in their outrage over Wells Fargo Bank, N.A.
On Thursday, the Consumer Financial Protection Bureau announced a settlement with the Wells Fargo & Co. subsidiary that included a $100 million penalty.
It was the biggest such penalty ever imposed by the CFPB and was in addition to another $85 million Well Fargo will pay to its bank regulator and a city attorney.
From:: Financing
Mid America Mortgage Inc. has revealed plans to begin acquiring delinquent loans that are insured by the Federal Housing Administration.
An announcement Tuesday from the Addison, Texas-based firm said it will purchase the loans as part of its whole-loan purchase program.
Mid America gained national attention when it began buying residential loans that don’t meet TILA-RESPA Integrated Disclosure requirements.
From:: Financing
More than $1 billion in government-sponsored enterprise mortgages that are not performing are being offered for sale to the highest bidder.
The offering includes $1.1 billion in whole non-performing residential loans that are owned by the Federal Home Loan Mortgage Corp.
Five pools being offered for sale include four standard pool offerings and one extended pool offering that is targeted at smaller investors.
From:: Financing
A trio of community banks have recently been recognized for their ability to be innovative in their utilization of social media platforms.
Among the three financial institutions is Bank of Ann Arbor, which is behind the Sonic Lunch event each Thursday from June to August.
The free concert series features national touring bands performing in Downtown Ann Arbor, Michigan, drawing an estimated 25,000 people.
From:: Financing
A holiday slump in new mortgage business was led by purchase financing. But, fueled by a dip in interest rates, refinance activity was up the second week in a row.
In the week ended Sept. 9, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily — an indication of upcoming loan originations — was 169.
Compared to the report from the previous week, the index, a reflection of rate locks submitted by clients of OpenClose, moved lower by just over 1 percent.
From:: Financing
A former attorney who is a defendant in the trial of the mob’s takeover of FirstPlus Financial Group Inc. has received an unusually light sentence for his role.
Nearly a decade ago, individuals associated with the Lucchese La Cosa Nostra crime family orchestrated the takeover of the Texas-based mortgage firm.
They allegedly stole more than $14 million — using the money to buy fancy cars, a yacht and expensive gifts for their mistresses during 2007 and 2008.
From:: Financing