Tag: finance

Although securitizations have risen for three consecutive months at Fannie Mae, issuance at its two agency counterparts fell to the lowest levels in at least nine months — pulling down overall activity.

Issuance of fixed-rate mortgage-backed securities on behalf of Fannie, Freddie Mac and Ginnie Mae came to $100.114 billion during the first month of this year.

Volume declined from December 2017, when issuance totaled $107.220 billion. The drop was even more steep versus the $131.706 billion issued in January 2017.

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From:: Financing

A former Fannie Mae employee has been charged with taking bribes on real-estate owned properties. It’s the second time an employee from the same office has been accused of such crimes.

Shirlene Hernandez worked as an REO foreclosure specialist for the Federal National Mortgage Association in Irvine, California. She assigned REOs to listing brokers and approved the sales.

When Hernandez, 45, approved the sale of a company-owned foreclosed property, the decision was supposed to be based on offers submitted by real estate brokers.

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From:: Financing

Monthly delinquency on securitized commercial real estate loans fell to the lowest level since 2016, and office loans led the improvement. But hotel delinquency substantially deteriorated.

Thirty-day delinquency on loans that are part of commercial mortgage-backed securities was 4.83 percent as of Jan. 31 — the lowest rate since it was 4.78 percent in September 2016.

CMBS delinquency declined from 4.89 percent in December 2017. It was the seventh month in a row that 30-day delinquency on securitized CRE loans has moved lower.

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From:: Financing

A federal appeals court has ruled in a closely followed case that the Consumer Financial Protection Bureau’s structure is constitutional.

The decision was handed down on Wednesday by the U.S. Court of Appeals for the District of Columbia Circuit for a petition for rehearing by PHH Corp.

The case first took shape in early 2014 when the CFPB accused the Mount Laurel, New Jersey-based firm and four subsidiaries of violating the Real Estate Settlement Procedures Act.

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From:: Financing

Fewer prospective borrowers applied for a mortgage last week, though purchase-money activity has strengthened over the past year. Government share was more narrow.

A seasonally adjusted 3 percent decline from the week that included the Martin Luther King Jr. holiday was recorded for the Market Composite Index for the seven days ended Jan. 26.

The index, which is a measure of retail residential loan application volume, rose 12 percent from the week ended Jan. 19 when seasonal factors are ignored.

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From:: Financing

Changes are being made by Radian Guaranty Inc. to its guidelines for borrowers who have high debt-to-income ratios. The action follows a similar move by another competitor.

The Philadelphia-based mortgage insurance company said it has been actively monitoring commitments on home loans where the DTI ratio exceeds 45 percent.

More specifically, Radian has been monitoring such transactions when they involve the higher DTI ratio as well as additional layers of credit.

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From:: Financing

National home values continued to appreciate, with some home price indices continuing to set new records. While Seattle continued to lead the price gains, the nation’s capitol hasn’t fared so well.

In November 2017, the Case-Shiller 20-City Composite Home Price Index was reported to be 204.21. That was just over 1 percent short of its July 2006 record high and 52 percent above its March 2012 low.

The index, which is a value-weighted average of 20 metropolitan area indices, ascended 0.2 percent from the prior month. Compared to the same month in 2016, the 20-city index has escalated 6.4 percent.

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From:: Financing

With his appointment of Mick Mulvaney as acting director of the Consumer Financial Protection Bureau, President Donald J. Trump is undoing much of what Richard Cordray put in place.

Among leading Republicans and the White house, President Barack H. Obama’s appointee to bring the bureau to life represents so much of what they are trying to change.

Mulvaney referred to Cordray’s excessive regulation in a memo last week to the bureau’s staff in stating, “the days of aggressively ‘pushing the envelope’ of the law in the name of the ‘mission’ are over.”

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From:: Financing

More than two months after firing its mortgage chief, Wells Fargo & Co. has named a permanent replacement from within the organization.

In November, Franklin Codel was fired as head of the San Francisco-based bank-holding company’s mortgage business.

Codel, who had been in the job since August 2015, was reportedly dismissed because of disparaging comments made to a former employee about the regulatory system and golden parachute payments.

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From:: Financing

Mortgage servicing and staffing both expanded at loanDepot LLC. But despite a quarter-over-quarter rise in home lending, there was a year-over-year decline.

As of the end of last year, the Foothill Ranch, California-based company serviced 203,588 single-family loans with an unpaid collective balance of $46.765 billion.

loanDepot revealed the data, as well as other operational metrics, as part of its participation in the Mortgage Daily Fourth Quarter 2017 Mortgage Origination Survey.

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From:: Financing