Foreclosures | Mortgages | Financing
A modest gain in weekly mortgage applications was driven by an increase in refinance activity. Government share of new business was more broad.
Retail residential loans applications increased 3 percent on a seasonally adjusted basis from the previous seven-day period for the week ended Aug. 26.
That was based on the Market Composite Index, a measure of mortgage loan application volume, which moved up 2 percent on an unadjusted basis.
From:: Financing
Recent appointments in real estate finance include a pair of regional managers, a production manager and a consumer-direct executive.
Steve Mix was hired as the new executive vice president, consumer direct, at Rushmore Loan Management Services LLC in April.
Mix, who left his job as executive vice president at Nationstar Mortgage LLC, has more than 30 years’ mortgage industry experience.
From:: Financing
Although there has been no reduction from a year ago in overall financial services complaints, the mortgage industry has made an improvement.
From May 1 through July 31 of this year, U.S. consumers filed an average of 23,968 complaints per month against providers of financial services.
That was higher compared to the period from April 1 through June 30, when the average volume of overall monthly complaints came in at 23,906.
From:: Financing
Home values moved higher last month both on a month-over-month and year-over-year basis, and the Northwest was out front of the gains.
As of June, the S&P CoreLogic Case-Shiller 20-City Composite Home Price Index was 189.87, according to data released Tuesday.
U.S. home prices have increased 0.8 percent compared to one month previous.Home prices were 5.1 percent higher than a year previous.
From:: Financing
An escalation in prepayment volume pushed up quarterly losses from mortgage servicing rights activity and drove earnings at the mortgage servicers deeper into the red.
Residential loan servicers lost an average of over 8 basis points on each loan that they serviced during the period that started on April 1, 2016, and concluded on June 30.
Average earnings deteriorated compared to the first quarter, when losses amounted to less than 6 BPS, and swung from an 11-basis-point profit in the second-quarter 2015.
From:: Financing
As quarterly loan originations increased, independent mortgage bankers cut their per-loan employee expenses and doubled the bottom line.
Total net production income at independent U.S. residential lenders averaged 73 basis points during the three months that ended on June 30.
Earnings more than doubled from the first quarter, when net income was 36 BPS, and was also up from 67 BPS in the second-quarter 2015.
From:: Financing
The former chairman and chief executive officer of MGIC Investment Corp. has passed away, according to the mortgage insurance company.
William H. Lacy joined the Milwaukee-based company in 1971. In 1985 he became CEO of subsidiary Mortgage Guaranty Insurance Corp.
In 1987 he was named CEO of MGIC Investment, while he was elected chairman by the parent company’s board of directors in January 1999.
From:: Financing
New business was virtually unchanged at the Federal National Mortgage Association, while delinquency fell to a new eight-year low.
The Washington-based company’s total book of business concluded July at $3.1032 trillion, according to its monthly summary.
Fannie Mae trimmed the balance from $3.1038 trillion one month previous and reduced it from $3.1067 trillion one year previous.
From:: Financing
Topics to be covered at upcoming mortgage-related events include credit union issues, asset-backed securities and politics. One of the events will focus on mortgage loan originators.
National Mortgage Insurance Corp. and ISGN Corp. are co-hosting the Chicago Mortgage Leadership Roundtable on Sept. 15 at the Pinstripes Oak Brook in Oak Brook, Illinois.
According to a news release this month, the roundtable — the fifth in a series — is a gathering of prominent housing industry experts who will discuss the direction of the mortgage industry.
From:: Financing
A $5.5 billion lawsuit filed by the trustee for bankrupt Taylor Bean and Whitaker Mortgage Corp. against an auditor has been settled.
Ocala, Florida-based Taylor Bean collapsed in 2009 following its suspension by the Federal Housing Administration and Ginnie Mae.
Turns out, however, that senior executives at the company had been running a massive fraud scheme involving their warehouse lender.
From:: Financing