Tag: finance

PHH Mortgage Corp.’s parent company has revealed that it is losing another large mortgage subservicing contract. As a result, the subservicing portfolio will be nearly cut in half this year.

In 2012, the Mount Laurel, New Jersey-based company announced a deal to subservice HSBC Mortgage Corp.’s prime mortgage holdings and third-party mortgage servicing portfolio.

The deal, which didn’t involve any asset transfers, additionally included an arrangement for PHH to manage mortgage processing for New York-based HSBC’s residential loans originations.

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From:: Financing

A settlement has been reached between the state of Washington and a pair of offshore affiliates of Ocwen Financial Corp. over unlicensed activities.

The West Palm Beach, Florida-based company’s servicing subsidiary, Ocwen Loan Servicing LLC, is licensed as a servicer in the state of Washington.

But Ocwen has reportedly been utilizing two offshore affiliates that were note licensed to handle some of its mortgage servicing in the Evergreen State.

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From:: Financing

While new weekly refinance activity slowed for the second week in a row, purchase-money business turned higher. Jumbo business had a healthy week-over-week gain.

A 3 percent decline from the previous week left the U.S. Mortgage Market Index from OpenClose and Mortgage Daily at 169 for the week that ended on Aug. 26.

Still, the index — a representation of average per-user rate locks submitted by clients of Open Close — has ascended 17 percent compared to the same week last year.

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From:: Financing

Secondary volume climbed to the highest level in a year at the Federal Home Loan Mortgage Corp., while delinquency held at an eight-year low.

The McLean, Virginia-based company closed out July with a total mortgage portfolio of $1.9660 trillion, growing from $1.9608 trillion a month earlier.

Freddie Mac has also expanded its total mortgage portfolio compared to the same point last year, when the balance came in at $1.9253 trillion.

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From:: Financing

Mortgage rates didn’t budge this past week, and the short-term outlook is totally dependent on tomorrow’s comments from the Federal Reserve Board.

Thirty-year fixed rates averaged 3.43 in Freddie Mac’s Primary Mortgage Market Survey for the week ended Aug. 25, no different than one week prior.

But a significant improvement has been made on residential interest rates compared to one year prior, when the 30 year was reported at 3.84 percent.

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From:: Financing

For each of the past three months, residential delinquency has deteriorated at the Federal Housing Administration. But cnew residential business climbed to the highest level in eight months.

FHA insurance was in force on 8,445,779 residential loans for a total of $1.2428 trillion as of June 30, according to an analysis of Department of Housing and Urban Development data.

The book of business expanded from a month earlier, when it stood at 8,448,630 loans for $1.2414 trillion, and a year earlier, when it was in force on 8,329,859 loans for $1.2042 trillion.

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From:: Financing

A new call center opening by next year in East Texas has Nationstar Mortgage LLC adding hundreds of new jobs in the region.

The Coppell, Texas-based company previously reported that it employs approximately 7,000 people across the entire country.

But that number is set to increase during the coming months thanks to the opening of a new customer contact center in East Texas.

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From:: Financing

Changes are being made to the procedures on government-insured mortgages that will reduce the number of steps needed to resolve delinquency and modify the loans.

An announcement Thursday from the Federal Housing Administration revealed new procedures intended to strengthen the process servicers use to avoid foreclosure.

FHA said that it is streamlining its loss mitigation protocols that residential loan servicers need to utilize when they are evaluating and deploying home-retention options.

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From:: Financing

A new program has been unveiled that will replace the Home Affordable Refinance Program. Until the new offering goes live, HARP will be extended.

HARP launched in April 2009. Since its debut, there have been 3,418,854 Fannie Mae and Freddie Mac loans that have been refinanced through HARP.

But interest in the program has recently been waning. During June, there were 5,872 mortgages refinanced through HARP — the slowest month on record.

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From:: Financing

The Golden State’s Senate has passed legislation that is intended to provide additional foreclosure protections for surviving spouses of deceased mortgage borrowers.

On Wednesday, California SB 1150, the California Homeowner Survivor Bill of Rights, passed the Senate by a vote of 22 to 13 and awaits Gov. Jerry Brown’s signature.

The bill would grant California widows and widowers who are not on the note greater protections against foreclosure and provide a better chance for a loan modification.

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From:: Financing