Foreclosures | Mortgages | Financing
A Florida mortgage banking executive who previously sold his mortgage company to Warren Buffett’s Berkshire Hathaway Inc. has died of heart failure.
James Newmeyer became a certified mortgage banker in 1978 and was vice president at firms like AmeriFirst Mortgage Corp. and Centrust Mortgage Corp.
He subsequently became president of Embassy Financial Services which he sold to the Warren Buffett-led conglomerate Berkshire Hathaway in 2003.
From:: Financing
Among dozens of job openings that are currently being filled at several mortgage-related organizations are residential loan underwriters.
Last month, Embrace Home Loans reported that it was expanding staff across the country. Headcount currently stands at 735 employees.
After that story was published, details were provided by Embrace about the staff additions, which will be made throughout the rest of this year.
From:: Financing
Inadequate inventory was behind a disappointing monthly decline in existing home sales. Sales in the Northeast took the biggest hit.
During just the month of July 2016, U.S. residential home buyers purchased 514,000 houses that have been previously owned.
Existing home sales tumbled from a downwardly revised 582,000 one month previous and 551,000 units sold one year previous.
From:: Financing
Voracious growth has led Stearns Lending LLC to make changes to its management structure and to the titles utilized by its executive team.
The Santa Ana, California-based firm has grown its mortgage originations from less than $6 billion in 2011 to more than $25 billion last year.
During that same period, staffing has expanded from fewer than 900 employees at the end of 2011 to more than 1,900 people this year.
From:: Financing
Weekly applications for residential loans recently turned lower, and it was applications for mortgage refinance transactions that drove down overall activity.
As represented by the Market Composite Index, new applications for residential loans in the week ended Aug. 19 dipped 2 percent from a week earlier.
The index, which is seasonally adjusted, retreated 3 percent with no adjustments made for seasonal factors compared to the week that ended on Aug. 12.
From:: Financing
A securitization of primarily non-agency residential loans that don’t meet the requirements of the Qualified Mortgage rule has been completed.
The residential mortgage-backed securities included $119 million in senior classes of certificates and $13 million in subordinate classes.
But although the securitized loans are not considered QM, they do adhere to the Ability-to-Repay rule and require significant down payments.
From:: Financing
Servicing rights on almost $3 billion in residential loans backed by the government-sponsored enterprises are being auctioned off to the best bidder.
The non-recourse offering of mortgage servicing rights is being made on a portfolio of 12,713 Fannie Mae and Freddie Mac loans for $2.845 billion.
FNMA A/A mortgages make up 11,277 units with a principal balance of $2.490 billion, while there are 1,436 FHLMC ARC loans for $0.355 billion.
From:: Financing
For the second month in a row, the volume of new homes sold was the greatest it’s been in over eight years. The Northeast led the gain.
Home buyers purchased 57,000 new houses during July — the most new residential properties sold during any month since October 2007.
During the previous month, sales of newhomes were a downwardly revised 53,000, while the total was 43,000 in the same month last year.
From:: Financing
Several mortgage bankers recently reported a host of various loan production metrics in addition to residential loan servicing and staffing data. Some companies touted record activity.
U.S. credit unions held $341 billion in first mortgages as of June 30 — the most ever for the sector — Callahan & Associates reported. Holdings expanded by 10 percent from a year earlier.
Leading the growth was Iowa, where holdings rose 28 percent. Arkansas’ 27 percent was next, then Ohio’s 27 percent, Mississippi’s more than 20 percent and Maine’s nearly 20 percent.
From:: Financing
During each of the last four months, 30-day delinquency has deteriorated from a month earlier even as the foreclosure rate has improved.
July 2016 finished with 2.836 million residential U.S. loans that were either at least 30 days’ past due or in the foreclosure pre-sale inventory.
That was 100,000 more non-current mortgages than as of the end of the prior month. But the count dropped by 284,000 from a year prior.
From:: Financing