Tag: finance

A settlement reached between JPMorgan Chase & Co.’s banking unit and the Federal Deposit Insurance Corp. will cover more than $600 million in litigation costs paid by the bank.

During the depths of the financial crisis in September 2008, Washington Mutual Bank was seized by the Office of Thrift Supervision — becoming the biggest bank failure in U.S. history.

The now-defunct OTS appointed the Federal Deposit Insurance Corp. as receiver, and the FDIC negotiated a deal for JP Morgan Chase Bank, N.A., to take over Seattle-based WaMu.

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From:: Financing

A home lender that focuses on the Hispanic market recently received an equity injection. Two other mortgage businesses were acquired, while another is part of a bank acquisition.

Panorama Point Partners announced on July 13 that it has closed on an expansion capital and an equity investment commitment in Las Vegas-based Alterra Home Loans LLC.

Alterra says that it focuses on the Hispanic marketplace, with more than two-thirds of last year’s mortgage production having reportedly been generated from Hispanic borrowers.

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From:: Financing

Quarterly mortgage lending shot up at Caliber Home Loans Inc. as the servicing portfolio increased and the size of the staff expanded.

As of mid-2016, Caliber serviced 342,001 residential loans for third parties that had an aggregate principal balance of $76.325 billion.

The data was revealed by the Irving, Texas-based firm as part of the Mortgage Daily Second Quarter 2016 Mortgage Origination Survey.

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From:: Financing

A group of black borrowers whose distressed home loans were sold to investors by the Department of Housing and Urban Development claim they’ve been discriminated against.

The mortgages at issue were originally insured by the Federal Housing Administration and sold through an auction to Lone Star Funds, an equity firm that is based in Dallas.

In their lawsuit, the borrowers claim that Lone Star’s mortgage servicing subsidiary, Caliber Home Loans Inc., didn’t provide them with required options for loan modifications.

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From:: Financing

Even though there was a modest improvement in rates, new mortgage business slowed this past week. Still, activity was solidly stronger than it was at this point last year.

At 174 in the week ended Aug. 19, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily retreated 6 percent from the report issued a week prior.
The index is a representation of the average number of rate locks submitted per user by customers of OpenClose during the seven days ended on Thursday at midnight.

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From:: Financing

There was a modest drop in mortgage rates this past week, and a similar decline is likely in the next report. Longer-term predictions are for a slight increase.

On mortgages that were closed during the month of July, thirty-year fixed rates averaged 3.87 percent, moving down 17 basis points from the prior month.

The improvement was even more significant compared to the same month during last year, when interest rates on residential loans averaged 4.29 percent.

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From:: Financing

Despite momentum that has been building in the implementation of a fully digital mortgage process, there are obstacles that need to be overcome.

Growing interest in digital mortgages has been fueled by borrowers’ desire for faster, simpler and more reliable service from mortgage providers.

Also helping to move the electronic mortgage movement forward has been the advantages that can be experienced by the nation’s residential lenders.

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From:: Financing

The president of a servicer has been charged with stealing nearly $3 million from loans included in mortgage-backed securities guaranteed by the Government National Mortgage Association.

Mortgage Security Inc. was an issuer of Ginnie Mae MBS. After the securities were issued, the Falmouth, Massachusetts-based organization handled the servicing for the residential loans.

Loans contained in Ginnie Mae MBS include mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs and Department of Agriculture.

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From:: Financing

For the fourth month in a row, government-sponsored enterprise refinances rose, and the Federal National Mortgage Association was behind the latest increase.

During June, there were approximately 177,090 Fannie Mae and Freddie Mac mortgages refinanced, according to an analysis of quarterly data on GSE refinances.

Refinance volume ascended compared to 173,217 in the previous month and has moved higher every month since February, when the total came to 130,076.

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From:: Financing

While the monthly volume of government-insured reverse mortgages increased from the retail channel, the wholesale channel experienced a decline.

In June, retail originators were responsible for 2,190 of the 3,763 home-equity conversion mortgages endorsed by the Federal Housing Administration.

Retail HECM originations picked up from the prior month, when the total was 2,034, but tumbled from a year prior, when the number was 2,971.

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From:: Financing