Foreclosures | Mortgages | Financing
Another round of mortgage servicing layoffs at Ditech Financial LLC brings to more than 220 the number of jobs recently cut.
Ditech advised the North Carolina Department of Commerce in July that it planned to layoff 65 employees in Greensboro.
In addition, the Tampa, Florida-based organization confirmed last month that it planned to cut 78 jobs in San Antonio, Texas.
From:: Financing
As loan-to-value ratios tightened last month, credit scores have risen each month this year. But a bigger proportion of loans closed as refinance share rose.
Out of all residential loans funded during July, 65 percent were conventional mortgages. Conventional share was greater than 62 percent one year prior.
Another 23 percent of last month’s business were loans insured by the Federal Housing Administration. FHA share slipped from 24 percent in July 2015.
From:: Financing
loanDepot Inc., which decided to put a planned initial public offering on hold late last year, has now tapped the debt markets for $150 million.
In October 2015, the Foothill Ranch, California-based firm revealed that it planned an IPO, though no details about the amount were disclosed.
But the following month, loanDepot postponed the planned IPO amid rocky conditions in the stock market when multiple IPOs were put on hold.
From:: Financing
Weekly mortgage applications moved lower, and the slow down applied to both purchase financing and refinancing applications.
In the week that ended on Aug. 12, applications for residential loans fell 4 percent from a week prior on a seasonally adjusted basis.
That was according to the Market Composite Index, which indicated there was a 5 percent decline without seasonal adjustments.
From:: Financing
A portfolio of mortgage servicing rights on nearly $2 billion in first-lien government-sponsored enterprise home loans is being offered for sale.
As of July 31, the residential loans that are behind the MSRs numbered 10,227, while the aggregate principal balance stood at $1.919 billion.
Based on weighted-average calculations, the service fee is 0.251 percent, the interest rate is 3.96 percent and the remaining term is 295 months.
From:: Financing
Although there was month-over-month improvement in second-mortgage loan performance, serious delinquency on first mortgages saw deterioration.
Delinquency of at least 90 days on consumer credit — including auto loans, bank cards and first and second mortgages — was 0.83 percent as of July 31.
Serious delinquency worsened by a single basis point versus a month earlier. But 90-day delinquency improved by 9 BPS compared to one year earlier.
From:: Financing
Led by the Northeast, building permits and completed construction fell on a month-over-month basis. A year-over-year gain was reported, though.
In municipalities that issue building permits, there were 95,800 permits issued for privately owned U.S. housing units during the entire month of July.
Activity tumbled compared to the one month previous, when an upwardly revised 114,400 housing units had building permits that were authorized.
From:: Financing
With the upcoming acquisition of its much larger rival, Arch Mortgage Insurance Co. will become the biggest mortgage insurance company in the industry.
Arch Capital Group Ltd. said in its second-quarter earnings report that Arch M.I. wrote $6.4 billion in new insurance — more than doubling from a year earlier.
But even with the stunning growth, that was no match for United Guaranty Corp., which parent AIG reported wrote $13.0 billion during the same period.
From:: Financing
Mortgage lenders got a break from a federal appeals court in a case involving a homeowners association super lien. The decision will impact many Nevada lawsuits.
Back in 2014, the Nevada Supreme Court held that, as a matter of lien priority, the foreclosure of a super lien for HOA assessments can extinguish a first mortgage.
But the Supreme Court did not address whether the provisions of NRS Chapter 116 — which governs notice to purported junior lienholders — were constitutional.
From:: Financing
Three origination channels will benefit from recent loan origination system updates, as will reverse mortgage originators and home-equity lenders. Other LOS changes will enhance compliance.
Encompass 16.2, the latest version of the LOS, has been launched, Ellie Mae Inc. said in a news release on July 18. The update includes new and enhanced integrations with Freddie Mac tools.
In addition, Encompass 16.2 offers users enhancements to the Total Quality Loan program such as strengthened strategic partnerships and updates to Encompass product-and-pricing service.
From:: Financing