Tag: finance

A company that acquired mortgage-servicing rights on more than $70 billion in loans from Walter Investment Management Corp. is planning a public offering to help fund the transaction.

On Tuesday, New Residential Investment Corp. announced that it was acquiring MSRs on $35 billion in conventional residential loans from Tampa, Florida-based Walter Investment.

In addition, New York-based New Residential agreed to acquire assets from Walter that include MSRs on another $37 billion in mortgages. The combined purchase price is $514 million.

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From:: Financing

The last time that the rate of past-due payments on residential loans was this low, the U.S. real estate market was near its peak.

As of June 30 of this year, mortgage delinquency of at least one month, including foreclosures, stood at a rate of 6.30 percent.

The non-current ratio moved lower compared to the end of the first quarter, when it closed out the period at a 6.51 percent rate.

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From:: Financing

It was an all-time high for quarterly residential loan production at McLean Mortgage Corp. The home lender’s employee count additionally expanded.

For the period that began on April 1 and concluded on June 30, McLean Mortgage closed 1,438 residential loans for $0.507 billion.

The Fairfax, Virginia-based company disclosed the operational data as part of the Mortgage Daily Second Quarter 2016 Mortgage Origination Survey.

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From:: Financing

From August through October, there are nearly 70 mortgage-related events on the calendar — including a servicing conference, a technology event and regulatory workshops.

The Mortgage Daily mortgage conference calendar has 14 mortgage-related events listed for August, while 28 are listed for September and another 27 are in October.

From next Sunday through next Tuesday, the California Mortgage Bankers Association will be holding its 21st Annual Western States Loan Servicing Conference.

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From:: Financing

In addition to achieving a quarter-over-quarter and year-over-year boost in home lending, Churchill Mortgage Corp. expanded the size of its workforce.

The Brentwood, Tennessee-based mortgage-banker serviced 15 residential loans with an aggregate principal balance of $0.002 billion as of June 30, 2016.

The metrics, as well as other operational statistics, were provided as part of the Mortgage Daily Second Quarter 2016 Mortgage Origination Survey.

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From:: Financing

A surge in applications for mortgage refinances — especially government-backed refinances — drove an impressive increase in overall new applications for residential loans.

Based on the Market Composite Index for the week ended Aug. 5, new mortgage applications climbed over 7 percent on a seasonally adjusted basis from a week earlier.

Even without any seasonal adjustments, the index — a measure of retail residential loan application volume — rose 7 percent compared to the report from the prior week.

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From:: Financing

Eighty executives of banks that received funds from the Troubled Asset Relief Program have so far been charged with crimes.

Including criminal and civil charges, there have been 102 bankers charged for their conduct leading up to and during the financial crisis.

The charges were filed by the U.S. Department of Justice and the Securities and Exchange Commission, as well as local prosecutors.

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From:: Financing

A massive sale of mortgage servicing rights on in residential loans has been negotiated by Walter Investment Management Corp.

An announcement Tuesday indicated that the Tampa, Florida-based firm has agreed to sell MSRs on $35 billion in home loans.

The purchase price for the MSRs on the seasoned conventional mortgages works out to around $231 million, the statement said.

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From:: Financing

Quarterly residential loan originations picked up at PHH Mortgage. While the company cut its losses, delinquency rose and the servicing portfolio declined.

Before income taxes, the Mount Laurel, New Jersey-based organization had a $20 million loss for the period that started on April 1 and ended on June 30.

Those details, along with numerous other operational and financial results, were provided by parent PHH Corp. in its second-quarter 2016 earnings report.

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From:: Financing

A surge in third-party fees was behind an increase in average closing costs on residential loans. The Aloha State had the most expensive loans.

Closing costs on a hypothetical $200,000 loan to finance a U.S. home purchase with a 20 percent down payment averaged $2,128 this year.

The average, which is based on a loan to a borrower with excellent credit, jumped from the previous year, when the average came to $1,847.

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From:: Financing