Foreclosures | Mortgages | Financing
Although most foreclosure metrics continue to improve the most in years, month-over-month deterioration was again reported for completed foreclosures.
Residential-loan delinquency of at least three months as of mid-year 2016 came to 2.8 percent, the same 90-day rate previously reported for May.
But a big improvement was made compared to June of last year, when the rate of serious mortgage delinquency was previously reported at 3.5 percent.
From:: Financing
Quarterly home lending at Walter Investment Management Corp. retreated. It also realized a smaller servicing portfolio, continued income regression and diminished headcount.
The firm reported that it had a $380 million loss before income taxes during the three months ended June 30, widening from a $279 million loss earmarking the first quarter.
This information, in addition to other operational and financial data, was disclosed in the Tampa, Florida-based financial services provider’s second-quarter 2016 earnings report.
From:: Financing
Alaska USA Federal Credit Union reported an increase in quarterly residential lending, growth in its mortgage servicing portfolio and an increase in mortgage staffing.
As of mid-2016, Alaska USA serviced 27,662 home loans totaling $5.220 billion. The servicing portfolio grew from 27,647 loans for $5.190 billion as of March 31.
Those details, along with other operational metrics, were presented by the credit union as part of the Mortgage Daily Second Quarter 2016 Mortgage Origination Survey.
From:: Financing
A correspondent investor, wholesale lender and bank were among recent mortgage-related entities to meet their end. A failed credit union is back, though.
Back in May, the Pennsylvania Department of Banking and Securities seized and shut down First CornerStone Bank in King of Prussia, Pennsylvania.
As of March 31 of this year, the failed financial institution had $103 million in total assets — which were not much more than its total deposits of $101 million.
From:: Financing
Stakeholders will now have more time to comment on proposed guidance for third-party lending at the nation’s financial institutions.
On July 29, proposed third-party lending guidance was published indicating that comments would be accepted until around Sept. 12.
But interested parties subsequently submitted requests in response to the guidance asking for additional time to consider the proposal.
From:: Financing
Mortgage servicing rights on nearly $9 billion in Ginnie Mae residential loans are being offered for sale to the highest bidder.
The MSR offering involves $8.877 billion in mortgages. Two portfolios include one for $4.88 billion and a second for $3.98 billion.
The seller is “a well-capitalized mortgage banking entity with an experienced senior management team and strong net worth.”
From:: Financing
A mortgage broker in the state of Washington who opened his own firm talked about how the broker business has changed since the financial crisis.
Prior to the financial crisis, Randy Luke worked for Horizon Mortgage in Olympia, Washington, where there were 25 independent mortgage brokers.
But during the Great Recession, as business dried up and brokers fell under greater scrutiny and regulation, Horizon Mortgage closed its 11 offices.
From:: Financing
In addition to expanding its quarterly mortgage originations, The Money Source Inc. added more than a hundred employees and grew its mortgage servicing portfolio.
As of June 30, the Melville, New York-based firm serviced $13.08 billion in residential loans. The servicing portfolio expanded from $12.20 billion three months earlier.
Those details and other operational data were provided as part of the lender’s participation in th Mortgage Daily Second Quarter 2016 Mortgage Origination Survey.
From:: Financing
The answer to the question about what is the best way to move forward with secondary mortgage lenders Fannie Mae and Freddie Mac depends on who you ask.
Fannie was created during the Great Depression to ensure ongoing access to home financing. Freddie was established in 1970 in order to compete with Fannie
Both firms collapsed in 2008 and were thrust into conservatorship. Since that time, they have received $188 billion in bailout funds and paid back $250 billion in dividends.
From:: Financing
Quarterly home lending increased and delinquency decreased at Regions Financial Corp. Meanwhile, the mortgage servicing portfolio was reduced.
At the bank-holding company level, income from continuing operations before income taxes was $387 million, up $1 million from the previous quarter.
Those details, along with other operational and financial metrics, were delivered in the Birmingham, Alabama-based firm’s second-quarter earnings results.
From:: Financing