Tag Archive: finance

LOS Advancements Made

Several of the top loan origination system providers have updated their products, integrated with other technology systems and touted new mortgage lender customers.

A report from the American Bankers Association, the 23rd Annual ABA Residential Real Estate Survey Report, ranked the top LOS systems among 159 surveyed banks.

At the top of the ranking was Encompass from Ellie Mae Inc. After that was Point from CalyxSoftware, then D+H’s Mortgagebot and Wolters Kluwer’s ComplianceOne.


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From:: Financing

Mortgage Rates Jump, Could Retreat

The release of the Federal Reserve minutes pushed up interest rates on home loans this past week. But there are some indications that fixed rates could ease.

Conventional, conforming 30-year fixed rates averaged 3.94 percent in April, down a basis point from March, the Federal Housing Finance Agency reported.

For just the week ended May 26, fixed rates on 30-year home loans averaged 3.64 percent based on Freddie Mac’s Primary Mortgage Market Survey.


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From:: Financing

Mortgage Rates Jump, Could Retreat

The release of the Federal Reserve minutes pushed up interest rates on home loans this past week. But there are some indications that fixed rates could ease.

Conventional, conforming 30-year fixed rates averaged 3.94 percent in April, down a basis point from March, the Federal Housing Finance Agency reported.

For just the week ended May 26, fixed rates on 30-year home loans averaged 3.64 percent based on Freddie Mac’s Primary Mortgage Market Survey.


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From:: Financing

OCC Terminates Wells Fargo Consent Order

A federal consent order against Wells Fargo Bank, N.A., over its mortgage servicing practices has been terminated — though not without a penalty.

The Office of the Comptroller of the Currency issued consent orders in April 2011 against 14 servicing-related entities — including Wells Fargo Bank.

The consent orders required the servicers and service providers to immediately correct deficiencies that were identified in quarterly regulatory reviews.


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From:: Financing

Home Purchase Financing Applications Climb

Fueled by an acceleration in purchase financing activity, the volume of overall applications for new residential loans moved higher on a week-over-week basis.

The number of prospective mortgage borrowers who applied for a new home loan in the week ended May 20 increased by 2 percent from a week earlier.

That seasonally adjusted metric was according to the Market Composite Index. The index reportedly is a measure of mortgage loan application volume.


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From:: Financing

Lenders Tout Mortgage Originations

Several mortgage firms recently released data on their home-lending volume, while commercial mortgage lenders also reported activity.

Last year, Guild Mortgage Co. reports that it closed more than $1.6 billion in residential loans secured by properties located in Oregon.

Purchase financing accounted for $1.2 billion of 2015’s Oregon production, “making Guild the largest purchase loan lender in the state.”


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From:: Financing

Recent Decline in Mortgage Complaints

Although the volume of mortgage complaints has worsened compared to a year ago, mortgage firms are making progress on a month-over-month basis.

During the three months that ended on April 30, consumers submitted an average of 24,010 complaints per month against financial services companies.

Complaint activity has worsened compared to the previous three-month period, when there were an average of 23,508 complaints per month submitted.


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From:: Financing

Mortgage Lates Up, Foreclosure Starts at 10-yr Low

Despite an increase in 30-day delinquency, the foreclosure rate declined and foreclosure starts descended to the lowest level in 10 years.

As of April 30, there were 2,741,000 residential loans that were either at least 30 days past due or in the foreclosure pre-sale inventory.

That turned out to be more than as of the end of the March, when the number of non-current mortgages finished the month at 2,693,000.


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From:: Financing

Appeals Court Rules for BofA in “Hustle” Case

A federal judge’s ruling requiring Bank of America Corp. to pay more than $1 billion in penalties over agency loans originated by Countrywide Financial Corp. in its “Hustle” program has been reversed on appeal.

In July 2014, U.S. District Court Judge Jed S. Rakoff ruled that BofA must pay $1.267 billion in penalties in a lawsuit that was filed in February 2012 under the whistleblower provision of the False Claims Act.

The case revolved around allegedly sub-par home loans that were originated by Countrywide through its “High Speed Swim Lane” — or “Hustle” — program and sold to Fannie Mae and Freddie Mac.


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From:: Financing

Condo Financing Might Get FHA Boost

Industry consultants say that condominium homeowners associations have increasingly been seeking Federal Housing Administration certification recently.

The up tick in activity apparently in anticipation of reforms on condominiums initiated by the Department of Housing and Urban Development last November.

Last week, HUD Secretary Julian Castro said revisions to FHA rules on condos have been completed and only await final Obama administration approval.


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From:: Financing