Originations, Servicing and Income Up at Impac

As home-lending activity increased at Impac Mortgage Holdings Inc., so did the size of its mortgage servicing portfolio and the amount it earned.

The Irvine, California-based mortgage banking firm earned nearly $13 billion before income taxes during the three months that ended on June 30.

Income improved from more than $1 million three months earlier, though Impac came up short compared to the $17 million earned a year earlier.


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From:: Financing

Updates to TRID Rule Proposed

Proposed changes to the TILA-RESPA integrated disclosures rule was welcomed by financial services associations, though three groups still have concerns.

On Friday, the Consumer Financial Protection Bureau released a proposal to update the Know Before You Owe Mortgage Disclosure Rule.

The disclosures, which are required under the Truth in Lending Act and the Real Estate Settlement Procedures Act, became effective in October 2015.


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From:: Financing

HELOC Discrimination Settlement at Citizens Bank

A financial institution out of the East has agreed to settle allegations that it discriminated against a woman who was on maternity leave.

Word of a conciliation agreement with two subsidiaries of Providence, Rhode Island -based Citizens Financial Group Inc. came on Friday.

The bank allegedly required a woman who was applying for a home-equity line of credit to return to work before it would approve her request.


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From:: Financing

Mortgage Refinances Rise, Purchases Fall

A week-over-week increase in new refinance business wasn’t quite enough to offset a decline in purchase activity. Adjustable-rate and jumbo activity accelerated.

At 175, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily for the week that ended on July 29 was off 1 percent from one week prior.

However, the index — which is a reflection of average per-user rate locks by clients of OpenClose –has increased by 31 percent compared to the same week in 2015.


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From:: Financing

Fannie’s Biz at 3-Yr High, Lates at 8-Yr Low

New business climbed to a nearly three-year high at the Federal National Mortgage Association, while delinquency fell to an eight-year low.

As of June 30 of this year, the Washington-based secondary mortgage lender had a book of business that added up to $3.1038 trillion.

The total increased compared to the end of the previous month, when it stood at $3.1009 trillion, but fell from $3.1101 trillion one year prior.


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From:: Financing

Mortgage Rates Up But Could Reverse Rise

There was a modest up tick in fixed interest rates on residential loans, but the rise could be reversed in the next report seven days from now.

Freddie Mac reported in its Primary Mortgage Market Survey that 30-year fixed rates average 3.48 percent in the week ended July 28.

That put the 30 year 3 basis points higher than in Freddie’s prior report. Long-term rates, however, fell 50 BPS from the same week last year.


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From:: Financing

Mortgage Complaints Fall From Year Earlier

As complaints by U.S. consumers about all types of financial services rose over the past year, the number of mortgage complaints has diminished.

There were 24,475 complaints that were filed by consumers about financial services during June, three percent more than were filed one month prior.

Financial services complaints by U.S. residents also deteriorated compared to June of last year, a month when there were 23,379 complaints reported.


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From:: Financing

CIT Takes Big Hit on Reverse Mortgage Business

CIT Group Inc., the firm now led by former Merrill Lynch chief John Thain, took a hit for hundreds of millions of dollars on its legacy reverse mortgages.

Financial Freedom, the reverse mortgage lending subsidiary of New York-based CIT, was once the largest reverse mortgage lender in the country.

In 2005, Financial Freedom Senior Funding Corp. was a subsidiary of IndyMac Bank FSB. That year, it reported $2.9 billion in reverse mortgage originations.


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From:: Financing

Conduit-Securitization Business Closing

An investment banking firm out of New York has decided to pull the plug on its mortgage loan conduit and securitization business.

A challenging market environment for Two Harbors Investment Corp. was cited as the reason for its decision to exit the business.

A statement Thursday said Two Harbors’ board of directors approved a plan to substantially wind down the operation by December.


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From:: Financing

Fifth Third Mortgage Originations, Assets Up

Quarterly home-lending jumped by half at Cincinnati-based Fifth Third Bancorp. Residential assets grew, and delinquency declined.

Beginning on April 1 and concluding on June 30, income before income taxes at the bank-holding company was $427 million.

Fifth Third saw earnings slip from $441 million earned in the first quarter. But income increased from $422 million one year earlier.


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From:: Financing