Foreclosures | Mortgages | Financing
A settlement has been reached between the government and Bancorp South Inc.’s banking subsidiary over allegations of discrimination and redlining.
Tupelo, Mississippi-based BancorpSouth Bank has agreed to settle allegations that it violated the Fair Housing Act and the Equal Credit Opportunity Act.
The financial institution is accused of redlining by meeting the needs of borrowers in white neighborhoods while avoiding lending in minority neighborhoods.
From:: Financing
Despite the first-year-over-year reduction in almost two years, pending U.S. home sales still came in at the second-highest level during the past 12 months.
As of May, the Pending Home Sales Index — which is a forward-looking indicator of pending home sales that reflects contract signings — was 110.8.
Although the index, which is adjusted for seasonal variations, fell 4 percent from the prior month, it was still at the second-highest level during the last 12 months.
From:: Financing
A small month-over-month decline was recorded for mortgage complaints even though overall financial services complaints rose.
An average of 24,405 complaints were filed per month against financial services companies during the three months ended May 31.
Complaint volume crept up from an average of 24,010 complaints in the previous report and climbed from 22,850 a year previous.
From:: Financing
Nearly $200 million in residential agency loans that have been previously modified are being sold for subsequent securitization.
The offering involves $199 million in loans that had been payment-option adjustable-rate mortgages and had loan modifications.
A majority of the mortgages either have payment histories that are less than six months current or are moderately delinquent.
From:: Financing
A ranking of the biggest Latino loan officers continues to be dominated by Wells Fargo & Co.’s mortgage unit, with its LOs accounting for nearly half.
Among the nation’s 250 top-producing Latino loan originators, mortgage production totaled 32,783 home loans closed for $8.107 billion in 2015.
The top 250 LOs improved on their collective residential loan originations in 2014, when 22,711 mortgages were funded for more than $5 billion.
From:: Financing
While much is commonly known about Department of Housing and Urban Development Secretary Julián Castro, some might be surprised by what they don’t know.
Castro has become a rising star within the Democratic party since he gave the keynote address at the Democratic National Convention back in 2012.
He served as a White House intern in 1994 during President Bill Clinton’s administration and is reportedly on the short list to be Hillary Clinton’s running mate.
From:: Financing
Applications for home loans, which have yet to feel the full impact from Brexit, slumped — with purchase financing activity off the most.
In the week that ended on June 24, the Market Composite Index moved lower by nearly 3 percent compared to one week previous.
The seasonally adjusted index, which is a measure of mortgage loan application volume, was down 3 percent even without adjustments.
From:: Financing
Residential loan performance improved at Fannie Mae, while new secondary activity was better than it’s been in nearly a year.
New business acquisitions at the secondary lender came to 2 percent more during May than the total for the previous month.
The Washington-based organization detailed the data, along with other operational statistics, in its May 2016 Monthly Summary.
From:: Financing
In addition to driving new business to a 10-month high, delinquency at the Federal Home Loan Mortgage Corp. was the lowest since 2008.
There were 17 percent more in total purchases and issuances during the month of May at the secondary lender than in the previous month.
The McLean, Virginia-based government-sponsored enterprise reported the operational data in its Monthly Volume Summary: May 2016.
From:: Financing
The highest court in the land has granted two banks’ request to challenge lawsuits alleging discrimination filed by Miami.
Back in late 2013, the city filed federal lawsuits against Bank of America Corp., Citigroup Inc. and Wells Fargo & Co.
The banks are accused by Miami of targeting minorities with predatory home loans in violation of the Fair Housing Act.
From:: Financing