Foreclosures | Mortgages | Financing
The recent addition of a growing new player has helped push residential loan originations at a mortgage cooperative past a significant milestone.
Movement Mortgage LLC previously reported $7.8 billion in 2015 mortgage production as part of the Mortgage Daily Mortgage Origination Survey.
Annual business at the eight-year-old firm more than doubled compared to just two years earlier, when lending activity came to just $3.3 billion.
From:: Financing
While refinance volume and share are expected to diminish between this year and 2017, government share and purchases are predicted to rise.
The nation’s residential-lending volume, including refinances and purchase financing, is forecasted to finish the second quarter at $396 billion.
Mortgage originations are then expected to decline to $347 billion in the following quarter then fall further to $316 billion in the fourth quarter.
From:: Financing
Upcoming mortgage-related conferences and events include a home valuation expo, a bank lending workshop and a symposium on re-performing and non-performing loans.
The Credit Risk workshop takes place on July 26 at the Holiday Inn Tampa Westshore in Tampa, Florida, the Office of the Comptroller of the Currency announced.
The focus of the OCC workshop will be credit risk within the loan portfolio. This includes topics like banks’ identifying trends as well as how they can recognize problems.
From:: Financing
Now that Great Britain’s exit from the European Union is a reality, global markets are in chaos — driving down interest rates in the process.
The results are in, and citizens of the United Kingdom have decided that they will abandon the EU by a vote of 52 percent to 48 percent.
One of the first casualties was Prime Minister David Cameron, who plans to step down after having supported the UK’s remaining in the EU.
From:: Financing
Mortgage servicing rights on a little more than $3 billion in agency home loans are being offered for sale to the highest bidder.
The deal includes MSRs on 12,449 Ginnie Mae residential loans that have an aggregate principal balance of $3.001 billion.
More than 17 percent of the properties securing the loans are in California, and no other state has a double-digit concentration.
From:: Financing
Ocwen Financial Corp. has settled charges that it violated the False Claims Act on government-insured lending and loan modifications.
The alleged violations were committed by Homeward Residential Inc., which Ocwen acquired from WL Ross & Co. LLC in late 2012.
Ocwen is accused of falsely certifying compliance with the Home Affordable Modification Program and Federal Housing Administration lending.
From:: Financing
A regulatory report indicates that mortgage servicers are continuing to utilize failed technology that has harmed borrowers and violates servicing rules.
The Consumer Financial Protection Bureau issued final servicing rules in 2013 that outlined how mortgage servicers need to handle distressed borrowers.
Since the final mortgage servicing rules took effect in back in January 2014, the bureau has conducted examinations on numerous home loan servicers.
From:: Financing
The monthly rate of mortgage delinquency edged higher during May, though the rate of foreclosures was down by a greater degree.
Residential loans that were either at least 30 days past due or in the foreclosure process numbered 2,727,000 as of the end of last month.
The total was comprised of 2,153,000 mortgages past due at least 30 days and 574,000 properties in the foreclosure pre-sale inventory.
From:: Financing
Although a vast majority of local housing markets are in good shape, areas that rely on energy — especially Texas — could see conditions deteriorate.
The U.S. Leading Index of Healthy Housing Markets landed at 104.3 as of the second quarter. It was the lowest level in two years for the index.
Still, an index level that is higher than 100 suggests that the housing market is healthy and has a lower chance of a downturn during the next year.
From:: Financing
A large portfolio of distressed residential loans has found a buyer. The seller is the Federal Home Loan Mortgage Corp.
Back in late May, Freddie Mac announced that it was seeking buyers for $783 million in deeply delinquent mortgages for sale.
The loans are part of the McLean, Virginia-based company’s investment portfolio, which stood at $334 billion as of April 30.
From:: Financing