Foreclosures | Mortgages | 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
For six consecutive months now, mortgage bankers have boosted their estimates of mortgage refinance volume for this year.
From April 1 through June 30 of this year, total U.S. residential loan originations are expected to amount to $510 billion.
Production is then projected to retreat to $460 billion in the third quarter and decline to $343 billion in the final quarter of 2016.
From:: Financing
Several real estate finance firms recently touted how they have been recognized by local news publications as the best employers in their cities.
Union Home Mortgage Corp. said Monday that The Plain Dealer recognized it as one of the 100 Top Workplaces for 2016 in Northeast Ohio.
It reportedly was the second consecutive year for the Strongsville, Ohio-based mortgage banking company to make the Cleveland paper’s ranking.
From:: Financing
The projected volume of residential loans expected to be refinanced this year has been increased from last month’s forecast.
Second-quarter mortgage originations, including refinances and purchase-money transactions, are predicted to reach $482 billion.
Volume is then expected to fall to $457 billion during the second quarter and retreat further to $381 billion three months later.
From:: Financing
Underwriting guidelines that were relaxed by Radian Guaranty Inc. impact loans used for new construction, jumbo mortgages and loans to medical professionals.
On One Underwrite mortgages approved through automated underwriting systems, the minimum FICO score on investment properties has been dropped to 680.
Radian explained that the lower credit score applies to AUS responses of “Approve,” “Accept/Eligible” and “Ineligible” on both purchase financing and refinances.
From:: Financing
Bank of America Corp. has won a battle in the case of bankrupt borrowers who sought to void a mortgage because of missing signatures.
The residential loan in question was used to finance the purchase of a Massachusetts property. The mortgage was closed back in 2005.
After the borrowers filed bankruptcy in 2012, they contested the loan because one of the many closing documents was missing signatures.
From:: Financing
A civil lawsuit planned by the government against Countrywide Financial Corp.’s founder and former chief executive officer has reportedly been dropped.
Angelo Mozilo, the former Countrywide CEO, had been the target of a federal criminal investigation until that effort was shelved back in 2011.
Then, in 2014, the Department of Justice began investigating a civil case against Mozilo, who was accused downplaying the risks of subprime mortgages.
From:: Financing
A civil lawsuit planned by the government against Countrywide Financial Corp.’s founder and former chief executive officer has reportedly been dropped.
Angelo Mozilo, the former Countrywide CEO, had been the target of a federal criminal investigation until that effort was shelved back in 2011.
Then, in 2014, the Department of Justice began investigating a civil case against Mozilo, who was accused downplaying the risks of subprime mortgages.
From:: Financing
Declining interest rates helped drive up refinance activity but weren’t enough to lift the level of purchase financing. Government-insured business took a big hit.
At 177, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily for the week ended June 17 retreated 2 percent compared to the prior week.
But a year-over-year improvement of one-third was recorded for the index, which is a representation of average per-user rate locks by clients of Open Close.
From:: Financing
More than $500 million in non-performing residential loans are being offered for sale by the Federal National Mortgage Association.
A statement Thursday indicated that the government-controlled enterprise is taking bids on roughly 3,400 mortgages for $546 million.
The offering includes two pools of around 3,300 non-performing home loans with an aggregate principal balance of $526 million.
From:: Financing