Foreclosures | Mortgages | Financing
Securitizations on behalf of the Government National Mortgage Association climbed to the highest level they’ve been in nine months.
Mortgage-backed securities issued on behalf of Ginnie Mae came to $42.830 billion during May, according to an issuance summary.
The last time that the government-owned firm experienced volume that high was in August 2015, when issuance was $44.904 billion.
From:: Financing
Low interest rate on home loans are among the reasons why JPMorgan Chase & Co. is expanding its mortgage staff by hundreds.
Mortgage bankers, loan processors and mortgage underwriters are among the positions being filled by the New York-based company.
That is according to a spokeswoman at Chase who confirmed in a statement that hundreds of mortgage employees are being added.
From:: Financing
First-Citizens Bank & Trust Company has settled charges that manually underwritten white borrowers were denied less for mortgages than their non-white counterparts.
A Department of Housing and Urban Development analysis in 2010 of First Citizens’ Home Mortgage Disclosure Act data prompted a complaint filed in 2012.
On applications that were denied by automated underwriting systems, the subsequent manual underwriting provided loan approvals more often for white applicants.
From:: Financing
Mortgage servicing rights on nearly $0.8 billion in agency loans with a California concentration are being auctioned off.
The offering includes MSRs on 2,834 residential loans that have an aggregate unpaid principal balance of $782.930.
Based on the loan amount, more than three-quarters of the properties securing the mortgages are located in California.
From:: Financing
Three potential deals have come on the secondary market for investors to pick up TRID kickbacks, agency loans and jumbo mortgages.
One of the offerings includes 10 residential loans for $1.8 million that were kicked back by investors. The seller is a large non-bank originator.
Two of the loans were kicked back due to TRID-related issues, while another three were kicked back because of appraisal concerns.
From:: Financing
A new headquarters building that is under construction for Fairway Independent Mortgage Corp. could ultimately reach 150,000 square feet.
In a news release Wednesday, the lender said it is breaking ground on the construction of a 97,000-square-foot facility in the Madison, Wisconsin, area.
The office building will become the mortgage banking firm’s new corporate headquarters, which is currently located across the street in Sun Prairie.
From:: Financing
Factoring in the impact of a holiday week, a week-over-week improvement was noted for new residential loan applications. Purchases fared best.
A seasonally adjusted 9 percent increase was recorded from a week earlier for the Market Composite Index in the week that ended on June 3.
Without any adjustment for the Memorial Day holiday, the index — a measure of mortgage loan application volume — was lower by 13 percent.
From:: Financing
A key GOP lawmaker has put forth a proposal that would replace the Dodd-Frank Wall Street Reform and Consumer Protection Act.
House Financial Services Committee Chairman Rep. Jeb Hensarling (R-Texas) presented his plan in an Economic Club of New York speech.
Hensarling’s proposal is known as the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs) Act.
From:: Financing
First-quarter earnings at independent home loan servicers worsened as losses piled up from the valuations and hedging of mortgage servicing rights.
Average loans serviced per full-time mortgage servicing employee at residential loan servicers came to 1,297 mortgages in the first-quarter 2016.
Efficiency improved compared to the final-three months of last year, when the average independent servicer had 1,318 loans serviced per employee.
From:: Financing
First-quarter earnings at independent home loan servicers worsened as losses piled up from the valuations and hedging of mortgage servicing rights.
Average loans serviced per full-time mortgage servicing employee at residential loan servicers came to 1,297 mortgages in the first-quarter 2016.
Efficiency improved compared to the final-three months of last year, when the average independent servicer had 1,318 loans serviced per employee.
From:: Financing