Foreclosures | Mortgages | Financing
A federal consent order against Wells Fargo Bank, N.A., over its mortgage servicing practices has been terminated — though not without a penalty.
The Office of the Comptroller of the Currency issued consent orders in April 2011 against 14 servicing-related entities — including Wells Fargo Bank.
The consent orders required the servicers and service providers to immediately correct deficiencies that were identified in quarterly regulatory reviews.
From:: Financing
Fueled by an acceleration in purchase financing activity, the volume of overall applications for new residential loans moved higher on a week-over-week basis.
The number of prospective mortgage borrowers who applied for a new home loan in the week ended May 20 increased by 2 percent from a week earlier.
That seasonally adjusted metric was according to the Market Composite Index. The index reportedly is a measure of mortgage loan application volume.
From:: Financing
Several mortgage firms recently released data on their home-lending volume, while commercial mortgage lenders also reported activity.
Last year, Guild Mortgage Co. reports that it closed more than $1.6 billion in residential loans secured by properties located in Oregon.
Purchase financing accounted for $1.2 billion of 2015’s Oregon production, “making Guild the largest purchase loan lender in the state.”
From:: Financing
Although the volume of mortgage complaints has worsened compared to a year ago, mortgage firms are making progress on a month-over-month basis.
During the three months that ended on April 30, consumers submitted an average of 24,010 complaints per month against financial services companies.
Complaint activity has worsened compared to the previous three-month period, when there were an average of 23,508 complaints per month submitted.
From:: Financing
Despite an increase in 30-day delinquency, the foreclosure rate declined and foreclosure starts descended to the lowest level in 10 years.
As of April 30, there were 2,741,000 residential loans that were either at least 30 days past due or in the foreclosure pre-sale inventory.
That turned out to be more than as of the end of the March, when the number of non-current mortgages finished the month at 2,693,000.
From:: Financing
A federal judge’s ruling requiring Bank of America Corp. to pay more than $1 billion in penalties over agency loans originated by Countrywide Financial Corp. in its “Hustle” program has been reversed on appeal.
In July 2014, U.S. District Court Judge Jed S. Rakoff ruled that BofA must pay $1.267 billion in penalties in a lawsuit that was filed in February 2012 under the whistleblower provision of the False Claims Act.
The case revolved around allegedly sub-par home loans that were originated by Countrywide through its “High Speed Swim Lane” — or “Hustle” — program and sold to Fannie Mae and Freddie Mac.
From:: Financing
Industry consultants say that condominium homeowners associations have increasingly been seeking Federal Housing Administration certification recently.
The up tick in activity apparently in anticipation of reforms on condominiums initiated by the Department of Housing and Urban Development last November.
Last week, HUD Secretary Julian Castro said revisions to FHA rules on condos have been completed and only await final Obama administration approval.
From:: Financing
Now that it has been acquired by another company, goodmortgage.com has plans to add hundreds of employees in its hometown of Charlotte, North Carolina.
On May 9, Tysons Corner, Virginia-based First Guaranty Mortgage Corp. announced that it had completed that acquisition of the assets of goodmortgage.com.
The online lender was founded in 1999 and operates in 18 states. It’s 45,000-square-foot headquarters supports a “live-work-play” environment, FGMC said.
From:: Financing
Now that it has been acquired by another company, goodmortgage.com has plans to add hundreds of employees in its hometown of Charlotte, North Carolina.
On May 9, Tysons Corner, Virginia-based First Guaranty Mortgage Corp. announced that it had completed that acquisition of the assets of goodmortgage.com.
The online lender was founded in 1999 and operates in 18 states. It’s 45,000-square-foot headquarters supports a “live-work-play” environment, FGMC said.
From:: Financing
As new adjustable-rate and government-insured business moved higher, jumbo activity retreated. Overall mortgage business, however, was little changed.
At 179 for the week ended May 20, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily slipped 1 percent from a week earlier.
But compared to the same week last year, the index — which reflects average per-user rate locks pulled by OpenClose clients — ascended 23 percent.
From:: Financing