Tag Archive: finance

Cloud of Uncertainty Looms Over CFPB Leadership

A ruling in favor of President Donald Trump’s choice to temporarily oversee the Consumer Financial Protection Bureau does not provide resolution about who is in charge.

Last week, U.S. District Judge Timothy J. Kelly ruled against a request for a preliminary injunction by Leandra English, who claims in a lawsuit that she is the rightful interim leader of the bureau.

But the Trump-appointed judge’s decision paves the way for English to file an appeal with the U.S. Court of Appeals for the D.C. Circuit, which is more liberal than Kelly.


…read more

From:: Financing

Refi Share Widest Since June 2014

As new mortgage business recovered from a holiday slump, the share of activity that was for refinances reached the widest level in more than three years.

A predictor of upcoming home-loan originations, the U.S. Mortgage Market Index from Mortgage Daily, landed at 121 for the week ended Jan. 12.

The index, which is based on average per-user rate-lock volume by clients of OpenClose, climbed 31 percent from the seven days that included New Year’s. No seasonal adjustments were made.


…read more

From:: Financing

Monthly, Annual MBS Issuance Down at Ginnie

Securitizations on behalf the Government National Mortgage Association descended on a monthly and annual basis. But its book of business continued to grow — nearing $2 trillion.

When 2017 concluded, there were $1.9036 trillion in outstanding Ginnie Mae mortgage-backed securities, according to monthly operational data.

The Washington-based company’s book of business expanded from $1.8941 trillion a month earlier and $1.7668 trillion one year earlier.


…read more

From:: Financing

MGIC Tightens DTI Requirements

An alarming number of loans with high debt-to-income ratios have Mortgage Guaranty Insurance Corp. tightening its DTI and credit requirements.

The Milwaukee-based organization has revealed that it has seen an increase in residential loans which have DTI ratios that exceed 45 percent.

The recent phenomenon has the mortgage insurance company concerned — especially in cases where the higher ratios are combined with weaker credit profiles.


…read more

From:: Financing

Mortgage Servicing-Related Civil Penalties Issued

Several orders issued six years ago over servicing and foreclosure abuses have been terminated, while new civil penalties have been issued.

On Friday, the Federal Reserve Board announced the termination of mortgage servicing enforcement actions against 10 banking organizations.

The actions were taken in 2011 and 2012 as a result of deficiencies in their handling of residential loan servicing and foreclosure processing.


…read more

From:: Financing

PennyMac Opens Broker Channel; New #1 Wholesaler?

Following months of waiting, mortgage brokers can now add PennyMac Financial Services Inc. to their roster of wholesalers. With its entry, the fast-growing lender is poised to become a big player in the wholesale channel.

Back in August 2017, the Westlake Village, California-based company revealed plans to launch a broker channel in the fourth quarter of last year.

PennyMac explained that broker margins are higher than margins in the correspondent channel — which accounted for 91 percent of its total 2016 mortgage originations.


…read more

From:: Financing

Mortgage Originations, Servicing Down at Chase

Mortgage income was down at JPMorgan Chase & Co., which doesn’t expect much impact from the new tax law. Home lending and servicing declined.

Prior to income tax expense, the New York-based organization earned $8.3 billion during the three months ended Dec. 31, not as much as $8.7 billion the same quarter in 2016.

Those details, as well as other financial and operational metrics, were covered in Chase’s fourth-quarter 2017 earnings report released on Friday.


…read more

From:: Financing

Wells Fargo Earnings, Home Lending Down

Despite a surge in refinance share, quarterly and annual mortgage originations at Wells Fargo & Co. were lower, and a further decline is likely. Earnings also deteriorated.

In its fourth-quarter earnings report Friday, the San Francisco-based financial institution disclosed $4.6 billion in income before income tax expense.

Earnings were reduced from $6.8 billion in the preceding quarter and were also worse than $7.6 billion in the final quarter of the preceding year.


…read more

From:: Financing

Mortgage Rates Rise, More Increases Ahead

Weekly rates on single-family loans moved higher, and it was a similar story for monthly rates. Forecasts call for further ascension in the upcoming week and year.

On conforming fixed-rate loans to finance a home purchase, LendingTree said its network of lenders offered annual percentage rates that averaged 4.42 percent in December 2017.

In addition to increasing 12 basis points from the preceding month, average 30-year fixed-rate APRs climbed to the highest level since July 2016.


…read more

From:: Financing

TD Bank Names New Mortgage Chief

The U.S. mortgage banking subsidiary of The Toronto-Dominion Bank has hired a seasoned executive with nearly three decades in financial services to run the unit.

A news release Wednesday from TD Bank indicated that Rick Bechtel has been appointed executive vice president, head of U.S. mortgage banking.

Bechtel, who joined the Cherry Hill, New Jersey-based organization in October, reportedly has more than 27 years of banking and management experience.


…read more

From:: Financing