Tag: finance

A settlement has been reached between PHH Corp.’s home-lending unit and dozens of states over alleged servicing abuses that took place during the foreclosure crisis.

PHH disclosed Wednesday that subsidiary PHH Mortgage Corp. has reached a $45 million settlement with the Multi-State Mortgage Committee and state attorneys general.

The agreement resolves alleged violations of state and federal foreclosure, modification and servicing laws by the Mount Laurel, New Jersey-based company from Jan. 1, 2009, until Dec. 31, 2012.

---

…read more

From:: Financing

Serious mortgage delinquency climbed to the highest level in 8 months at the Federal National Mortgage Association. Meanwhile, multifamily delinquency soared to a nearly 4-year high.

The total book of business at Fannie Mae concluded November at $3.2054 trillion, according to its November 2017 Monthly Summary.

One month earlier, the Washington-based organization’s book stood at $3.1998 trillion, while it clocked in at $3.1376 trillion one year earlier.

---

…read more

From:: Financing

Several wholesale mortgage lenders are now offering Non-QM programs. Other recently announced offerings include Alt-A, jumbo and nonprime programs.

Non-QM agency and hard-money mortgages are being offered by ALTRA Mortgage Capital LLC-subsidiary ALTLOAN, a news release Tuesday said. Loan amounts as high as $3 million are available for one- to four-unit properties.

Costa Mesa, California-based ALTLOAN said its offerings include prime jumbo, Alt-A and nonprime as well as investor bridge loans and fix-and-flip loans.

---

…read more

From:: Financing

Despite an increase in securitizations at Fannie Mae, overall issuance of agency mortgage-backed securities fell in the final month of 2017. Annual activity also eased.

Between Fannie, Freddie Mac and Ginnie Mae, there were $107.220 billion in fixed-rate MBS issued during December. That was a 6 percent decline from the preceding month.

The drop was far month substantial compared to the final month of 2016, when $156.750 billion in MBS were issued on behalf of the trio of housing finance agencies.

---

…read more

From:: Financing

Mortgage business went out with a whimper in 2017, with new activity during the final week — which included Christmas — plunging to the lowest level since tracking began. Jumbo activity has doubled over the past year.

A predictor of upcoming originations, Mortgage Daily’s U.S. Mortgage Market Index, was 72 in the seven days that concluded on Dec. 29 — the lowest level on record since it was launched in late 2009.

The index, which is based on average per-user rate locks submitted by clients of OpenClose, tumbled 41 percent from the preceding seven-day period and was even down 11 percent from the same-seven days in 2016. No seasonal adjustments are made to the index.

---

…read more

From:: Financing

Rep. Jeb Hensarling (R-Texas) is on a short list of prospects being considered by President Donald J. Trump to run the Consumer Financial Protection Bureau.

Under House rules, the lawmaker — who first ran for Congress in 2002 — will lose his chairmanship of the House Financial Services Committee, a job he has been in for five years.

So Hensarling, who says the CFPB is unconstitutional because the Dodd-Frank Wall Street Reform and Consumer Protection Act gives it authority to regulate virtually without congressional oversight, is retiring.

---

…read more

From:: Financing

Among several recent C-Suite appointments at mortgage companies have been chief financial officer, chief risk officer and chief marketing officer. A pair of government-sponsored enterprise executives have been recognized among America’s most powerful.

Fannie Mae announced on Dec. 7 that its executive vice president and chief risk officer, Kimberly Johnson, and its executive vice president and head of multifamily, Jeffery Hayward, have been named among Black Enterprise’s 2017 list of the Most Powerful Executives in Corporate America.

“The annual listing, compiled by the publication’s editorial team, identifies prominent African American leaders from the nation’s 1,000-largest publicly traded companies and 100 international companies who have have had significant influence in their company and industry,” Washington-based Fannie stated.

---

…read more

From:: Financing

Requirements for utilizing third parties to verify information on government-guaranteed residential loans to veterans have been clarified.

Home lenders have been inquiring with the Department of Veterans Affairs about whether or not third-party vendors may complete verifications on VA-guaranteed mortgages.

This includes verification of the borrower’s income, employment and asset information in order to determine if the applicant qualifies for a VA loan.

---

…read more

From:: Financing

Mortgage rates moved higher this past week and month. It has been more than six years since rates on hybrid adjustable-rate mortgages have been as high as they were this week.

The regulator of Fannie Mae and Freddie Mac, the Federal Housing Finance Agency, reported that conforming 30-year fixed rates on purchase-money transactions averaged 4.17 percent in November.

Average long-term rates, which are based on a small survey of primary mortgage lenders by FHFA, escalated from the previous month by 6 basis points.

---

…read more

From:: Financing

An investment firm with a major stake in Nationstar Mortgage LLC has been acquired by a Japanese firm with investments in giant global organizations.

On Thursday, Tokyo-based SoftBank Group Corp. announced that it has completed the acquisition of Fortress Investment Group LLC.

New York-based Fortress will operate within SoftBank as an independent business and remain headquartered in New York, the statement said.

---

…read more

From:: Financing