Tag: finance

Defects in single-family loan applications remain substantially higher than one year ago. But defects have more recently stabilized and are likely to remain stable.

An estimate of the frequency of defects, fraud and misrepresentation in mortgage application information, the Loan Application Defect Index, was 83 in November.

That turned out to be the same as the previous month. But the level of defects deteriorated from the same month last year, when the index was previously reported at a record-low 68.

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From:: Financing

New quarterly business was slightly better at Churchill Mortgage Corp. But the number of people on the payroll and the balance of loans serviced diminished.

Two single-family loans with a combined unpaid principal balance of less than $0.001 billion were serviced by the Brentwood, Tennessee-based company as of Sept. 30.

The mortgage servicing portfolio was reported by Churchill as part of the Mortgage Daily Third Quarter 2017 Mortgage Origination Survey.

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From:: Financing

Three new tools that are part of the online platform for reporting data required by the Home Mortgage Disclosure Act are now available.

Beginning on Jan. 1, 2018, home lenders will be able to utilize a new HMDA Platform to submit data collected last year as required by the law.

This includes uploading HMDA files, performing validation on the data and reviewing edits as well as submitting HMDA data and completing the HMDA filing process.

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From:: Financing

The successful resolution of commercial real estate loans securitized in 2006 was behind a drop in delinquency. But hotel loans didn’t participate in the improvement.

On loans that are included in commercial mortgage-backed securities, delinquency of at least 60 days concluded November at 6.30 percent.

CMBS loan performance improved compared to the preceding month, with the 60-day delinquency rate retreated 4 basis points.

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From:: Financing

The founder of Stearns Lending LLC has sold his home located in a wealthy Orange County, California, enclave for nearly $20 million.

Before founding the Santa Ana, California-based firm in 1989, Glenn B. Stearns says he was dyslexic, failed fourth grade, fathered a child at age 14, had a drinking problem and wound up in jail.

But Stearns — who along with his wife Mindy has repeatedly been honored for community service and philanthropy — overcame those obstacles and founded Stearns Lending at the age of 25.

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From:: Financing

Multiple home price indices indicate that monthly values continued to rise in October. The strongest increases are no longer limited to the West. But one estimate has a decline for November.

At 203.84, the Case-Shiller 20-City Composite Home Price Index for the month of October turned out to be 0.2 percent higher than one month previous.

In addition, the index — a snapshot of U.S. home values that is based on a value-weighted average in 20 metropolitan areas — has risen 6.4 percent from the same month last year.

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From:: Financing

The Royal Bank of Scotland has agreed to settle allegations that it misled pension funds about the risk involved in the investment of residential mortgage-backed securities.

At issue are RMBS that were sold to CalPERS, California’s public employee pension fund, and CalSTRS, the state’s pension fund for teachers.

RBS is accused of misrepresenting the RMBS by failing to accurately disclose the true characteristics of many of the underlying mortgages.

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From:: Financing

A posting by President Donald J. Trump to his Twitter account was cited in a federal lawsuit over control of the Consumer Financial Protection Bureau.

The case was filed by Leandra English, the former chief of staff for Richard Cordray who was appointed by the outgoing director as deputy director on his way out the door.

English claims that she — and not Trump’s acting director appointee — is the rightful chief of the CFPB until a permanent director is confirmed by the Senate to replace Cordray.

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From:: Financing

While quarterly delinquency on residential loans owned by banks moved higher, the number of foreclosures started and completed diminished.

First-lien mortgage delinquency of at least 30 days, including loans that are in the process of The non-current rate deteriorated compared to 4.6 percent as of mid-2017. But there was no change in the rate versus the third-quarter 2016.

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From:: Financing

Government-insured mortgage production was up from the preceding month but was down from a year ago. Delinquency deteriorated on both a month-over-month and year-over-year basis.

The Federal Housing Administration ended October with insurance in force on 8,595,615 residential loans for $1.3088 trillion, according to data from the Department of Housing and Urban Development.

The total consisted of $1.1618 trillion in single-family loans, $0.1461 trillion in home-equity conversion mortgages and $0.0010 trillion in Title I loans.

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From:: Financing