Foreclosures | Mortgages | Financing
Mortgage bankers that utilize the Federal National Mortgage Association’s Day 1 Certainty can cut there turnaround by as much as a third.
The Washington-based secondary lender reports that its Day 1 Certainty, which helps lenders avoid repurchases, reduces the time it takes to close a loan.
According to Fannie Mae, hundreds of home lenders are benefiting from improved process efficiencies and reduced loan origination cycle times.
From:: Financing
As developers of mortgage product and pricing engines improve their technology and integrate with other service providers, they are gaining new clients.
New features announced on Nov. 17 by CompassAnalytics for its CompassPPE include expanded re-lock policies, historical originator performance data and additional lock exception automation with branch manager participation.
San Francisco-based CompassAnalytics also expanded loan origination system integration capabilities and control settings for Compass PPE as well as adding new API methods that expand the API library.
From:: Financing
For the second time this month, a mortgage lender has agreed to settle allegations by the Golden State of illegal interest charges. The latest settlement also resolves charges of unlicensed servicing.
On Dec. 4, the California Department of Business Oversight announced that Nationstar Mortgage LLC, which does business as Mr. Cooper, agreed to a more than $9 million settlement.
Nationstar was accused of charging interest on nearly 50,000 new mortgages prior to the disbursement of loan proceeds — in violation of state law.
From:: Financing
Despite hurricane-related deterioration in the rate of mortgage delinquency, the rate of serious delinquency and foreclosures stand at the lowest level in decades.
Single-family loans that were at least 30 days’ delinquent or in the foreclosure inventory accounted for 5.0 percent of all U.S. mortgages outstanding as of Sept. 30.
The rate deteriorated compared to one month earlier, when it was a previously reported 4.6 percent. The rise reflected a 40-basis-point jump in early stage delinquency.
From:: Financing
Enhancements to a loan origination system have thrust a technology provider into the fastest-growing club. One LOS developer has integrated the services of two mortgage insurance companies, and two have scored new clients.
LOS provider Ellie Mae Inc. reported last month that it was named to Deloitte’s Technology Fast 500. The achievement was due to 180 percent revenue growth from 2013 to 2016.
Increased adoption of the Pleasanton, California-based firm’s services and enhancements to it Encompass product was behind the revenue growth, according to Ellie Mae President and Chief Executive Officer Jonathan Corr.
From:: Financing
In Orange County, California, New American Funding was recognized as one of the best employers. The company’s chief executive officer talked about their success.
The Orange County Register has ranked the Tustin, California-based mortgage-banking firm at No. 2 in its annual Top Workplaces survey. It’s the sixth time on the list.
Of the approximately 2,600 people on New American’s national payroll, more than 800 employees are located in the Southern California county.
From:: Financing
New mortgage activity turned sharply higher last week. While government-backed programs had the largest gains, rate-term refinance business reached a 10-month high.
The U.S. Mortgage Market Index from Mortgage Daily, an indicator of upcoming loan originations based on rate-lock activity at OpenClose, was 158 in the week ended Dec. 8.
A 15 percent improvement was recorded versus the preceding seven-day period. There are no adjustments made to the index for seasonal factors.
From:: Financing
A regulator is helping lenders prepare for upcoming changes to Home Mortgage Disclosure Act reporting. Two mortgage firms are utilizing service providers to help them with quality control.
The Consumer Finance Protection Bureau said last month that the beta launch of its HMDA Platform will give home lenders an opportunity to become familiar with it before going live in 2018.
According to the bureau, the beta version will enable financial institutions to establish test log-in credentials, upload sample HMDA files and perform validation on their data.
From:: Financing
A lawsuit alleging that IBERIABANK Corp. made false claims on residential loans that are insured by the Federal Housing Administration has been settled for nearly $12 million.
A federal whistleblower lawsuit was filed in 2015 against IBERIABANK under the False Claims Act by former employees Kelley R. Shackleford and Karen Mills.
The lawsuit alleges that the Lafayette, Louisiana-based firm certified that loans were eligible for FHA insurance between Jan. 1, 2005, and Dec. 31, 2014, even though they weren’t.
From:: Financing
Although U.S. employers in all industries saw robust hiring last month, the latest statistics for the mortgage industry indicate that staffing contracted again.
Nonfarm payrolls increased by a preliminary 228,000 positions during November, according to data released Friday by the Bureau of Labor Statistics.
That was slightly less than the downwardly revised 244,000 jobs added the prior month but an increase from the downwardly revised 164,000 a year prior.
From:: Financing