Tag: finance

Regulatory action has been taken against a Midwest bank for charging discount points on mortgages without commensurately lowering the rates. The bank will wind down its national mortgage business.

Peoples Bank was established in 1871. Its headquarters is located in Lawrence Kansas, and it operates 12 locations in two states, according to the Federal Deposit Insurance Corp.

The 469-employee financial institution operates a mortgage business. As of Sept. 30, there were $183 million in one-to-four family residential loans in People’s investment portfolio.

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From:: Financing

An attempt by an Obama-era official to stop the Trump administration from appointing an interim director at the Consumer Financial Protection Bureau has failed.

On Sunday, Leandra English, the deputy director of the bureau who was appointed by the former director of the CFPB on his way out the door, filed a lawsuit.

English, who filed the complaint in U.S. District Court for the District of Columbia, sought a temporary restraining order blocking President Donald Trump’s choice for interim director, Mick Mulvaney, from running the agency — leaving her in charge until a permanent director is confirmed by the Senate.

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From:: Financing

New business was higher during the most recent quarter at loanDepot LLC. In addition, an increase was reported for both its loan servicing portfolio and staffing.

As part of the Mortgage Daily Third Quarter 2017 Mortgage Origination Survey, loanDepot said it serviced 191,141 home loans with a collective unpaid principal balance of $44.792 billion as of Sept. 30.

The mortgage servicing portfolio at the Foothill Ranch, California-based company expanded from three months earlier, when it stood at 166,427 loans for $39.119 billion.

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From:: Financing

Calling President Donald J. Trump’s appointment of an acting director at the Consumer Financial Protection Bureau illegal, two senators — including the architect of the agency — joined in protests outside the bureau.

=Trump on Friday appointed his director of the White House Office of Management and Budget, Mick Mulvaney, to serve as acting director of the CFPB until a permanent replacement is found.
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But on the same day, Richard Cordray, who resigned on Friday, promoted Leandra English from her role as chief of staff to deputy director — setting up a temporary power struggle.

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From:: Financing

Home price indices continued to rise during the most-recent month. But one HPI indicated the rate of increase is slowing, while a forecast has a month-over-month dip ahead.

For September, the Case-Shiller 20-City Composite Home Price Index was determined to be 203.50. That was 0.4 percent higher than the preceding month.

The index, which is a measure of U.S. home prices based on a value-weighted average in 20 metropolitan areas, has gained 6.2 percent from the same month last year.

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From:: Financing

One of two recent reports highlights online and social media usage growth among mortgage shoppers. The other looks at some of the risks faced by consumers who use social media.

A recent publication from the Federal Bureau of Investigation’s Portland, Oregon, division warned consumers about making posts to social media when on vacation.

According to the FBI, in addition to alerting burglars they are away, consumers’ location information can be used to fool family members into paying ransoms. Consumers also can become phishing and malware targets through fake travel alerts.

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From:: Financing

The announced departure of the Consumer Financial Protection Bureau’s director and subsequent appointments have left the regulator with competing claims to interim leadership.

On Friday, CFPB Director Richard Cordray wrote to President Donald J. Trump saying his resignation would be effective at midnight.

Trump named his director of the White House Office of Management and Budget as acting CFPB director. But Cordray appointed his chief of staff to be deputy director — leaving unclear who is in charge.

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From:: Financing

Over the next three months, 20 mortgage-related conferences, forums and workshops are scheduled to take place. Topics to be covered include bankruptcies, mergers and acquisitions, and reverse mortgage technology.

The Mortgage Daily Mortgage Conference Calendar has 10 mortgage-related events listed for December. The first month of next year has five events, as does February 2018.

In Palm Springs, California, the American Bankruptcy Institute is holding its ABI Winter Leadership Conference. The event kicks off on Nov. 30 and concludes on Dec. 2.

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From:: Financing

Long-term rates on home loans moved lower over the past week, and it’s quite possible that the next week could see a similar improvement.

Thirty-year fixed rates averaged 3.92 percent in Freddie Mac’s Primary Mortgage Market Survey for the seven days ended Nov. 22.

Long-term residential rates retreated 3 basis points compared to the preceding week and were 11 BPS lower versus the same seven days last year.

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From:: Financing

Servicing transfers last month tumbled from September as a result of a massive sale the previous month by the home-lending unit of Citigroup Inc.

Servicing on $13.962 billion in agency loans was transfered during October. Volume plunged from a month earlier, when the total was $25.110 billion.

September’s volume was inflated by CitiMortgage Inc.’s transfer of servicing on $12.110 billion in Freddie Mac loans to New Residential Mortgage LLC.

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From:: Financing