Tag: finance

Bank of America Corp. is studying using biometrics to replace user IDs and passwords, planning to introduce a rapid new mortgage application tool and developing a virtual assistant.

The person who heads up digital bank recently discussed the Charlotte, North Carolina-based bank-holding companies’ upcoming technology plans.

According the executive, BofA is exploring iris scanning and facial recognition as alternatives to utilizing user identification and password systems.

---

…read more

From:: Financing

The sacred right to an interest deduction for U.S. homeowners is being tampered with in a tax plan proposed by the Republican-led House.

House Speaker Paul D. Ryan (R-Wisconsin) says the plan, which would slash the corporate tax rate, would save the average American family $1,182 a year.

Other changes in the proposal include eliminating deductions for state and local income taxes and limiting property tax deductions to $10,000.

---

…read more

From:: Financing

Quarterly mortgage financing provided by Fannie Mae fell by more than $30 billion from a year earlier, though activity has accelerated from three months earlier. Earnings were little changed.

The Federal National Mortgage Association disclosed in its third-quarter earnings report $4.5 billion in income before federal income taxes.

Earnings were modestly lower than $4.7 billion during the same three months last year. It was a similar narrative versus the second quarter of this year, when earnings were $4.8 billion.

---

…read more

From:: Financing

Government-insured reverse mortgage production slowed last month. While endorsements were down at three of the top-5 players in the space, two lenders made gains.

There wasn’t much of a month-over-month change in home-equity conversion mortgage business, with Federal Housing Administration endorsements slipping to 4,497 in October from 4,592 during September.

For all 10 months of 2017 that have been reported so far, FHA, which is part of the Department of Housing and Urban Development, has endorsed 47,365 reverse mortgages.

---

…read more

From:: Financing

Ocwen Financial Corp.’s residential loan servicing subsidiary is changing its mortgage servicing system as was required by recent orders with several states.

In September, the West Palm Beach, Florida-based company disclosed in a Securities and Exchange Commission filings that it had reached consent orders with 10 states.

The agreements prohibited Ocwen from boarding any new loans on the REALServicing system. This required the firm to find an alternative system.

---

…read more

From:: Financing

Quarterly pre-tax income and quarterly new business each ascended to the highest level ever at NMI Holdings. In addition, the book of business grew.

From July 1, 2017, until Sept. 30, income before taxes was $19 million, a record high, according to the Emeryville, California-based firms’ third-quarter earnings report.

Pre-tax income at the parent of National MI tripled from $6 million earned in the same quarter last year. Income was previously reported at $9 million for the second-quarter 2017.

---

…read more

From:: Financing

Bad data on residential loan applications was a little less likely in September, though risk was worse by a fifth compared to last year. Risk jumped in hurricane-affected areas.

At 83 as of September, the U.S. Loan Applications Defect Index was reduced over a percent versus one month earlier.

The decline indicates that the frequency of defects, fraud and misrepresentation for information submitted in mortgage loan applications has subsided.

---

…read more

From:: Financing

A month-over-month surge in the issuance of Freddie Mac mortgage-backed securities wasn’t enough to offset deterioration at its agency counterparts.

Issuance of Fannie Mae, Freddie Mac and Ginnie Mae fixed-rate MBS came to $110.907 billion during October, slipping from $110.940 billion the prior month.

The trio of federal housing finance agencies saw their collective loan securitizations sink compared to October of last year, when issuance was a downwardly revised $144.396 billion.

---

…read more

From:: Financing

Weekly applications to refinance single-family mortgages were out front of weakening activity. Applications for loans to finance a home purchase have strengthened from a year ago.

Loan originators completed nearly 3 percent fewer applications in the week ended Oct. 27 than they did the prior week based on the seasonally adjusted Market Composite Index.

The index, which quantifies the volume of retail residential loan applications, still declined by 3 percent from the week ended Oct. 20 when seasonal factors are not considered.

---

…read more

From:: Financing

The servicing portfolio expanded on a quarter-over-quarter and year-over-year basis at Guild Mortgage Co. as year-to-date originations reached an all-time high.

San Diego-based Guild reported that it serviced 182,560 loans with an aggregate unpaid principal balance of $36.540 billion as of Sept. 30.

The total, reportedas part of the Mortgage Daily Third Quarter 2017 Mortgage Origination Survey, grew from 172,615 loans for $34.125 billion as of mid-2017.

---

…read more

From:: Financing