Tag: finance

Lawmakers have passed repeal legislation to stop a controversial rule that would have allowed borrowers to file class-action lawsuits against financial institutions. The president is expected to sign it.

A Consumer Financial Protection Bureau rule that was set to take effect in March would have banned provisions that block borrowers from banding together to bring class-action cases.

The CFPB argued that such cases help hold banks accountable. But banking lobbyists argued that the rule would unleash a flood of class-action lawsuits — raising the cost of credit for consumers.

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From:: Financing

After leading the Mortgage Bankers Association to financial stability through the post-crisis era, the chief executive officer of the trade group is leaving.

Before taking over MBA in 2011, David H. Stevens was Federal Housing Commissioner for the Department of Housing and Urban Development during the Obama administration.

Prior to his appointment to run the Federal Housing Administration, Stevens spent time at Freddie Mac, Long & Foster Companies Inc. and Wells Fargo & Co.

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From:: Financing

After making adjustments for the recent holiday, new applications for home loans slowed last week. Out front of the decline were purchase-money mortgage applications.

In the week ended Oct. 20, the Market Composite Index — a measure of retail residential loan application volume — fell a seasonally adjusted 5 percent from a week prior.

But without making any seasonal adjustments, the index jumped 6 percent from the seven-day period that included the Columbus Day holiday.

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From:: Financing

Delinquency deteriorated and new business stumbled at the Federal Home Loan Mortgage Corp. But the company’s book of business continued to expand.

The ending balance of the total mortgage portfolio was $2.0568 trillion as of September 2017, according to Freddie Mac’s Monthly Volume Summary: September 2017.

A month earlier, the balance at the McLean, Viriginia-based company was $2.0534 trillion. A year earlier, the total stood at $1.9840 trillion.

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From:: Financing

In the country’s capitol, the cost to finance a single-family home is higher than any state in the nation. Costs in the Show Me State are the lowest.

The average purchase price of a U.S. residence is $271,363. The average total closing costs to finance that piece of property works out to $4,876.

Closing costs include title insurance, settlement fees and appraisal expense. They additionally include transfer taxes and recording fees as well as other costs such as inspections and land surveys.

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From:: Financing

In addition to lifting the estimate of originations last year by $160 billion, mortgage bankers have increased this year’s and next year’s forecast by $38 billion.

During the final-three months of this year, one-to-four-family U.S. mortgage originations by all lenders are expected to come in at $393 billion.

Loan production is projected to then fall to $355 billion in the first-three months of next year then bounce up to $445 billion in the second quarter.

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From:: Financing

Mortgage production at Flagstar Bancorp Inc. improved on both a quarter-over-quarter and year-over-year basis. A recent acquisition helped fuel the growth.

The Troy, Michigan-based company reported in its third-quarter earnings report that income before the provision for income taxes was $60 million.

Although Flagstar’s earnings weakened from $87 million during the same-three months last year, the bank-holding company reported no quarter-over-quarter change.

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From:: Financing

The origination of new credit lines secured by residential properties is expected to double over the next five years thanks to improving market conditions.

This year, U.S. consumers with equity in their single-family properties are forecasted to open 1.4 million new home-equity lines of credit.

Production of HELOCs, which moved up from 1.2 million in 2016, is forecasted to ascend to 1.6 million during all of next year.

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From:: Financing

Compared to three months prior and a year prior, the mortgage servicing portfolio has expanded at Quicken Loans Inc. A quarter-over-quarter gain was made in home lending.

At the conclusion of the third quarter of this year, the Detroit-based home lender serviced loans with a collective unpaid principal balance of $267.9 billion.

Quicken Loans reported the servicing portfolio, along with other operational metrics, as part of the Mortgage Daily Third Quarter 2017 Mortgage Origination Survey.

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From:: Financing

A new call center that has been opened in the Grand Canyon State by New American Funding will result in the hiring of dozens of mortgage originators.

The Tustin, California-based mortgage-banking organization said Monday that it has opened a new national call center in Tempe, Arizona.

According to New American, the renovated 12,000-square-foot facility is a modern office environment complete with an employee lounge.

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From:: Financing