Foreclosures | Mortgages | Financing
Dozens of technology employees are expected to be hired in Pennsylvania by a mortgage marketplace lender that has closed more than $1.7 billion in home loans.
Late last year, LendingHome reported that it had exceeded $1 billion in mortgage production since it opened for business in October 2013.
On Wednesday, the San Francisco-based residential lender reported that its life-to-date single-family loan originations have surpassed $1.75 billion.
From:: Financing
Criminal charges against a bank that took money from the Troubled Asset Relief Program have been dropped. But former executives still stand accused.
Delaware-based Wilmington Trust Corp. was a recipient of $330 million from TARP’s Capital Purchase Program administered by the Department of the Treasury.
But at the time it applied for TARP funds, the government claims Wilmington had $300 million in unpaid loans to insolvent developers that it failed to disclose.
From:: Financing
Overall mortgage application volume was down from a week earlier. But compared to a year earlier, applications for home-purchase loans have ascended 7 percent.
A seasonally adjusted 2 percent drop from the previous seven-day period was recorded for the Market Composite Index for the week ended Oct. 6.
The index, a measure of retail residential loan application volume, was still down 2 percent from the week ended Sept. 29 when seasonal factors are ignored.
From:: Financing
Bids are being taken for mortgage-servicing rights on more than a half-billion dollars in government-sponsored enterprise residential loans.
On the market are MSRs on 5,215 Freddie Mac mortgages that have an aggregate unpaid principal balance of $570 million.
Ohio is where properties securing 36 percent of the loans are located. Kentucky is the location of 28 percent, and another 22 percent are in West Virginia.
From:: Financing
Among the latest wholesale lending offerings are federally insured reverse mortgages, investor loans and non-agency alternative documentation loans.
In July, Reverse Mortgage Funding LLC announced that it is offering its home-equity conversion mortgage for purchase certification program for broker partners.
The on-demand course helps third-party originators improve their competitive advantage by becoming HECM For Purchase Certified experts.
From:: Financing
A mild month-over-month rise in the non-current single-family rate was reported. Areas driven by oil production have seen increasing serious mortgage delinquency.
At the end of July of this year, 4.6 percent of all U.S. residential loans were either past due at least 30 days or in the foreclosure inventory.
The latest reading on mortgage performance was slightly worse than in the preceding month, when the nation’s book of business had a 4.5 percent non-current rate.
From:: Financing
Home lenders have made it easier to qualify for a mortgage for four consecutive months. The latest gain was enough to put credit conditions at their loosest level in nearly a decade.
During the month of August, the Mortgage Credit Availability Index was computed to be 181.4. The index provides perspective on single-family lending conditions.
Based on historical data provided to Mortgage Daily by the Mortgage Bankers Association, Tuesday’s report represents the highest level for the index since at least 2008.
From:: Financing
A unit of Quicken Loans Inc. that originates through small financial institutions has turned to CalyxSoftware to power its loan origination system.
Quicken Loans Mortgage Services, based in Charlotte, North Carolina, generates business from community banks, credit unions and select brokers.
The Quicken Loans Inc. unit opened for business in 2010. It was founded by Tod Highfield who co-founded DecisionOne Mortgage.
From:: Financing
A survey of mortgage lenders indicates that loan origination systems are often lacking for the compliance and lead tools. But LOS providers have been busy integrating other services.
The STRATMOR 2016 LOS Technology Insight Survey said that less than a quarter of the more than 250 lenders surveyed indicated compliance tools in their LOS were highly effective and gave them a competitive advantage.
The share which considered audit trail tools that help in responding to repurchase requests highly effective was only 22 percent, and just 21 percent said integrated third-party compliance services were highly effective.
From:: Financing
Dozens of hirings are planned by the largest originator of government-insured reverse mortgages. The Lone Star State is the location of the new personnel.
An Austin, Texas, operations center has been opened by Orange, California-based American Advisors Group, according to an announcement issued on Monday.
AAG Chief Information Officer Michael Josephs explained in the statement that a second location will reduce the risk of being down during a natural disaster.
From:: Financing