Tag: finance

The remnants of a company that was once among the largest originators of reverse mortgages are being sold. The sale includes servicing and nearly $1 billion in whole loans.

An agreement has been reached to sell Financial Freedom to an undisclosed buyer, parent CIT Bank, N.A., revealed in a news release on Friday.

Included in the sale will be a whole-loan sale of approximately $900 million in reverse mortgages. The contract additionally calls for the sale of mortgage-servicing rights.

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From:: Financing

Government activity led an increase in new weekly mortgage business. Excluded from the rally, though, were jumbo and adjustable-rate mortgages.

The U.S. Mortgage Market Index from Mortgage Daily, a barometer of pending mortgage transactions, was 152 in the week ended Oct. 6.

A 14 percent increase was made versus the for the index, which is based on average per-user rate-lock volume by clients of OpenClose.

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From:: Financing

Serious mortgage delinquency at the Federal Housing Administration was the lowest it’s been in years, though early stage delinquency deteriorated. Endorsements strayed little from the prior period.

FHA insurance was in force on approximately 8.654 million residential-related loans that had a collective unpaid principal balance of $1.2946 trillion as of the end of July.

The total included $1.1501 trillion in insured single-family loans, $0.1435 trillion in home-equity conversion mortgages and another $0.0010 trillion in Title I loans.

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From:: Financing

While the nation’s overall employment was battered by the recent hurricane activity, non-bank employment within the home-lending sector moved higher.

U.S. nonfarm staffing concluded September at 146,659,000 employees, according to data reported Friday by the Bureau of Labor Statistics.

Last month’s payrolls declined 33,000 jobs from August. It was the first drop in employment since September 2010, when 52,000 jobs were lost.

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From:: Financing

The former owner of a defunct mortgage servicer has admitted that he stole money from payments made by borrowers.

Robert Pena was the owner and president of Mortgage Security Inc. The company was based in Falmouth, Massachusetts.

Pena is accused by the Department of Justice of diverting loan payments from securitized Ginnie Mae mortgages in 2011.

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From:: Financing

An attorney who has already won a more than $1 billion award in a malpractice case is now hoping to obtain a multi-billion-dollar award against Wells Fargo Bank, N.A.

A class-action lawsuit has been filed against the Sioux Falls, South Dakota-based bank in U.S. District Court for the Central District of California.

The complaint alleges that Wells Fargo’s standard loan documents for adjustable-rate mortgages require it to provide the phone number and title of a “single point of contact.”

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From:: Financing

The sale of $50 million in new single-family loans that have adjustable rates has been executed as a whole-loan transaction.

Included in the sale were $50 million in adjustable-rate mortgages. The newly originated loans are classified as 1/1 ARMs.

According to a brief statement issued about the transaction, the entire portfolio of mortgages was sold with servicing retained.

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From:: Financing

At least two people who worked in the mortgage industry were among the casualties in this week’s tragic Las Vegas shootings.

Among the people who attended the Route 91 Harvest festival in Las Vegas on Sunday was Brian Fraser of La Palma, California.

Fraser, 39, was an avid country music fan. He attended the event with nearly 20 close friends and family — including his wife, son and daughter-in-law.

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From:: Financing

On installment loans and lines of credit that are secured by single-family properties and owned by banks, quarterly delinquency moved lower.

On consumer installment loans that are owned by banks, delinquency of at least 30 days came in at 1.56 percent as of the second quarter of this year.

The past-due rate, which reflects the performance of eight types of closed-end loans, was no different than in the preceding three-month period.

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From:: Financing

An offering of mortgage servicing rights on more than $300 million in government-sponsored enterprise loans has a concentration in the Golden State.

MSRs on 1,415 Fannie Mae and Freddie Mac home loans with an aggregate unpaid principal balance of $339 million have been put up for auction.

California properties secure 52 percent of the loans in the offering, while another 11 percent are located in Nevada. No other state has a double-digit concentration.

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From:: Financing