Tag: finance

The previously announced acquisition of a mortgage business from a financial institution in the Empire State has been completed by Freedom Mortgage Corp.

In June, the Mount Laurel, New Jersey-based mortgage banking firm disclosed that it had come to an agreement to acquire the mortgage banking business of New York Community Bank.

The deal included the Waterbury, New York-based bank’s origination and servicing platforms, mortgage servicing rights on around $21 billion in agency loans and $500 million in mortgage assets.

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From:: Financing

Led by industrial property loans, late payments on securitized commercial real estate loans fell as signs suggest the peak has passed. But office and retail property delinquency grew.

Past-due payments of at least 30 days on loans that are included in commercial mortgage-backed securities ended August 2017 at 3.02 percent.

Late payments on securitized CRE loans improved by 2 BPS from the preceding month. But CMBS delinquency has worsened from 2.95 percent the same month in 2016.

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From:: Financing

A retreat from a month earlier in the securitization of agency home loans was eclipsed by a tumble compared to the monthly issuance of a year earlier.

September saw $110.940 billion in fixed-rate mortgage-backed securities that were issued on behalf of Fannie Mae, Freddie Mac and Ginnie Mae.

Securitizations dipped from August, when agency MBS issuance amounted to $116.412 billion. An even bigger drop was recorded versus $157.645 billion in September 2016.

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From:: Financing

It has been at least three years since the share of borrowers extracting home equity has been this broad, while the last time adjustable-rate mortgage share was this wide was during the final week of 2015.

In the seven-day period that concluded on Sept. 29, the U.S. Mortgage Market Index from Mortgage Daily, an indication of upcoming originations, was 133.

Compared to the preceding seven-day period, the index, which is determined based on average per-user rate-lock volume by clients of OpenClose, retreated 4 percent.

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From:: Financing

Single-family performance at the Federal National Mortgage Association is better than it’s been in nearly a decade. Meanwhile, the manged portfolio continued to grow.

As of Aug. 31, the book of business at the Washington-based secondary mortgage lender worked out to $3.1883 trillion, according to its monthly summary.

The managed portfolio balance at Fannie Mae continued to grow from $3.1782 trillion one month earlier and $3.1130 trillion twelve months earlier.

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From:: Financing

A civil fraud lawsuit in New York alleging a mortgagee on government-insured loans failed to follow program rules has been settled for more than $1 million.

Residential Home Funding Corp. was approved by the Federal Housing Administration as a direct endorsement lender from 2006 until 2012.

But the White Plains, New York-based mortgage banking organization is accused of failing to maintain a compliant quality-control program.

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From:: Financing

Delinquency and foreclosures on bank-serviced mortgages continued to show quarterly improvement, and the servicing portfolios of big banks continued to diminish.

On closed-end first-lien mortgages and home-equity loans serviced by banks, delinquency of at least 30 days, including foreclosures in process, was 4.6 percent as of the second-quarter 2017.

That was worse than 4.4 percent in the preceding three-month period. But the rate has improved from 5.3 percent during the same three months last year.

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From:: Financing

A settlement agent out of Indiana will pay more than a million dollars as part of an order alleging that it steered business to an affiliated business without disclosing the affiliation.

On Wednesday, the Consumer Financial Protection Bureau issued a consent order against Meridian Title Corp. for alleged violations of the Real Estate Settlement Procedures Act.

The bureau claims that the South Bend, Indiana-based firm steered consumers to a title insurer owned in part by several of its executives. But no disclosures were made to customers about the business affiliation.

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From:: Financing

As pending home sales slowed to the weakest level in over a year-and-a-half, the outlook for this year’s single-family sales was lowered due to hurricanes.

A forward-looking indicator of home sales based on contract signings, the Pending Home Sales Index, was reported Wednesday at a seasonally adjusted 106.3 for August.

In addition to declining 3 percent from the last report, it was the lowest level for the index since January 2016, when the index was previously reported to be 106.0.

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From:: Financing

The founder and chairman of Quicken Loans Inc., who appeared this week with the president’s daughter, supports both sides of the political aisle.

Dan Gilbert appeared at an event Tuesday with Ivanka Trump. He appeared with her father, President Donald J. Trump, at the White House this summer.

While Quicken Loans contributed $750,000 to Trump’s inauguration, Gilbert says he contributed to the 2016 campaigns of rival Republicans and Democratic nominee Hillary Clinton.

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From:: Financing