Tag: finance

In his first year in the role, Wells Fargo & Co.’s chief executive officer saw his total compensation rise more than 35 percent — earning him nearly 300 times the firm’s median compensation.

Tim Sloan, who has been with Wells Fargo for three decades, had been serving as the San Francisco-based company’s president and chief operating officer since 2015.

But following the fake-account scandal in 2016, he took on the CEO role when then-CEO and chairman John G. Stumpf was ousted.

---

…read more

From:: Financing

Over the objections of consumer groups and liberal Democrats, legislation to provide regulatory relief to home lenders has made its way through the Senate.

By a vote of 67 to 31, S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, has been passed by the Senate.

The proposed law would roll back or reduce some of the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

---

…read more

From:: Financing

Earnings swung to a loss at Impac Mortgage Holdings Inc., and the company’s chief is out. Retail lending led a plunge in originations even as non-QM business soared.

The Irvine, California-based company revealed in its fourth-quarter 2017 earnings report that it suffered a $28 million loss before taxes.

Earnings swung from a $17 million profit in the final-three months of 2016 and a $4 million profit in the preceding three-month period.

---

…read more

From:: Financing

Home lending activity turned lower at Churchill Mortgage Corp., as did headcount. The company has started reporting originations through the wholesale channel.

=The Brentwood, Tennessee-based company serviced three loans that collectively had an unpaid principal balance of $0.001 billion at the end of last year.

Churchill revealed the total, in addition to other operational metrics, as part of the Mortgage Daily Fourth Quarter 2017 Mortgage Origination Survey.

---

…read more

From:: Financing

Winning bids have been announced for a pool of more than $1 billion in government-sponsored enterprise residential loans that are not performing.

In February, 6,090 non-performing Fannie Mae mortgages with an aggregate unpaid principal balance of $1.074 billion were offered for sale.

The portfolio included three larger pools and one small pool. Bids were accepted on the three larger pools through March 6, while bids are still being taken on the smaller pool.

---

…read more

From:: Financing

A weekly decline in refinance mortgage applications was more than offset by a surge in purchase-money activity. The jumbo-conforming spread, meantime, ballooned.

The Market Composite Index, which tracks the volume of retail residential loan applications, moved up a seasonally adjusted 1 percent in the week ended March 9.

The escalation from the week that concluded on March 2 expanded to 2 percent when seasonal factors are removed from the calculation of the index.

---

…read more

From:: Financing

An offering of mortgage-servicing rights on more than $6 billion in government-sponsored enterprise loans with a California concentration has just hit the market.

Bids are being sought for a portfolio of MSRs on 24,739 single-family loans that had an aggregate unpaid principal balance of $6.197 billion as of Feb. 28.

FHLMC ARC loans make up $2.886 billion of the offering, FNMA MBS account for $2.324 billion, and FNMA A/A represent another $0.988 billion.

---

…read more

From:: Financing

Home lending retreated last year. Non-banks lost quarterly market share to financial institutions as a surge in quarterly wholesale lending drove up banks’ share.

During the final-three months of last year, mortgage originations at financial institutions and non-bank lenders came to an estimated $494 billion.

Business at U.S. home lenders retreated compared to the third quarter, when single-family loan production worked out to an estimated $506 billion.

---

…read more

From:: Financing

Nearly $2 billion in residential loans that were previously classified as delinquent are being offered for sale to the highest bidder.

The proposed loan sale is for 9,400 Federal National Mortgage Association loans with a collective unpaid principal balance of $1.97 billion.

Loans being offered for sale had previously been delinquent but are now reperforming again. Loan modifications were involved on some of the mortgages.

---

…read more

From:: Financing

Mortgage delinquency ascended to the highest level in 11 months as loan performance continues to be impacted by last year’s hurricanes. Foreclosures held steady though.

Last year concluded with the rate of 30-day delinquency on residential loans, including foreclosures, at 5.3 percent — the highest it’s been since January 2017.

The non-current rate escalated from the preceding month, when it was 5.1 percent. But no change was noted versus the final month of 2016.

---

…read more

From:: Financing