Foreclosures | Mortgages | Financing
The biggest originator of Property Assessed Clean Energy loans is reportedly under investigation by the Federal Bureau of Investigation.
Renovate America Inc. is the largest lender of PACE loans, which are used to finance energy-efficient home improvements.
The San Diego-based business has confirmed that is cooperating with an investigation into a contractor that it no longer works with.
From:: Financing
A slowing refinance market is being blamed for mortgage layoffs in North Carolina at Bank of America Corp. Technology staffing is also being cut.
Lower demand for mortgage refinances as interest rates on home loans have become elevated drove the decision to make the job cuts in Charlotte.
Impacted BofA employees handle the paperwork for borrowers who are seeking to refinance their existing mortgages, a spokesman said.
From:: Financing
A comprehensive snapshot of weekly mortgage applications was little changed as continued weakening in refinance activity offset an increase in purchase business.
A less than 1 percent seasonally adjusted decline from a week earlier was recorded for the Market Composite Index during the seven days ended Sept. 22.
Even without applying seasonal adjustments to the index, the volume of retail residential loan applications completed will still down a percent compared to last week’s report.
From:: Financing
Delinquency on securitized commercial real estate loans jumped to the highest level in nearly two years. But CRE loan delinquency at banks was the lowest it’s been since at least 2007.
Delinquency of at least 30 days on loans that are included in commercial mortgage-backed securities ended the first half of this year at 4.84 percent — the highest rate since the third-quarter 2015.
The rate ascended 39 basis points versus the end of the first quarter. Compared to the same three-month period last year, CMBS delinquency has soared by 80 BPS.
From:: Financing
The rate of serious mortgage delinquency at the Federal Home Loan Mortgage Corp. has fallen to the lowest level in nearly a decade.
As of the end of August, the McLean, Virginia-based secondary lender’s total mortgage portfolio amounted to $2.0534 trillion.
Freddie Mac’s book of business grew from a month earlier, when it stood at $2.0439 trillion. It was also up from a year earlier, when it was $1.9795 trillion.
From:: Financing
Led by the Pacific Northwest, the nation’s home prices continued to move higher on a year-over-year basis — with some indices at record highs. On a month-over-month basis, East Coast states led the gain.
At 201.99 during July 2017, the Case-Shiller U.S. National Home Price NSA Index was 0.7 percent higher than it was as of the preceding month.
Compared to the same month during the previous year, the widely watched home price index has ascended by 5.8 percent.
From:: Financing
Rapid growth in the origination of home loans that don’t meet the requirements for Qualified Mortgages is driving an expansion at Angel Oak Companies.
The Atlanta-based company reported Tuesday that its businesses are on track to collectively originate more than $1 billion in non-QM loans this year.
Those businesses include Angel Oak Mortgage Solutions, Angel Oak Home Loans and Angel Oak Prime Bridge.
From:: Financing
Wells Fargo & Co. has agreed to negotiate a settlement in a case alleging it made loan modifications on a bankrupt borrower’s mortgage that vastly increased the costs.
The class action was filed in June by a North Carolina couple who claim that while they were in Chapter 13 bankruptcy, the bank made “illegal stealth modifications.”
The modifications allegedly caused the Chapter 13 trustee in the case to pay less than originally required, resulting in defaults that were not the borrowers’ fault.
From:: Financing
The former president of a defunct mortgage banking firm that operated from Melville, New York, has been sentenced to prison for defrauding the government.
Ideal Mortgage Bankers, which operated as Lend America and Lending Key, lost its Federal Housing Administration and Ginnie Mae approvals in 2009.
Two years later, its former president pled guilty to directing employees to divert refinance proceeds that were supposed to pay off old loans to accounts where they could be used to pay company operating expenses.
From:: Financing
One mortgage technology provider is helping lenders comply with upcoming changes on reporting requirements. Quality control is the focus of another service provider.
Data required for 2018 Home Mortgage Disclosure Act reporting can be imported, validated and submitted through Fair Lending Magic, ComplianceTech announced.
Fair Lending Magic’s new submission tool includes a Universal Loan Identifier generator to make it simple for lenders to comply with the new HMDA requirements.
From:: Financing