Foreclosures | Mortgages | Financing
A winning bidder has been announced for an offering of more than $2 billion in reperforming government-sponsored enterprise mortgages.
The offering, originally announced in August, was for nearly 11,000 Fannie Mae single-family loans with an aggregate unpaid principal balance of $2.5 billion.
Although the mortgages had previously been delinquent, they are now performing again as a result of the borrowers bringing the payments current or modifications.
From:: Financing
The former federal housing commissioner during the George W. Bush administration is being nominated for the same post again by the current administration.
A statement Tuesday from the White House’s Office of the Press Secretary said President Donald J. Trump intends to nominate Brian D. Montgomery to be an assistant secretary of Housing and Urban Development, Federal Housing Commissioner.
If confirmed by the Senate, it would be the second time in the role for Montgomery, who was previously sworn in as the Federal Housing Administration’s chief in June 2005. He held the post until 2009.
From:: Financing
After factoring in the Labor Day holiday, the volume of new home loan applications jumped last week. Refinance share, meanwhile, widened to the highest level in eight months.
A measure of retail residential loan application volume, the Market Composite Index, climbed a seasonally adjusted 10 percent during the seven days that ended on Sept. 8.
Mortgage application volume tumbled 13 percent, however, compared to the preceding week when seasonal factors are excluded from the index calculation.
From:: Financing
Although mortgage-related hirings have been recently declining, several thousand veterans have been hired by a bank, and one firm is adding a thousand jobs in the Grand Canyon State.
Each month, Mortgage Daily estimates total mortgage industry employment based on non-bank data from the Bureau of Labor Statistics. The latest estimate was 740,100 jobs as of July.
Mortgage job count declined from an estimated 741,200 in June. It was the first drop in mortgage staffing since February, when the estimated total was calculated to be 720,400.
From:: Financing
Following a successful recruiting campaign in its home town, Guaranteed Rate will run the same campaign in Southern California. No experience is needed.
In March, the Chicago-based company debuted its Liftoff Program — a recruiting campaign that teaches inexperienced participants how to originate mortgages.
At the time, Guaranteed indicated that around 280 new positions were expected to be created in Chicago during 2017 for the program.
From:: Financing
The rate of serious mortgage delinquency continued to hover around the lowest level in a decade. It was the same story for the nation’s foreclosures.
Single-family loans that were either at least 30 days past due or in the foreclosure inventory accounted for 4.5 percent of all loans as of mid-2017.
Mortgage delinquency was the same as previously reported for May. But the rate of late payments improved from 5.3 percent as of June 2016.
From:: Financing
The former chief of subprime trading at Deutsche Bank has been sued by the government for allegedly misleading investors about the quality of subprime residential mortgage-backed securities.
Paul L. Mangione joined Deutsche Bank in 2000. By 2006, he had worked his way up to managing director at Deutsche Bank Securities Inc. and head of subprime loan trading at Deutsche Bank.
His compensation at the German financial institution was based, in large part. on the profitability of the subprime trading desk that he was in charge of, according to a complaint filed by the Department of Justice.
From:: Financing
Among dozens of upcoming events is an inaugural technology conference for women in the mortgage industry. Las Vegas is the location of a convention for mortgage professionals.
During the final-four months of this year, the Mortgage Conference Calendar maintained by Mortgage Daily has nearly 70 events listed.
The American Bankruptcy Institute’s Commission on Consumer Bankruptcy takes place on Sept. 15 during the National Association of Bankruptcy Trustees 35th Annual Convention.
From:: Financing
A new refinance program has the government-sponsored housing enterprises refinancing real estate loans regardless of the loan-to-value ratio.
Fannie Mae and Freddie Mac have revealed new high-LTV products for borrowers who have existing loans with either secondary mortgage lender.
A borrower benefit provision requires either a lower principal-and-interest payment, a lower interest rate, a shorter term or a more stable product.
From:: Financing
Although the dollar volume of quarterly purchase-money production has recently risen, the number of loans closed has fallen thanks to the lack of junior-lien utilization.
From April 1 through June 30 of this year, U.S. residential lenders generated $467 billion in first-lien mortgage originations — including refinances and purchase financing.
That represented a 20 percent improvement from the upwardly revised total for the first-quarter 2017. But mortgage bankers slowed production from the same three months last year last year by 16 percent.
From:: Financing