Foreclosures | Mortgages | Financing
Bids are being taken for mortgage-servicing rights on more than $400 million in agency home loans with a concentration in California.
The offering involves MSRs on 1,888 Ginnie Mae single-family loans that have a collective unpaid principal balance of $424 million.
Nearly half of the loans in the pool of loans are secured by California properties. Oregon is the location of 22 percent, and another 15 percent are in Nevada.
From:: Financing
A class action lawsuit that was filed against a Florida foreclosure attorney has yielded more than $1 million for charities and former borrowers.
As part of a rare legal procedure, Palm Beach County Circuit Judge Cymonie Rowe Tuesday approved immediate distribution of some funds to charities.
The ruling came after lawyers who sued disgraced foreclosure attorney David Stern reported that efforts to find all 1,150 of the foreclosed borrowers had stalled.
From:: Financing
Mortgage applications increased, with refinance share at an eight-month high, purchases up 5 percent from a year ago and adjustable-rate share wider again. But government share continued to thin.
A more than 3 percent seasonally adjusted increase in new home-loan applications was recorded for the Market Composite Index during the seven days ended Sept. 1.
Without considering seasonal factors, the index, a measure of the pace of newly completed retail residential loan applications, was up 2 percent from the week ended Aug. 25.
From:: Financing
Mortgage service providers have launched or updated mobile applications to help with appraisals, credit reports and production. A pair of reports offer insight into mobile technology.
A survey conducted by the American Bankers Association found that 60 percent of consumers prefer to apply for a mortgage in person. At the same time, the prefer to research loans online.
When it comes to obtaining a home loan or making mortgage payments, ABA found that 61 percent of consumers consider mobile and online services important.
From:: Financing
The Federal National Mortgage Association is reminding its lenders that it can buy loans to consumers who have a previous bankruptcy or foreclosure.
Just because a prospective borrower has experienced a significant derogatory credit event doesn’t mean that they can never qualify for a Fannie Mae loan.
Such derogatory credit events can include foreclosures, short sales and deeds in lieu of foreclosure. They also include the filing of a bankruptcy.
From:: Financing
New and upgraded offerings recently unveiled by service providers promise to help lenders comply with the Home Mortgage Disclosure Act, the Ability to Repay rule and Fannie Mae’s Day 1 Certainty initiative.
A module created for NetOxygen has been released to help lenders comply with existing and new HMDA reporting requirements, an Aug. 29 statement from Wipro Gallagher Solutions indicated.
Wipro said the module automates the process of completing the Loan Application Register. It also helps lenders ensure data integrity by automatically validating all necessary demographic information prior to submission.
From:: Financing
While Consumer Financial Protection Bureau Director Richard Cordray has yet to confirm a gubernatorial run in Ohio, if he does — Jerry Springer could be an opponent.
The CFPB chief was in the Buckeye State Monday sharing the stage with labor leaders and elected officials. But he declined to comment on a potential run for Ohio governor.
Among confirmed candidates so far for Ohio’s office of chief executive are state and federal lawmakers. Even talk show host and former Cincinnati mayor Jerry Springer is mulling a run.
From:: Financing
Federally insured reverse mortgage production last month was higher than it’s been in four months. The biggest lender maintained its standing.
Originators of home-equity conversion mortgages generated 4,927 endorsements by the Federal Housing Administration during August.
Last month’s activity turned out to be the busiest month since April 2017, when FHA endorsed 5,036 reverse mortgages.
From:: Financing
A persistently tight inventory of homes for sale pulled down the monthly number of residential properties under contract. The South took the biggest hit.
July’s Pending Home Sales Index, a forward-looking indicator based on single-family contract signings, came in at a seasonally adjusted 109.1.
Pending home sales retreated by nearly a percent when compared to the downwardly revised level reported for the preceding month.
From:: Financing
With the help of paid celebrities, American Advisors Group was able to take advantage of the exit of major players to grow and become the largest reverse mortgage lender.
The Orange, California-based company was founded in 2004 by 26-year-old Reza Jahangiri. The lender began operations in a 300-square-foot office near the John Wayne Airport.
AAG has gone from closing fewer than 300 loans in 2007 to almost 13,300 loans in 2014. It is now the biggest reverse mortgage lender in the country.
From:: Financing