Tag: finance

Monthly new business at the Federal Housing Administration moved higher, while an improvement was recorded for delinquency. The agency grew its residential and commercial books of business.

FHA insurance was in force on 8,539,404 residential loans for $1.2848 trillion as of May 31 based on an analysis of data released by the Department of Housing and Urban Development.

The total — which includes single-family loans, home-equity conversion mortgages and Title I loans — increased from 8,524,330 loans for $1.2790 trillion as of the end of the preceding month.

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From:: Financing

A private investment firm has has taken an interest in a Silicon Valley wholesale mortgage lender, enabling a geographic expansion and entry into new lending channels.

Eli Global LLC bills itself as a privately held investment company that has accumulated a portfolio of more than 50 independent businesses.

Among the industries targeted by the Durham, North Carolina-based firm are billing services, collection services and software-as-a-service technology.

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From:: Financing

In addition to an acquisition involving a loan origination system, two LOS service provides have upgraded there systems — with one labeled as a “major” release. Meanwhile, LOS integrations continue.

The assets of PCLender LLC have been acquired by Fiserv Inc., Brookfield, Wisconsin-based Fiserv said in an Aug. 1 statement. The acquisition is expected to enhance Fiserv’s suite of mortgage origination services.

“PCLender provides Fiserv with a full digital suite of mortgage origination solutions for banks, credit unions and mortgage lenders,” Fiserv President and Chief Executive Officer Jeffery Yabuki said in the announcement.

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From:: Financing

A firm that has claim to be among the biggest home-purchase lender for veteran programs has agreed to pay over $1 million to settle alleged violations of the Real Estate Settlement and Procedures Act.

On its website, Columbia, Missouri-based Veterans United Home Loans reports that overall residential loan originations came to $10.3 billion during all of last year.

The 2,000-employee organization claims that it was the No. 1 originator of purchase-money mortgages guaranteed by the Department of Veterans Affairs during 2015.

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From:: Financing

Topics to be covered at upcoming events related to real estate finance include bankruptcies, compliance and single-family rentals. Also on the docket are third-party risk and home building.

One of the sessions being held at the 2017 Midwest Regional Bankruptcy Seminar later this month is Everything You Always Wanted to Know About Foreclosures (but Were Too Busy to Ask).

The seminar, which takes place on Aug. 23 and Aug. 24 in Cincinnati at The Westin Cincinnati, will feature another session entitled Interaction Between State and Bankruptcy Courts.

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From:: Financing

Dozens of mortgage servicing positions are being eliminated by Wells Fargo & Co. as the home lender closes a call center in Washington state.

The San Francisco-based bank-holding company operates a call center in Vancouver, Washington, that handles calls from distressed borrowers.

The center originally opened back in 2003. At its peak, the facility housed 500 employees — though headcount has fallen off recently.

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From:: Financing

A modest volume of monthly securitizations on behalf of the Government National Mortgage Association have pushed fiscal-year volume so far past $400 billion.

The government-owned corporation reported monthly operational data indicating that $1.8570 trillion of its mortgage-backed securities were outstanding as of July 1.

Washington-based Ginnie Mae’s book of business expanded from $1.8428 trillion one month earlier and $1.7058 trillion as of the same date last year.

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From:: Financing

Among a host of updates made by the Federal Home Loan Mortgage Corp. on rental income is the utilization of income from short-term rentals.

McLean, Virginia-based Freddie Mac says the nation’s housing trends in the rental market are evolving, and it is studying the changes.

The trends include short-term rental income, where a lease is not utilized. So the government-sponsored enterprise has issued guidance on such situations.

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From:: Financing

Although purchase financing drove overall new mortgage business lower this past week, an increase was recorded for refinances and jumbo loans as adjustable-rate mortgage activity surged.

Mortgage Daily’s U.S. Mortgage Market Index, an indication of upcoming home-lending activity based on per-user rate locks at OpenClose, was 147 in the week ended Aug. 11.

Volume retreated by 5 percent from the preceding seven-day period and sank by more than a fifth from the same seven days last year. There are no adjustments made for seasonal factors.

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From:: Financing

Among the roles that have recently been filled at a variety of real estate finance firms are chief financial officer, president and chief executive officer.

Former Ginnie Mae president Ted Tozer has joined the board of directors of PennyMac Financial Services Inc., a July 19 announcement indicated. He was at Ginnie for seven years.

Royal United Mortgage LLC President and CEO Mike Keleher has been recognized as a highest-rate CEO in the Glassdoor Employees’ Choice Award. Keleher has led the Indianapolis-based firm since 2008.

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From:: Financing