Tag: finance

As losses continued at Walter Investment Management Corp., the company warned about its ongoing viability and restated income for prior period. Home lending tumbled.

During the three months ended June 30, losses before taxes were $93 million. Walter cut its losses from $380 million in the second quarter of last year.

Those details, as well as other operational and financial results, were included in the second-quarter 2017 earnings report from the Fort Washington, Pennsylvania-based company.

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From:: Financing

A modest reduction in rates for single-family loans was made this week. Next week’s report is likely to reflect an even bigger improvement.

Average 30-year fixed rates were 3.90 percent in the Primary Mortgage Market Survey from Freddie Mac for the week ended Aug. 10.

Rates on home loans improved by 3 basis points compared to the preceding week. But the average has risen by 45 BPS versus the same week last year.

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From:: Financing

A new tool helps mortgage-banking firms with the daunting task of monitoring their loan origination staffs’ use of social media and regulatory compliance.

With the intense level of mortgage regulation that is in place today, there is a high risk of unintentional mistakes made with social media.

As a result of such possible errors, there is a high potential for residential lenders that utilize social media to face unnecessary financial risk.

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From:: Financing

As the commercial real estate securitization market becomes more comfortable with risk-retention requirements, quarterly issuance is soaring.

From the period that started on April 1, 2017, and concluded at mid-year, issuance of commercial mortgage-backed securities came to $21.2 billion.

Volume has more than doubled compared to the activity during the first quarter, when $10.5 billion in CRE loan securitizations were completed.

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From:: Financing

Nearly a decade after the financial crisis, Democrats and Republicans are still battling over how to liquidate behemoth financial institutions that fail.

Following Lehman Bros. September 2008 collapse, federal officials seized American International Group, and the Emergency Economic Stabilization Act of 2008 was signed into law.

The legislation created the $700 billion Troubled Asset Relief Program, which through its Capital Purchase Program made government investments in the nation’s financial institutions.

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From:: Financing

While some mortgage acquisitions have recently closed, one fell through just hours before it was supposed to be consummated. One company that was set to close down is back in business.

Back in April, Flagstar Bancorp Inc. disclosed that it agreed to acquire assets of Opes Advisors Inc., a Cupertino, California-based company with $3 billion in annual originations.

On May 15, Troy, Michigan-based Flagstar announced that it has completed the acquisition, expanding its retail origination business and significantly increasing its access to purchase-money business.

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From:: Financing

While applications for loans to finance a home purchase saw a 1 percent week-over-week gain, applications for loans to refinance an existing mortgage led an overall increase.

During the seven days that concluded on Aug. 4, retail applications for residential loans rose a seasonally adjusted 3 percent from the prior week based on the Market Composite Index.

Even without any seasonal adjustments, the index — a measure of mortgage loan application volume — still increased 3 percent from the preceding seven day period.

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From:: Financing

Impac Mortgage Holdings Inc.’s servicing portfolio has more than doubled over the past year. But year-over-year deterioration was reported for quarterly earnings and originations.

Before the provision for income taxes, the Irvine, California-based firm earned $7 million during the three months ended mid-year 2017, according to its second-quarter earnings report.

An increase in earnings was made compared to the preceding period, when the total was $5 million. But results came up far short compared to $13 million earned in the same quarter last year.

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From:: Financing

A former employee of PHH Corp. will receive millions of dollars for her role in exposing allegedly bad lending practices that has resulted in a big settlement.

The Mount Laurel, New Jersey-based company disclosed Tuesday that it has reached a total of approximately $75 million in settlements with the Department of Justice.

According to the statement, the agreements resolve claims related to single-family loans insured or guaranteed by the government or acquired by the government-sponsored enterprises.

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From:: Financing

The monthly rate of late payments on single-family loans turned sharply lower. The rate of early-stage delinquency, meanwhile, is around the lowest it’s been in 17 years.

As of May 31, residential loans that were at least 30 days past due, including mortgages in the foreclosure process, accounted for 4.5 percent of all home loans outstanding.

Delinquency declined 30 basis points versus the prior month. Compared to the same month in the prior year, the past-due rate has tumbled 100 BPS.

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From:: Financing