Foreclosures | Mortgages | Financing
Legislation introduced in the Senate takes bank mortgage originators one step closer to being able to easily transition from a financial institution to a non-bank home lender.
The bill, S. 1753, SAFE Transitional Licensing Act, was introduced on Aug. 3 by Sen. Dean Heller (R-Nevada) and Sen. Bob Menendez (D-New Jersey).
The proposed law is similar to H.R. 2121, which was introduced in the House back in April 2015 by a bipartisan group of lawmakers.
From:: Financing
Vienna, Virginia-based Navy Federal Credit Union reported a year-over-year increase in quarterly mortgage originations as much of the industry have reported declines during the same period.
Navy serviced 248,353 single-family loans with a collective unpaid principal balance of $51.340 billion as of June 30, 2017, according to data submitted as part of the Mortgage Daily Second Quarter 2017 Mortgage Origination Survey.
The servicing portfolio increased from three months prior, when 247,518 loans were serviced for $51.020 billion. A year prior, 242,448 mortgages were serviced for $49.499 billion..
From:: Financing
Though it managed to grow the size of its servicing portfolio and expand its human resources, Fairway Independent Mortgage Corp. was unable to stop a severe decline in loan originations.
At 22,460 loans with an aggregate unpaid principal balance of $4.712 billion as of mid-year, Fairway’s total mortgage servicing portfolio saw robust growth from 20,146 loans for $4.207 billion three months earlier.
The Sun Prairie, Wisconsin-based mortgage banking firm disclosed the details, along with other operational metrics, as part of the Mortgage Daily Second Quarter 2017 Mortgage Origination Survey.
From:: Financing
While quarterly earnings were solidly higher at Regions Financial Corp., mortgage income receded. Servicing grew with the acquisition of mortgage servicing rights during the quarter.
Prior to income taxes, earnings from continuing operations climbed to $450 million during the three months ended June 30 from just $387 million the same quarter in 2016.
The Birmingham, Alabama-based bank-holding company revealed its latest earnings, as well as other operational and financial results, in its second-quarter 2017 earnings report.
From:: Financing
Compared to a year earlier, employment in the mortgage industry has expanded. But as quarter-over-quarter headcount was down, some signs point to an increase in layoffs for the sector.
At the conclusion of the first quarter, an estimated 723,900 people worked in real estate finance. The estimate was based on an analysis of Bureau of Labor Statistics data and origination market share.
Estimated industry staffing consisted of 312,400 mortgage jobs at banks, 78,100 home-lending positions at credit unions, and 333,300 non-bank employees at mortgage banking firms.
From:: Financing
A review of state employment data indicates that several real estate finance firms have recently made, or are planning to conduct, rounds of layoffs involving dozes of employees.
HSBC, which is eliminating 197 positions in Brandon, Florida, during September and October, laid off 360 during June and July, according to filings with the Florida Department of Economic Opportunity.
Such filings are required by the Worker Adjustment and Retraining Notification Act sixty days in advance of an employer’s planned job cuts involving 50 or more people.
From:: Financing
Weekly mortgage business maintained the pace of the previous seven-day period. Increased refinance activity was offset by lower demand for loans to finance a residential property purchase.
In the week that concluded on Aug. 4, the Mortgage Daily U.S. Mortgage Market Index was 155. The index is a tool for gauging upcoming originations based on OpenClose rate-lock volume.
Weekly activity was off less than a percent from the prior report. Business has retreated by more than a fifth when compared to the same seven-day period last year. No seasonal adjustments are made to the data.
From:: Financing
Despite the harsh rhetoric he had for the legitimacy of the Obama administration’s employment numbers, President Donald J. Trump’s administration has actually made revisions that improved Obama’s numbers.
While he campaigned during the last year of the Obama administration, Trump suggested employment data that was being reported by the government was fake.
In the last employment report issued by the Bureau of Labor Statistics during the Obama administration on Jan. 6, 2017, the data indicated that nonfarm payroll employment had increased by 2.157 million jobs during all of 2016.
From:: Financing
A flow-purchase agreement has been negotiated that could work out to the sale of mortgage-servicing rights on nearly $50 billion in conventional home loans.
The transaction was announced by Cherry Hill Mortgage Investment Corp., a real estate finance company that invests in and manages residential loan assets.
The Moorestown, New Jersey-based company said it has entered a purchase-and-sale agreement for flow purchases of MSRs on up to $2 billion per month in conventional mortgages.
From:: Financing
Wells Fargo & Co. has agreed to settle allegations that it originated government-guaranteed loans for veterans that should not have been made.
The San Francisco-based bank-holding company issued a statement Thursday saying the agreement settles a lawsuit originally filed in 2006.
At issue are Department of Veterans Affairs Interest Rate Reduction Refinance Loans originated by Wells Fargo that shouldn’t have been eligible for VA guarantees because of certain fees charged to the borrowers at origination.
From:: Financing