Foreclosures | Mortgages | Financing
A month-over-month improvement in serious mortgage delinquency was recorded for junior- and senior-lien assets. First mortgage lates also fell from a year earlier.
A measure of 90-day consumer credit delinquency, the Composite Consumer Credit Default Index, was 0.82 percent in June.
The index — which reflects performance on bank cards, car loans and first and second mortgages — declined from 0.86 percent the preceding month.
From:: Financing
Quicken Loans Inc. has lost a class action in which it was accused of suggesting values to appraisals. But the mortgage giant expects to be vindicated on appeal.
An attorney representing the plaintiffs claims that appraised values on loans made by the Detroit-based lender were in excess of the homes actual value.
Such a situation
leaves borrowers in a negative-equity position, according to the attorney, which could be disastrous when the borrower wants to sell the property.
From:: Financing
A former employee of Wells Fargo & Co. has filed a federal lawsuit alleging the lender wrongfully charged customers for rate-lock extension fees.
Mauricio Alaniz previously worked in Beverly Hills, California, for the San Francisco-based bank-holding company in the mortgage department.
According to his lawsuit, Wells Fargo charged fees to extend rate locks even though it was the financial institution’s fault that the rate locks expired.
From:: Financing
The forecast has improved for the production of residential loans used by U.S. homebuyers to finance home purchases.
From mid-2016 through Sept. 30, overall home lending, including purchase-money lending and refinances, is expected to amount to $440 billion.
National mortgage production is then expected fall to $362 billion during final three months of this year and decline further — to $306 billion in the first-quarter 2018.
From:: Financing
Fewer home-equity line of credit lenders will be subject to Home Mortgage Disclosure Act requirements under a proposed change.
HMDA was updated by the Consumer Financial Protection Bureau in 2015 as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Under rules scheduled to go in effect at the beginning of next year, lenders that make at least 100 HELOCs a year for two consecutive years are subject to HMDA.
From:: Financing
New residential lending activity made a healthy gain following the holiday week. Even more impressive was skyrocketing adjustable-rate mortgage activity.
A barometer of upcoming loan originations, the Mortgage Market Index from Mortgage Daily, was 172 in the week ended July 14. The index is based on rate-lock volume at OpenClose.
The index, which was not adjusted to account for seasonal factors, soared 61 percent from the previous week that included the July Fourth holiday.
From:: Financing
The mortgage operating unit of Walter Investment Management Corp. is closing an office in Texas. Hundreds of employees are impacted.
Ditech Financial LLC, a subsidiary of the Tampa, Florida-based financial services company, is closing an office location in the Dallas suburb of Irving.
The unit, which handles mortgage servicing and originations for Walter Investment, closed down the Irving office on July 12.
From:: Financing
A reduction in mortgage refinance production at The PNC Financial Services Group Inc. was easily offset with a sharp increase in the origination of loans to finance home purchases.
Pittsburgh-based PNC disclosed in its second-quarter earnings report $1.5 billion in income prior to income taxes and non controlling interests.
The bank-holding company earned more than $1.4 billion in the preceding three-month period and $1.3 billion during the same three months last year.
From:: Financing
Residential loan production fell on a quarter-over-quarter basis and sank on a year-over-year basis at Citigroup Inc.The firm continued to cut its mortgage servicing and assets.
From April 1, 2017, through the middle of this year, income from continuing operations before income taxes at the bank-holding level amounted to $5.7 billion.
Those details and more were disclosed by the New York-based financial institution in its earnings report for the second-quarter 2017.
From:: Financing
A standardized quantitative index that reflects credit conditions in home lending indicates that lenders loosened their purse strings last month.
The index, the Mortgage Credit Availability Index — which was benchmarked at 100 as of March 2012 — came in at 178.5 in June 2017.
That turned out to be a minimal increase of 0.1 percent when compared to the downwardly revised level for the preceding month.
From:: Financing