Tag: finance

Among several recent hires at home-lending organizations are two executives with more than two decades in the mortgage business and two more with more than three decades’ experience.

In Ann Arbor, Michigan, Chad Patton has been hired as executive managing director-chief strategy officer at Home Point Financial Corp., a news release on Tuesday stated.

Patton has spent two decades in the business, with Nationstar Mortgage LLC being his most-recent employer. His new role will involve capital planning, business intelligence and strategic initiatives.

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From:: Financing

A mortgage banker out of Pennsylvania has lost its approval to originate government-insured loans because it submitted false financial statements.

Seckel Capital LLC, which maintains its headquarters in Newtown, Pennsylvania, was opened in 2008 by John Seckel, its owner and president.

Seckel, who spent four years at Wachovia Bank, N.A., before opening the firm, has grown the company to more than 75 employees, according to his LinkedIn profile.

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From:: Financing

As the Federal Reserve executes its plan to unwind its massive bond holdings accumulated through quantitative easing, it will be challenged not to disrupt markets.

In an effort to battle the financial crisis, the nation’s central bank began making massive purchases of Treasury bonds and agency mortgage-backed securities.

By March 2010, it had completed the acquisition of $1.75 trillion in securities. Three-and-a-half years later, its overall assets had ascended to $4.5 trillion.

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From:: Financing

Although the volatile early stage mortgage delinquency rate turned sharply higher, other performance metrics were better and are likely to continue improving.

Thirty-day delinquency on single-family loans, including mortgages that are in the foreclosure inventory, was 4.8 percent as of April 30.

The non-current rate deteriorated compared to the preceding month when it was 4.4 percent — the lowest level since back in March 2007.

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From:: Financing

During the week that included Independence Day, new mortgage activity significantly declined. A substantial drop from a year earlier was also recorded. Jumbo business, however, mostly held up.

As of the week ended July 7, the Mortgage Market Index from Mortgage Daily, which provides insight into upcoming originations based or rate-lock volume by clients of OpenClose, was 107.

That turned out to be the lowest level for the index, which is not adjusted to account for seasonal factors, since the week ended Jan. 6, 2017.

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From:: Financing

Most warehouse lenders think that net worth calculations for mortgage banking firms are incorrect because of the way that locked pipelines are valued. The correction of the calculations could significantly impact the reported net worth of companies.

Generally Accepted Accounting Principles require that everyone follows the same accounting rules. GAAP financials are produced for the benefit of users of financial statements, whom I will refer to in this foreword as Readers. Readers can include Fannie Mae, Freddie Mac and Ginnie Mae as well as secondary market investors, warehouse banks and for public companies. In addition, the category can include the Securities and Exchange Commission and the investing public.

GAAP is a good thing because it provides for comparability across an industry, across the country, or even around the world.

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From:: Financing

Previously issued appraisal requirements for single-family loans that are guaranteed by the Department of Veterans Affairs have been extended by two years.

Back in June 2015, VA issued Circular 26-15-12 outlining new requirements for Lender Appraisal Processing Program and Servicer Appraisal Processing Program staff reviewers.

At the time, the department unveiled its automated appraisal management service for use in enhancing the appraisal review process prior to issuance of the Notice of Value.

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From:: Financing

Federal agencies are warning about a scam that targets prospective borrowers who are about to close on their home loans. It’s similar to a scheme being used on job seekers.

Reports have emerged that homebuyers who are nearing the closing date on their mortgages are being targeted by scammers seeking to steal funds from unsuspecting consumers.

An fraudulent email that appears to be from the homebuyer’s real estate agent or settlement agent falsely claims that there is a last-minute change in the closing process.

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From:: Financing

Amendments have been finalized for integrated disclosures required under the Truth in Lending Act and the Real Estate Settlement Procedures Act. In addition, comments are sought for a new proposal.

New TILA-RESPA integrated disclosures as required by the Consumer Financial Protection Bureau’s Know Before You Owe rule became effective in October 2015.

TRID was designed to streamline the disclosures that are provided to consumers when they apply for, and close on, a mortgage.

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From:: Financing

The federal government has weighed in on one state’s proposal to fix appraisal fees paid by appraisal management companies. Other valuation services activity include a new consumer valuation tool, an appraisal webinar and an integration between two service providers.

In North Carolina, lawmakers have proposed NC House Bill 829. The legislation would prescribe a single method for determining customary and reasonable fees paid to appraisers by AMCs.

If the bill were to become law, it would preclude the negotiation of market-based rates. In addition, it would direct the North Carolina Appraisal Board to adopt rules that are needed to enforce the law.

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From:: Financing