Tag: finance

Multiple mortgage service providers have recently integrated their offerings into a loan origination system. Meanwhile, a reverse mortgage LOS developer has landed two new lender clients.

A new corporate website is intended to better position OpenClose’s expanded enterprise-class solution set, customer profile focus and long-term value proposition, a June 26 statement said.

OpenClose President JP Kelly noted in the news release that the new site is designed to concisely convey the West Palm Beach, Florida, company’s ability to cater to complex top-20 lenders.

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From:: Financing

As part of its strategy to eliminate its entire mortgage servicing portfolio, PHH Corp. has sold mortgage-servicing rights on its Fannie Mae loans.

The Mount Laurel, New Jersey-based company has completed the sale of substantially all of its MSRs on Fannie Mae single-family loans.

Proceeds from the sale of the MSRs, which was originally announced back in December 2016, amounted to approximately $333.1 million.

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From:: Financing

Just months following a settlement over illegal fees paid to an appraisal affiliate, Prospect Mortgage LLC has agreed to a settlement tied to government-insured loans.

Back in January, the Sherman Oaks, California-based mortgage banker agreed to a consent order with the Consumer Financial Protection Bureau.

At issue were fees paid to an appraisal affiliate of Prospect, which the CFPB claimed violated the Real Estate Settlement Procedures Act.

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From:: Financing

More than 70 events tied to home lending and financial services are scheduled through the end of this year. Topics to be covered include banking, bankruptcy and technology.

From July through year-end, the Mortgage Daily Mortgage Conference Calendar has 75 mortgage-related events listed. With 22 events, September is the busiest month.

Conference hosts interested in having their mortgage-related events listed can email information — including dates, locations and prices — to HollyFoster@MortgageDaily.com.

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From:: Financing

Recent offerings by wholesale mortgage lenders include nonprime programs, loans that don’t meet Qualified Mortgage standards, and loan-to-value ratios up to 120 percent.

Credit unions can now turn to eCU Mortgage LLC for third-party origination services, according to a June 21 news release. The firm is a subsidiary of First Service Credit Union.

Credit unions initiate the loans, while the Houston-based credit union service organization processes and underwrites the loans and handles the closings and fundings.

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From:: Financing

A number of recent management appointments at real estate finance firms included several mid-level executives filling regional positions.

Fannie Mae’s president and chief executive officer, Timothy J. Mayopoulos, was highlighted by Glassdoor as a highest-rated CEO.

While the average CEO received a 67 percent rating from full- and part-time employees, Mayopoulos’ approval rating was 92 percent.

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From:: Financing

Monthly issuance at the three federally controlled housing finance agencies turned solidly higher from the prior month, though there was a year-over-year decline.

The final month of the first-half 2017 saw $105.441 billion in fixed-rate mortgage-backed securities issued on behalf of Fannie Mae, Freddie Mac and Ginnie Mae.

Securitizations turned solidly higher compared to the previous month, when there were $94.344 billion in MBS issued on behalf of the government-controlled firms.

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From:: Financing

The Consumer Financial Protection Bureau has issued policy guidance on early compliance with the 2016 Mortgage Servicing Final Rule.

Originally issued in August 2016, changes from the rule go live either on Oct. 19, 2017, or April 19, 2018. Both dates are Thursdays.

But servicers have voiced operational challenges from a mid-week change and called on the bureau to move the change dates to the weekend.

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From:: Financing

New monthly business was better at the Federal National Mortgage Association. An even bigger improvement was made in delinquency, which sank to the lowest level in nearly a decade.

Washington-based Fannie Mae concluded May 2017 with a total book of business that stood at $3.1678 trillion, according to its Monthly Summary.

The total continued to grow from one month earlier, when the balance was $3.1640 trillion, and one year earlier, when the book was $3.1009 trillion.

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From:: Financing

Heading into the holiday week, new mortgage activity accelerated, and it was interest in adjustable-rate mortgages that saw the greatest increase.

The Mortgage Market Index from Mortgage Daily, which provides insight into upcoming originations based on rate-lock volume at OpenClose, was 149 in the week ended June 30.

An increase of 11 percent was made over the preceding week for the index, which is not adjusted for seasonal variations. But a 20 percent tumble was recorded versus a year prior.

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From:: Financing