Foreclosures | Mortgages | Financing
More than $100 million in formerly government-insured mortgages secured by the vacant properties of deceased borrowers are being auctioned.
The offering from the Department of Housing and Urban Development is for approximately 650 notes that have an aggregate unpaid principal balance of $136 million.
The residential loans are first liens secured by vacant one-to-four-unit properties. The last surviving borrowers on the loans are deceased.
From:: Financing
Legislation that could roll back some of the more burdensome provisions of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act could be approved as early as this week.
S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, was approved in December by the Senate Banking Committee.
While many liberal Democrats are fighting the Senate bill, a dozen mostly moderate Democrats have co-sponsored the legislation.
From:: Financing
While there was little change in performance on commercial real estate loans owned by life insurers, securitized CRE loan delinquency plunged. The rates were mixed for loans backed by the government-sponsored enterprises.
On loans that are included in commercial mortgage-backed securities, delinquency of at least 30 days, including real estate owned, closed out last year at 4.08 percent.
That turned out to be a 52-basis-point tumble from the end of the third quarter and the lowest rate since the second-quarter 2016, when the it came in at 4.04 percent.
From:: Financing
Mortgage service providers are helping home lenders with quality control and complying with the Home Mortgage Disclosure Act and the TILA-RESPA Integrated disclosures. One product is targeting California per-diem restrictions, while another addresses New York’s new security requirements.
The latest release of Fair Lending Magic helps lenders with HMDA reported, a Feb. 26 news release from ComplianceTech said. The update reportedly includes an extensive data validation and verification module for the new 2018 HMDA data fields.
ComplianceTech noted the ability to filter and analyze data with the expanded race and ethnicity filters required in the new HMDA filing data format. In addition, data can now be imported, validated and prepared according to the 2017 and 2018 HMDA submission requirements.
From:: Financing
Although overall annual home lending volume slowed last year, several mortgage originators report achieving the billion-dollar milestone.
Among all U.S. home lenders, there were 6.778 million first-lien mortgages originated during all of 2017 for a total of $1.87 billion.
Aggregate production retreated from the preceding year, when 7.723 million residential loans were closed for $2.1 trillion.
From:: Financing
The former chief executive officer at Stearns Lending LLC has joined a home builder and will oversee two joint mortgage ventures as well as develop new business lines.
Brian S. Hale was named CEO of Santa Ana, California-based Stearns Lending in 2012. He stayed on in that role until stepping down in May 2017.
Hale originally started his career as a commissioned loan originator 35 years ago at Fleet Mortgage Inc., which was acquired by Bank of America Corp.
From:: Financing
Government-insured reverse mortgage production decelerated last month after achieving a nearly seven-year high. Changes to premiums are behind the see-saw activity.
February saw 5,201 U.S. home-equity conversion mortgages that were endorsed by the Federal Housing Administration.
HECM production slowed from the preceding month, when endorsements soared to 6,313 — the busiest month since March 2011.
From:: Financing
Innovations in loan origination systems include a new interview platform, compliance with changes to Home Mortgage Disclosure Act reporting requirements and lots of new integrations.
Staffing has been expanded at OpenClose’s integration and customer support departments, the West Palm Beach, Florida-based company announced on Feb. 16. In addition, three senior software engineers were added to its development team.
“The new hires will help enhance OpenClose’s existing software products, facilitate digital mortgage processes, produce fintech-level innovation and provide excellence in customer support,” the LOS provider said.
From:: Financing
The new chairman of the Federal Reserve Board of Governors has provided some insight into when the central bank might lift growth restrictions on Wells Fargo & Co.
Jerome H. Powell, who was sworn in as Fed chairman last month, appeared Thursday before the Senate Committee on Banking, Housing and Urban Affairs.
One of Wells Fargo harshest critics, Sen. Elizabeth Warren (D-Massachusetts), grilled Powell about what Wells Fargo has to accomplish before removal of the restrictions, which were ordered of Feb. 5.
From:: Financing
The former head of a mortgage banking firm who previously admitted criminal conduct and avoided incarceration might now face prison time because of unpaid restitution.
Led by Lonnie Brantley Jr., RH Lending was a troubled residential lender accused of fraudulently originating mortgages insured by the Federal Housing Administration.
Brantley struck a plea agreement in 2015 admitting to a misdemeanor charge of lying to the Department of Housing and Urban Development. The deal had him avoiding prison.
From:: Financing