Foreclosures | Mortgages | Financing
The number of financial institutions offering mortgages has fallen, while non-bank providers are up. The shift pushed up non-bank loan officer share.
As of the first quarter of this year, there were 553,104 mortgage loan originators who were registered in the Nationwide Mortgage Licensing System.
The number of registered loan originators has expanded compared to the same three-month period last year, when the total came to 527,132.
From:: Financing
Relaxed jumbo requirements at Genworth Mortgage Insurance include higher loan-to-value ratios and lower credit scores. Some premiums were lowered.
For loan amounts of as much as $650,000, the maximum single-family LTV ratio has been raised to 97 percent from 95 percent.
The Raleigh, North Carolina-based said the higher LTV ratio requires a credit score of at least 720 and a maximum debt-to-income ratio of 45 percent.
From:: Financing
A modest month-over-month decline in the confidence level of home builders was reported, though the sector is more optimistic than a year ago.
An indication of how U.S. home builders view the single-family housing market, the Housing Market Index, was calculated to be 67 as of June 2017.
The level of builder confidence retreated compared to the preceding month, when the index landed at a downwardly revised level of 69.
From:: Financing
After nearly a decade of fighting a foreclosure, a couple in the Empire State is claiming victory after their mortgage servicer missed an important deadline.
Fred and Theresa Tovar originally took out a loan with Beneficial Homeowner Service Corp. that was secured against a Sound Beach, New York property.
After the borrowers defaulted on the loan, the lender sued to foreclose in 2007. But the case was dismissed in 2012, and a new lawsuit wasn’t filed until 2014.
From:: Financing
An increase by the Federal Reserve Board in a key interest rate was mostly expected and signals that the economy is recovering.
On Wednesday, the Federal Open Market Committee indicated that it expects just one more 25-basis-point increase in the federal funds rate this year.
The increase will push the federal funds rate above 1 percent for the first time since the 2008 financial crisis.
From:: Financing
Recent enhancements to product eligibility and pricing engines include integrations with mortgage insurance companies and customer relationship management providers.
A new application programming interface was announced in April by the Plano, Texas-based technology provider, Optimal Blue.
The first deliverables available through the new API platform allow secure access to pricing for eligible products for both consumer direct and loan officer implementations.
From:: Financing
A newly launched wholesale lending program will provide third-party originators with access to conventional products, government loans and reverse mortgages.
On Wednesday, Open Mortgage LLC announced that it has expanding into wholesale lending with traditional loans and home-equity conversion mortgages.
According to the Austin, Texas-based firm, its wholesale offerings include prime mortgages, near-prime loans and non-QM nonprime products.
From:: Financing
More prospective borrowers for residential loans initiated the mortgage process last week. Behind the increase was a surge in refinance applications.
After making adjustments for seasonal factors, the Market Composite Index for the week that ended on June 9 moved up 3 percent from the prior week.
But foregoing any seasonal adjustments, the index — a measure of retail loan application volume — shot up 27 percent from the week that included Memorial Day.
From:: Financing
Among dozens of upcoming mortgage-related conferences and workshops are events that will cover compliance, politics and technology. One event includes a music festival.
On June 21 and June 22, the Mortgage Bankers Association is holding its National Advocacy Conference 2017 at the Grand Hyatt Washington in Washington, D.C.
The event is limited to MBA members and costs $450. Rep. Jeb Hensarling (R-Texas), House Financial Services Committee chairman, is scheduled to give the keynote speech.
From:: Financing
An opinion issued by the nation’s highest court in a case involving a defaulted car loan could impact the interpretation of the Real Estate Settlement Procedures Act.
The lawsuit was originally filed against Santander Consumer USA Inc. The plaintiff alleged that the lender was subject to the Fair Debt Collection Practices Act.
Santander was not the original lender. Instead, it acquired the automobile loan from CitiFinancial Inc. after the borrower defaulted on the loan.
From:: Financing