Foreclosures | Mortgages | Financing
Allegations that Fay Servicing LLC illegally moved forward with foreclosures on distressed borrowers who were actively seeking help have been settled.
The Chicago-based organization is accused of keeping borrowers in the dark about the process of applying for foreclosure relief.
In addition, Fay allegedly initiated or moved forward with the foreclosure process against borrowers who were already applying for help.
From:: Financing
Just months after unloading its own correspondent lending platform, Stearns Lending LLC has made an acquisition that includes a correspondent business.
Back in February, the Santa Ana, California-based mortgage banker closed on the sale of its delegated correspondent lending platform to Flagstar Bancorp Inc.
Stearns Lending’s chief executive officer at the time, Brian Hale, explained before the sale that its correspondent clients will be well served by Flagstar.
From:: Financing
More people applied for a loan to finance a home purchase than during any week in the last seven years — driving up overall mortgage applications.
In the week that ended on June 2, the Market Composite Index moved up 7 percent from the prior week on a seasonally adjusted basis.
Without seasonal adjustments, the index — a measure of retail residential loan application volume — tumbled 15 percent from the previous week.
From:: Financing
In the valuation industry, an appraisal management company has been acquired, while several AMCs have partnered to create a bigger firm. Other AMCs have enhanced their offerings.
The biggest news of the day is CoreLogic Inc.’s announcement Tuesday that it has reached an agreement to acquire Mercury Network from Serent Capital.
Irvine, California-based CoreLogic noted that it has already acquired a 45 percent passive minority stake in Mercury and plans to purchase the remaining portion this year.
From:: Financing
The former chief executive officer of OneWest Bank FSB is being nominated to run the Office of the Comptroller of the Currency.
On Monday, the White House issued a statement indicating that President Donald J. Trump plans to nominate Joseph Otting to head the OCC.
Otting was named CEO of OneWest in October 2010. At the time, Treasury Secretary Steven Mnuchin was chairman of OneWest.
From:: Financing
Despite growth in the size of their portfolios, mortgage servicers saw deteriorating earnings thanks to lower gains on mortgage servicing rights.
Average portfolios at independent mortgage servicers came to 84,211 loans for $13.992 billion during the first quarter of this year.
Servicing portfolios expanded from the preceding three-month period, when the average worked out to 82,230 loans for $13.932 billion.
From:: Financing
As independent mortgage bankers’ quarterly lending slowed, income tumbled. Impacting earnings were personnel and direct-production expenses.
Average mortgage originations during the three months that ended on March 31 at independent home lenders were 2,005 loans for $0.470 billion.
Business tumbled compared to the final-three months of last year, when an average of 2,764 loans were closed for $0.679 billion.
From:: Financing
A new correspondent lending program that has been launched promises the benefits off correspondent lending without the associated risk.
Cherry Hill, New Jersey-based E Mortgage Management has announced its new non-delegated correspondent lending channel for small and mid-tier players.
The program caters to lenders with the ability to fund closed mortgages but the desire to have the loans underwritten by the purchasing investor prior to closing.
From:: Financing
Following a pair of recent settlements related to mortgage-backed securities, Deutsche Bank has reached another settlement for nearly $100 million.
Deutsche has agreed to settle charges that it deceived investors about the quality of loans backing residential mortgage-backed securities and related collaterallized-debt obligations.
A consent order has been announced by the Maryland Office of Attorney General. The agreement will cost the German financial institution a total of $95 million.
From:: Financing
So far this year, the volume of residential loan securitizations has more than doubled the level activity at the same point last year.
Issuers of residential mortgage-backed securities generated $6 billion in loan securitizations during the month of May — a new high.
Last month’s issuances were supported by a variety of collateral including performing, re-performing and non-performing loans.
From:: Financing