Tag: finance

In the midst of its own regulatory war, Ocwen Financial Corp. is accusing Fidelity Information Services LLC of fraudulent over billing for work required under a settlement with California.

Subsidiary-Ocwen Loan Servicing LLC filed a complaint in a California superior court against Jacksonville, Florida-based FIS, according to a copy of the complaint provided by Ocwen.

The lawsuit is related to a 24-month independent servicing review required by the California Department of Business Oversight that was conducted by FIS beginning in June 2015.

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From:: Financing

Upcoming changes to single-family data reporting and delivery have been addressed by providers of loan origination systems.

The top LOS among the nation’s banking institutions is Encompass from Pleasanton, California-based Ellie Mae Inc.

Next was D+H’s Mortgagebot, Harland’s Laser Pro, Wolters Kluwer’s Compliance One and Calyx Software’s Calyx Point.

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From:: Financing

Although a week-over-week decline in new mortgage business was mostly across-the-board, adjustable-rate mortgage activity rose — with ARM share at its widest in over a year.

For the week that finished on May 26, the U.S. Mortgage Market Index from Mortgage Daily — which is based on average per-user rate locks by OpenClose clients — was 155.

The index, which is not seasonally adjusted, retreated 16 percent from the previous report — indicating that upcoming originations might be weaker than previously expected.

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From:: Financing

Free agency in single-family lending is in full swing, and moves have been made in the boardroom, C-Suites and mid-level management offices.

PHH Corp. reported late last month that Thomas P. Gibbons and Deborah M. Reif will not stand for re-election to the board of directors.

In their places, James Neuhauser and Kevin Stein will be nominated as directors at the Mount Laurel, New Jersey-based firm’s 2017 annual meeting.

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From:: Financing

The operating subsidiary of SunTrust Banks Inc. has been ordered to pay more than a million dollars for violating the National Flood Insurance Act.

An order of assessment of a civil money penalty was issued on Wednesday against SunTrust Bank by the Board of Governors of the Federal Reserve System.

The Atlanta-based financial institution had a pattern or practice of violating of Regulation H, which implements the Flood act, according to the Fed.

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From:: Financing

Interest rates on residential loans were solidly lower over the past seven days. Rates are likely to refrain from moving much over the next seven days.

In Freddie Mac’s Primary Mortgage Market Survey for the week that concluded on May 25, thirty-year fixed rates averaged 3.95 percent.

That was the lowest level for the 30 year this year and the lowest since the week ended Nov. 17, 2016, when 30-year rates averaged 3.94 percent.

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From:: Financing

Mortgage servicing rights on more than $1 billion in Ginnie Mae loans with a Texas concentration are being marketed for sale.

The offering is for MSRs on 5,421 residential loans that had a collective unpaid principal balance of $1.173 billion as of April 30.

Nearly half of the loans are secured by Texas properties. Another 15 percent are in Oklahoma, and 14 percent are in Colorado.

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From:: Financing

Single-family loans secured by vacant properties are being offered for sale by the Department of Housing and Urban Development.

The offering is for approximately 900 notes. The residential loans have an aggregate unpaid principal balance of roughly $170 million.

All of the loans are first-lien mortgages secured by one-to-four unit vacant properties where the last surviving spouse is deceased.

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From:: Financing

A small portfolio of mortgage servicing rights on government-sponsored enterprise loans with a Golden State concentration is being marketed for sale.

The bulk offering is for MSRs on 1,435 residential Fannie Mae loans with a collective unpaid principal balance of $329 million as of March 31.

Properties securing half of the mortgages are located in California, while 17 percent are in Virginia, and 15 percent are in Georgia. No other state has a double-digit concentration.

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From:: Financing

A home lender in the Lone Star State has been accused by government regulators of lying to investors about how their money would be used.

More than $22 million has been raised from around a hundred investors for Katy, Texas-based Bryant United Capital Funding since 2011.

The mortgage lender allegedly told the investors that they would receive annual returns of 30 percent on secure mortgage-related accounts.

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From:: Financing