Foreclosures | Mortgages | Financing
In an in-depth interview, the chief executive officer of Flagstar Bancorp talked about how the bank survived the financial crisis and how it changed.
Before the recession, the Troy, Michigan relied solely on the mortgage business — a strategy that left it struggling when the financial crisis hit.
If it weren’t for draws that were taken from the Troubled Asset Relief Program’s Capital Purchase Program, Flagstar would have failed.
From:: Financing
As legislation that would weaken the Consumer Financial Protection Bureau progresses in the House, the head of the bureau continues carrying out his mission.
Last week, the House Financial Services Committee voted along party lines, 34 to 26, to approve the Financial CHOICE Act.
The bill, which an acronym for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs, would enable the president to fire the CFPB director, among other things.
From:: Financing
As originators of residential loans headed into the Mothers Day weekend, new business turned lower. The decline was similar among all types of mortgages.
The U.S. Mortgage Market Index from Mortgage Daily and OpenClose for the week the finished on May 12 landed at 146. There are no seasonal adjustments.
Compared to the previous week, the index — an indication of upcoming mortgage originations based on OpenClose rate-lock volume — retreated 11 percent.
From:: Financing
While home lending slowed at Navy Federal Credit Union, it was off less than the industry as a whole. Mortgage staffing and servicing, meanwhile, increased.
The mortgage servicing portfolio at the financial institution stood at 247,518 loans that had an aggregate unpaid principal balance of $51.020 billion as of March 31, 2017.
Those details, in addition to other operating metrics, were reported by the Vienna, Virginia-based firm as part of Mortgage Daily First Quarter 2017 Mortgage Origination Survey.
From:: Financing
Despite a drop in quarterly home-lending volume at Lake Michigan Credit Union, the size of the mortgage servicing portfolio and payroll expanded.
When March 2017 concluded, the Grand Rapids, Michigan-based organization serviced 57,674 residential loans with a collective unpaid principal balance of $8.992 billion.
The financial institution reported the data, along with other operational metrics, as part of the Mortgage Daily First Quarter 2017 Mortgage Origination Survey.
From:: Financing
Although a larger number of mortgage servicers results in some that present more risk, that is offset by the benefits of diversification.
Private-label mortgages have become a smaller share of the largest mortgage servicers’ portfolios over the past several years.
As a result, more small and medium-sized nonbank servicers and sub-servicers have wrestled away market share from the bigger players.
From:: Financing
In addition to addressing the fallout from the fake account scandal, Wells Fargo & Co. is working on a product to compete with Rocket Mortgage and mello.
The San Francisco-based bank-holding company spent much time during its investor day on Thursday addressing the impact and changes from the fake account scandal.
Wells Fargo raised its estimate of branch closings for this year and next year, and it talked about testing a Facebook Messenger chatbot to interact with customers.
From:: Financing
Long-term rates on new single-family loans moved higher over the past week. But no changes are likely in the report seven days from now.
For the week ended May 11, thirty-year fixed rates averaged 4.05 percent in the Primary Mortgage Market Survey from Freddie Mac.
The 30 year ascended 3 basis points compared to the preceding week. A 48-basis-point increase was recorded versus a year previous.
From:: Financing
The regulator and conservator of Fannie Mae and Freddie Mac is warning that the agency will not allow the pair of companies to run out of capital.
It has been nearly nine years since the two secondary mortgage lenders were forced into conservatorship by the Federal Housing Finance Agency.
Melvin L. Watt says that the regulator has responsibly balanced and met FHFA’s multiple statutory mandates to manage the GSEs’ day-to-day operations.
From:: Financing
A survey of consumers by the nation’s central bank indicates increased expectations for rising home prices and interest rates.
The outlook for home-price growth over the next year among U.S. consumers has increased, according to the report.
Compared to current home values, house prices are expected to move up by 5.1 percent based on a mean of consumer expectations.
From:: Financing