Foreclosures | Mortgages | Financing
Investors who were on the verge of pumping $100 million into a Wisconsin bank were baffled last week when a federal regulator shut down the bank.
On Friday, the Office of the Comptroller of the Currency on Friday closed down the $1 billion Guaranty Bank based in Glendale, Wisconsin.
The Federal Deposit Insurance Corp. was appointed conservator of the failed financial institution, and First Citizens Bank & Trust Co. assumed all of its deposits.
From:: Financing
The rate of past-due payments, serious delinquency and foreclosures on mortgages outstanding all moved lower on a monthly basis.
On single-family loans, delinquency of at least 30 days, including the foreclosure inventory rate, was 5.0 percent as of Feb. 28, 2017.
The late-payment rate receded compared to the preceding month, when the previously reported 30-day rate landed at 5.3 percent.
From:: Financing
Although demand has increased at some banks for a variety of single-family products, there tend to be just as many banks with falling demand for those very same loans.
Credit standards on residential loans that are eligible under Fannie Mae and Freddie Mac guidelines have eased over the past three months at 11 percent of banks.
But at large banks — those with total domestic assets of $20 billion or more as of Dec. 31, 2016 — the share where easing has taken place climbed past 18 percent.
From:: Financing
A financial institution in Wisconsin was the fifth federally insured bank failure this year — costing the Deposit Insurance Fund nearly $150 million.
The Office of the Comptroller of the Currency on Friday closed down Guaranty Bank. The Glendale, Wisconsin-based firm had $1 billion in assets.
Guaranty Bank was previously ordered by the OCC to tighten bookkeeping compliance and develop a plan for restoring its financial health.
From:: Financing
Although quarter-over-quarter home-lending volume subsided by a fourth at Regions Financial Corp., mortgage earnings were maintained.
In its first-quarter 2017 earnings report, Regions disclosed $422 million in income from continuing operations before income taxes.
The Birmingham, Alabama-based financial institution earned more than the $386 million that was earned in the same three-month period last year.
From:: Financing
An appellate court has reversed a lower court’s decision to deny preliminary objections made by Mortgage Electronic Registration Systems Inc.
Four county recorders in Pennsylvania filed complaints alleging that MERS and its members failed to record assignments when promissory notes were transferred.
The recorders for the counties of Berks, Bucks, Chester and Delaware claim that MERS’ failure to record the assignments violated Pennsylvania recording laws.
From:: Financing
Mortgage comparison shopping site LendingTree has put out its latest list of the best mortgage lenders in its network.
Each quarter, the Charlotte, North Carolina-based company publishes a ranking of the top customer-rated lenders on its network.
The list is based on actual customer reviews and covers firms that make auto loans, business loans, personal loans and mortgages.
From:: Financing
As taxpayer returns from the Federal National Mortgage Association have reached nearly $47 billion, there was a significant decline in quarterly earnings.
The Washington-based organization disclosed in its first-quarter 2017 earnings report that income before federal income taxes was $4.2 billion.
Fannie Mae’s earnings were nearly halved from $7.6 billion in the prior three-month period. But income improved compared to $1.7 billion a year prior.
From:: Financing
A significant quarter-over-quarter decline in home lending at PennyMac Financial Services Inc. contributed to a sharp drop in earnings. Staffing also contracted.
Pre-tax income during the first-three months of 2017 was $62 million at the Westlake Village, California-based firm, sinking from $129 million the prior quarter.
PennyMac presented the results, in addition to other financial and operational metrics, as part of its earnings report for the first quarter of this year.
From:: Financing
While the market is still digesting mixed monthly data on employment among all industries, mortgage brokers pushed up jobs in home lending.
U.S. nonfarm employers added 211,000 jobs during April, according to data released on Friday from the Bureau of Labor Statistics.
Job growth accelerated compared to the preceding month, when a downwardly revised 79,000 nonfarm positions were added.
From:: Financing