Foreclosures | Mortgages | Financing
Among mortgage loan originators who are considered to be among the best in the country, earning the borrower’s trust is a common theme.
Craig Kessler is among the originators considered to be among the nation’s 10-best. He works for Freedmont Mortgage, a division of Allied Mortgage Group.
He says that he tells customers factual information, not what they want to hear just to make a sale. This sometimes ends up with him losing the loan.
From:: Financing
A boost in weekly applications for loans to finance a home purchase was more than enough to offset a reduction in mortgage refinance activity.
There was virtually no change from the preceding week in the seasonally adjusted Market Composite Index for the week that ended on April 28.
But without seasonal adjustments, the index — a measure of retail residential loan application volume — moved up by 1 percent from a week prior.
From:: Financing
The performance of securitized commercial real estate loans was slightly worse, though the outlook is stable. But late payments on industrial property loans soared.
Delinquency on loans that are part of commercial mortgage-backed securities of at least 30 days, including foreclosures, concluded March 2017 at 3.05 percent.
That turned out to be just a basis point more than at the end of the previous month. Still, it was the fourth consecutive month that CMBS delinquency deteriorated.
From:: Financing
Less than a year after Wells Fargo & Co. settled allegations of creating fake accounts, it is overhauling its lobbying operation.
The San Francisco-based bank-holding company has put David Moskowitz in charge of an expanding lobbying operation in Washington.
Moskowitz is a lawyer and executive at Wells Fargo who has worked for the financial services organization for 24 years.
From:: Financing
Although earnings were halved on a quarter-over-quarter basis, the Federal Home Loan Mortgage Corp. is delivering another $2.2 billion to taxpayers.
Pre-tax income at Freddie Mac was $3.3 billion from Jan. 1, 2017, through March 31, sinking from $7.4 billion in the preceding three-month period.
The McLean, Virginia-based firm revealed its income, along with other financial and operational results, in its first-quarter 2017 earnings report.
From:: Financing
An overhaul of the corporate culture at Nationstar Mortgage LLC is now being capped off with a change to the corporate brand.
In the early nineties, the Dallas-based organization operated at Nova Credit Corp. In the late nineties, it became Centex Home Equity Co.
In 2006, after it was acquired by Fortress Investment Group LLC from Centex Corp., it began operating under the Nationstar brand.
From:: Financing
UBS has paid $445 million to settle alleged investor losses on residential mortgage-backed securities it peddled before the financial crisis.
The payment settles claims in a federal lawsuit resulting from alleged losses related to the acquisition of RMBS by two corporate credit unions that failed in 2009.
U.S. Central Federal Credit Union and Western Corporate Federal Credit Union were both placed into conservatorship in March 2009.
From:: Financing
Ocwen Financial Corp. is negotiating a deal that would eliminate its interest in mortgage servicing rights on more than $100 billion in loans.
MSRs on approximately $117 billion in residential loans are at the heart of the potential transaction, which was announced on Monday.
The buyer in the deal is New Residential Corp., which will convert its existing rights on the MSRs to fully owned MSRs, according to the statement.
From:: Financing
Just a month after establishing an-all time low, the 11th District Cost of Funds Index moved lower and set another new record.
As of March 2017, COFI — an index that is utilized for some legacy adjustable-rate mortgages — landed at 0.583 percent.
The index declined compared to one month previous, when it worked out to 0.591 percent — the lowest level on record based on data back to July 1981.
From:: Financing
New mortgage refinance activity tumbled this past week, dragging down overall home-lending activity. Government lending business, though, held up.
The U.S. Mortgage Market Index from Mortgage Daily and OpenClose, which does not reflect seasonal adjustments, was 152 in the week ended April 28.
That was a 7 percent drop from the preceding week for the index, which is an indication of upcoming loan originations based on OpenClose rate-lock volume.
From:: Financing