The Federal Housing Finance Agency (FHFA) recently announced that it is, once again, extending the Home Affordable Refinance Program – this time for another 15 months through Dec. 31, 2018. The program, which was set to end on Sept. 30, has been [Read More]
Nonprofit trade organization formed to grow and highlight the existing culture of technology-driven financial services in Detroit.
Direct mortgage lender New American Funding reports that it has opened a new branch in downtown San Jose, Calif. The new branch in the heart of Silicon Valley occupies about 4,000 square feet of contemporary office space on the top [Read More]
Purchase lending in the second quarter hit its highest level since 2007, according to Black Knight’s most recent Mortgage Monitor report. About $467 billion in first lien mortgages, including both purchases and refinances, were originated in during the second quarter, [Read More]
Mortgage rates held near last week’s year-to-date low, according to Freddie Mac’s Primary Mortgage Market Survey. During the week ended Sept. 14, the average rate for a 30-year fixed-rate mortgage (FRM), based on closings, was 3.78%. A year ago it [Read More]
The Trump administration on Tuesday announced its intention to nominate Brian Montgomery as commissioner of the Federal Housing Administration (FHA). Montgomery, who previously served as FHA commissioner under George W. Bush, currently works as vice president of the Collingwood Group, [Read More]
Will these recent rule changes benefit borrowers? And will they help stem the losses in the MMIF?
Fiserv, a provider of technology and services to the mortgage industry, has launched Prologue Credit Loss Manager, a software solution that provides support for the final Current Expected Credit Loss (CECL) standards from the Financial Accounting Standards Board. The CECL [Read More]
Applications for purchases increased 11% compared with the previous week, while applications for refinances increased 9%.
Jay Giesen has been promoted to president at Factual Data, a provider of credit and verification services to the mortgage industry. Giesen has been with the Colorado-based organization since January 2014, most recently serving as senior vice president. Prior to [Read More]
Scott Arnold has been promoted to senior vice president of finance and administration at DIMONT, a provider of insurance claims adjusting and collateral loss mitigation services to the mortgage industry. Arnold joined DIMONT in October 2016 as vice president of [Read More]
The mortgage delinquency rate fell to 4.5% in June, which is a decrease of 0.8 percentage points compared with June 2016, when it was 5.3%, according to CoreLogic’s Loan Performance Insights Report. In addition, the foreclosure inventory rate stood at [Read More]
Mortgage credit availability increased slightly in August compared with July, rising 0.7% to a score of 180.2 on the Mortgage Bankers Association’s (MBA) Mortgage Credit Availability Index (MCAI). The index was benchmarked to a score of 100 in March 2012. [Read More]
U.S. home prices increased 0.9% in July compared with June and increased 6.7% compared with July 2016, according to CoreLogic. The Western states led the nation in home price growth in July, with Washington and Utah experiencing double-digit year-over-year increases. [Read More]
PERSON OF THE WEEK: Jim Vaca is vice president of vendor management operations at Altisource, a provider of software and services to the mortgage servicing industry. MortgageOrb recently interviewed Vaca to get his take on how mortgage servicers should approach [Read More]
Does Freddie want to see borrowers have more “skin in the game”?
PERSON OF THE WEEK: The debate rages on: Is there really an “appraiser shortage” as some claim? And will technology and automation one day replace human appraisers? Jeff Sandman, co-founder of national appraisal management company Pendo Management Group, based in [Read More]
The risk of fraud in mortgage applications increased in the second quarter, rising to a score of 133 on CoreLogic’s National Mortgage Application Fraud Risk Index. That’s up from a score of 132 in the first quarter and up sharply [Read More]
Mortgage industry veteran Patrick Mullen recently joined Embrace Home Loans as director of recruiting. Mullen has more than 20 years of experience in executive search and corporate talent acquisition. He has a strong background working with both national and local [Read More]
Mortgage rates dipped slightly this past week, with the average rate for a 30-year fixed-rate mortgage (FRM) falling to 3.92%, down from 3.96%, according to Freddie Mac’s Primary Mortgage Market Survey. The 10-year Treasury yield rose five basis points, according [Read More]