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MBA: Mortgage Application Volume Fell 9.7% Week After Labor Day

Posted by Patrick Barnard on September 20, 2017

After increasing 9.9% the previous week, mortgage application volume decreased 9.7% during the week ended Sept. 15, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. Applications for refinances decreased 9% while applications for purchases feel 11%. The [Read More]

Pre-Harvey, Signs of Distress in the Houston Housing Market

Posted by Patrick Barnard on September 18, 2017

Report: Foreclosure starts in the area had increased 28%, year over year, as of August.

Brian Montgomery Tapped to Serve Second Tour as FHA Commissioner

Posted by Patrick Barnard on September 13, 2017

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]

Jim Vaca: For Mortgage Servicers, Vendor Management Isn’t a Part-Time Job

Written by Patrick Barnard on September 11, 2017

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]

Rebrand: Black Knight, Minus the ‘Financial Services Inc.’

Posted by Michael Bates on September 07, 2017

One of the mortgage industry’s most prominent technology and analytics providers, Black Knight Financial Services Inc., is rebranding itself a bit following planned shareholder activity on Wall Street. The change isn’t huge – a simple, official and public shift to [Read More]

Pending Homes Sales Remain Sluggish

Posted by Michael Bates on September 01, 2017

Pending homes sales fell in July for the fourth time in five months, as only the West saw an increase in contract activity, according to the National Association of Realtors. NAR’s Pending Home Sales Index (PHSI), a forward-looking indicator based [Read More]

S&P CoreLogic Case-Shiller Index at All-Time High

Posted by Michael Bates on August 30, 2017

S&P Dow Jones Indices has released the latest results for the S&P CoreLogic Case-Shiller Indices, which shows that in June 2017, home prices continued their rise across the country. The index, which covers all nine U.S. census divisions, reported a [Read More]

Is the Adjustable-Rate Mortgage Making a Comeback?

Posted by Archana Pradhan on August 28, 2017

During the past decade, home buyers have mostly preferred fixed-rate mortgages (FRMs) over adjustable-rate mortgages (ARMs). Proof of this is the precipitous drop in the ARM share of the dollar volume of originations, from almost 45% during mid-2005 to a [Read More]

Housing Market in California Slowing Down for Fall

Posted by Michael Bates on August 23, 2017

California pending home sales trended lower in July versus June and year over year, according to recent data assembled by the California Association of Realtors. The strong sales momentum that occurred during the peak home-buying season gave way in July [Read More]

Welcome, Mr. Cooper

Posted by Michael Bates on August 21, 2017

Nationstar Mortgage Holdings Inc. has officially unveiled a new brand name – Mr. Cooper – for its mortgage servicing and originations operation. The company says the brand is a “tangible expression of the company’s dedication to making the mortgage process [Read More]

NAR: Housing Supply at ‘Pitiful Levels’

Posted by Michael Bates on August 17, 2017

According to the latest quarterly report from the National Association of Realtors, the national median existing single-family home price in the second quarter was $255,600, which is up 6.2% from the second quarter of 2016 ($240,700) and surpasses the third [Read More]

MBA: New Home Purchases Grew 5.1% Year Over Year

Posted by Lauren Tyler on August 11, 2017

Applications for mortgages for new home purchases in July decreased 12% compared with June and increased 5.1% compared with July 2016, according to the Mortgage Bankers Association’s (MBA) Builder Applications Survey (BAS). The change does not include any adjustment for [Read More]

UWM Loan Closings: No Wet-Signing Necessary

Posted by Michael Bates on August 09, 2017

United Wholesale Mortgage (UWM) has introduced what it says is “the nation’s first virtual e-closing experience,” enabling borrowers to fulfill a full mortgage transaction without wet-signing a single document. Whereas previous versions of e-closings still required some in-person contact with [Read More]

DOJ Settles With PHH

Posted by Michael Bates on August 08, 2017

PHH Corp., PHH Mortgage Corp. and PHH Home Loans have settled with the U.S. Department of Justice to settle allegations that they violated the False Claims Act by knowingly originating and underwriting mortgage loans that did not meet applicable FHA, [Read More]

May Delinquency Rate Lowest In Almost 10 Years

Posted by Michael Bates on August 08, 2017

According to CoreLogic’s latest Loan Performance Insights Report, 4.5% of U.S. mortgages were in some stage of delinquency in May 2017, representing a 0.8 percentage-point decline in the overall delinquency rate compared with May 2016, when it was 5.3%. Notably, [Read More]

Wells Fargo Finally Settles Lawsuit Over Veterans Affairs Loans

Posted by Lauren Tyler on August 04, 2017

Wells Fargo & Co. announced today that the company has agreed to settle a lawsuit that claimed some Veterans Administration (VA) Interest Rate Reduction Refinance Loans (IRRRLs) originated by Wells Fargo should not have been eligible for VA guarantees. The [Read More]

U.S. Home Prices In June Rose 6.7% Year Over Year

Posted by Lauren Tyler on August 01, 2017

U.S. home prices increased year over year by 6.7% from June 2016 to June 2017, and on a month-over-month basis, home prices increased by 1.1% in June 2017 compared with May 2017, according to CoreLogic’s home price index (HPI) report. Looking [Read More]

NAR: Pending Home Sales Reversed Course In June

Posted by Lauren Tyler on July 31, 2017

After declining for three straight months, pending home sales recovered in June as all major regions, except for the Midwest, saw an increase in contract activity, according to the National Association of Realtors (NAR). The Pending Home Sales Index, a [Read More]

Fed To Begin Quantitative Tightening ‘Relatively Soon’

Posted by Patrick Barnard on July 26, 2017

Balance sheet normalization will likely commence before year’s end, ‘provided that the economy evolves broadly as anticipated.’

Mortgage Servicer Ocwen Inks Major MSR Deal With New Residential

Posted by Patrick Barnard on July 25, 2017

“This is a great transaction for both companies, and we are extremely pleased to announce our new strategic partnership.”