NAR Provides Snapshot Of Healthy Market In May

Posted by Michael Bates on June 21, 2017

Existing-home sales rebounded in May following a notable decline in April, and low inventory levels helped propel the median sales price to a new high while pushing down the median days a home is on the market to a new [Read More]

Bringing It All Back Home: Nationstar Onshores Call Centers

Posted by Michael Bates on June 21, 2017

Nationstar Mortgage says it has moved its international call center operations back to the U.S., creating 500 new jobs and bringing customer service closer to the company’s more than 3 million customers. Moving all call center operations onshore represents one [Read More]

MBA Critical Of FHFA Recommendations

Posted by Michael Bates on June 19, 2017

The Mortgage Bankers Association (MBA) says it is supportive of many recommendations contained in the Federal Housing Finance Agency’s (FHFA) annual report to Congress, released last week. However, the organization has also expressed concerns about certain measures the FHFA is [Read More]

Fannie Mae Provides Updated Economic Forecast

Posted by Michael Bates on June 19, 2017

According to the Fannie Mae Economic & Strategic Research Group’s June 2017 Economic and Housing Outlook, the current economic expansion is forecast to continue, with full-year growth at 2% for 2017. “This month marks the eighth anniversary of the U.S. [Read More]

Mortgage Delinquencies Dropped To A 10-Year Low In March

Posted by Michael Bates on June 14, 2017

CoreLogic’s most recent Loan Performance Insights Report shows that, nationally, 4.4% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in March 2017. This represents a 0.8-percentage-point decline in the overall [Read More]

Open Mortgage Launches Wholesale Program

Posted by Michael Bates on June 14, 2017

Open Mortgage LLC, a provider of traditional and reverse mortgages throughout the U.S., has rolled out a wholesale program for traditional and reverse (HECM) mortgages. The company says its program offers a wide range of products, such as FHA, USDA, [Read More]

Will Removing Tax Lien And Judgment Data From Credit Reports Increase Risk?

Written by Debbie K. Hoffman and Martin Arana on June 12, 2017

Removing tax liens and civil judgments from credit data will open more credit opportunities for consumers; however, for lenders and servicers, it could mean increased risk.

Why Repealing Dodd-Frank Will Fail

Written by Peter G. Miller on June 08, 2017

The last time the Financial CHOICE Act was up before Congress, the bill went nowhere.

Mortgage Servicer Fay Servicing Penalized By CFPB For Illegal Foreclosure Practices

Posted by Patrick Barnard on June 07, 2017

The Consumer Financial Protection Bureau (CFPB) has ordered mortgage servicer Fay Servicing to pay up to $1.15 million in redress to borrowers for “failing to provide mortgage borrowers with the protections against foreclosure that are required by law.” The bureau [Read More]

MBA: Cost To Originate A Mortgage Hit New Peak In Q1 At $8,887 Per Loan

Posted by Patrick Barnard on June 06, 2017

Mortgage lenders made a little less profit per loan during the first quarter, due mainly to higher operating expenses. According to the Mortgage Bankers Association’s (MBA) quarterly performance report, lenders saw a net gain of $224 on each loan they [Read More]

Black Knight: Origination Volume Fell 34% In Q1

Posted by Patrick Barnard on June 05, 2017

Mortgage origination volume fell 34% in the first quarter compared with the fourth quarter, driven mainly by a 45% drop in refinances, according to Black Knight Financial Services’ Mortgage Monitor report. Overall, lenders originated about $372 billion in first-lien mortgages [Read More]

HMDA Changes Are Coming: Are You Prepared?

Written by Jennifer Cagle on June 05, 2017

BLOG VIEW: Nationstar Mortgage was recently fined $1.75 million for violating the Home Mortgage Disclosure Act (HMDA) by allegedly consistently failing to report accurate data about mortgage transactions from 2012 through 2014. This is the largest HMDA civil penalty imposed [Read More]

Mortgage Volume Was Abysmal In Q1

Posted by Patrick Barnard on May 26, 2017

How well did mortgage lenders do during the first quarter, volume-wise? In a word: abysmal. At least, when compared with recent past quarters. A little over 1.4 million loans (refinance and purchase loans) were originated – down 30% compared with [Read More]

What Are Mortgage Companies Doing To Help Borrowers With Limited English?

Posted by Patrick Barnard on May 26, 2017

“What?” The Federal Housing Finance Agency (FHFA) is seeking feedback from mortgage lenders and servicers to learn more about what they are doing to help mortgage borrowers with limited English proficiency (LEP). The goal is to learn more about the [Read More]

FHFA, Fannie Mae Cease Selling REOs To Rent-To-Own Companies

Written by Patrick Barnard on May 24, 2017

Apparently, there is a problem with leasing REOs “as is” and shifting responsibility for repairs and maintenance to the renter in certain “rent-to-own” models.

Black Knight: Mortgage Delinquencies Hit Eight-Year High In April

Written by Patrick Barnard on May 24, 2017

The delinquency rate on first-lien mortgages (30 days or more past due) stood at 4.08% as of the end of April – an increase of 12.93% compared with March but a decrease of 3.58% in April 2016, according to Black [Read More]

New York Fed: Q1 U.S. Household Debt Surpassed Peak Set In 2008

Posted by Patrick Barnard on May 18, 2017

U.S. household debt increased 1.2%, or $149 billion, in the first quarter compared with the fourth quarter to reach $12.73 trillion, according to the New York Fed’s Quarterly Report on Household Debt and Credit. That surpasses the peak of $12.68 [Read More]

OneWest’s Financial Freedom Fined $89M For Improperly Servicing HECM Loans

Posted by Patrick Barnard on May 17, 2017

OneWest Bank, which was founded by Department of the Treasury Secretary Steven Mnuchin and other investors after they took over failing mortgage lender IndyMac, has reportedly agreed to pay $89 million to settle allegations that its Financial Freedom division improperly serviced [Read More]

E-Signature Firm DocuSign Hit With Email Phishing Scam

Posted by Patrick Barnard on May 16, 2017

DocuSign, which provides e-signature technology to the mortgage industry, reports that some of its ancillary systems were recently hacked; however, only email addresses were accessed, and the malicious activity appears to be limited to an email spoofing campaign. “Last week, [Read More]

Philadelphia Sues Wells Fargo For Alleged Fair Housing Act Violations

Posted by Patrick Barnard on May 15, 2017

The bank’s practices “disproportionately affected minority borrowers” and resulted in foreclosures throughout the city, Mayor Jim Kenney says.