News

Equifax Revamps InterConnect Platform

Posted by Patrick Barnard on April 24, 2017

Equifax Inc. reports that it recently redesigned its InterConnect platform, which mortgage lenders use for credit and risk decisioning. InterConnect is a suite of four tools, including Insight Gateway, which streamlines transactional access to diverse data sources and development of [Read More]

DIMONT Expands Collateral Loss Mitigation Department

Posted by Patrick Barnard on April 24, 2017

DIMONT, a provider of specialty insurance and loan administration services, has expanded its collateral loss mitigation department. Encompassing all of DIMONT’s services including hazard claims adjustment, investor claims management, flood insurance valuation and loss draft management, the collateral loss mitigation [Read More]

S&P/Experian: First Mortgage Default Rate Hit One-Year High In March

Posted by Patrick Barnard on April 24, 2017

The default rate on first mortgages was about 0.75% in March, up slightly from 0.74% in February but down from 0.77% in March 2016, according to the S&P/Experian Consumer Credit Default Indices. The default rate on second mortgages was about [Read More]

Black Knight: U.S. Home Prices Continued To Rise In February

Posted by Patrick Barnard on April 24, 2017

U.S. home prices increased 0.8% in February compared with January and were up 5.7% compared with February 2016, according to Black Knight Financial Services’ home price index report. The average price for a home hit a post-crisis high of about [Read More]

Alterra Home Loans Taps Gerry Fernandez As VP Of Sales

Posted by Patrick Barnard on April 24, 2017

Mortgage industry veteran Gerry Fernandez recently joined Alterra Home Loans, the second largest Hispanic-owned mortgage company and one of the fastest growing origination firms, as vice president of sales. Fernandez is a 20-year veteran of the loan origination business. Previously [Read More]

Draper And Kramer Mortgage Hires Leslie Chappel As VP Of Lending

Posted by Patrick Barnard on April 24, 2017

Leslie Chappel, a top-producing mortgage originator in the Louisville, Ky., area, has joined Draper and Kramer Mortgage Corp. (DKMC) as vice president of residential lending. Chappel was DKMC’s first hire in Louisville, where the company recently celebrated the grand opening [Read More]

Freddie Mac: Weak Economic Data, Global Tensions, Pushed Mortgage Rates Lower

Posted by Patrick Barnard on April 21, 2017

Mortgage rates continued to drop during the week ended April 20, with the average rate for a 30-year fixed rate mortgage (FRM) hitting 3.97%, down from 4.08% to reach the lowest mark since November 2016, according to Freddie Mac’s Primary [Read More]

NAR: Existing-Home Sales Sprung Up In March

Posted by Patrick Barnard on April 21, 2017

Existing-home sales in March reached an annual pace of 5.71 million, up 4.4% from a downwardly revised 5.47 million in February and up 5.9% compared with March 2016, according to the National Association of Realtors. It was the strongest pace [Read More]

Black Knight: Prepayment Speeds Bounced Back In March

Posted by Patrick Barnard on April 21, 2017

The mortgage delinquency rate in March was 3.62%, down 14.08% compared with February and down 11.40% to reach the lowest level in 11 years, according to Black Knight’s First Look mortgage report. About 1.8 million properties were 30 days or [Read More]

CFPB Suing Mortgage Servicer Ocwen For ‘Years Of Widespread Errors’

Posted by Patrick Barnard on April 20, 2017

Numerous states also bringing their own separate suits; mortgage servicer says suit is ‘overreach’ and ‘politically motivated’

DLJ Mortgage Capital Acquires Four Pools Of RPLs From Fannie Mae

Posted by Patrick Barnard on April 20, 2017

DLJ Mortgage Capital Inc. is the winning bidder on four pools of re-performing mortgage loans (RPLs) recently auctioned by Fannie Mae. The deal, which was announced on March 14, included the sale of approximately 7,500 loans totaling $1.62 billion in [Read More]

PCLender, Mortgage Capital Trading Now Integrated

Posted by Patrick Barnard on April 19, 2017

Mortgage hedge advisory and secondary marketing technology firm Mortgage Capital Trading (MCT) reports that it has integrated its secondary marketing solution with PCLender’s loan origination system (LOS). That means users of PCLender’s LOS and MCT’s hedge advisory services can seamlessly [Read More]

Impac Mortgage Raises $56 Million To Grow Its Non-QM Business

Posted by Patrick Barnard on April 19, 2017

Impac Mortgage Holdings Inc. has raised $56.0 million by selling shares of its common stock in a registered direct offering to certain purchasers, the lender reports. Joseph Tomkinson, chairman and CEO of Impac Mortgage Holdings, says the company will use [Read More]

Average Number Of Days To Close A Mortgage Fell Again In March

Posted by Patrick Barnard on April 19, 2017

Refinances fell to 37% of all loans flowing through Ellie Mae’s Encompass loan origination system in March, the mortgage software firm reports in its Origination Insight Report. It was the lowest refinance share since July 2016, according to the firm’s [Read More]

MBA: Purchase Applications Fell 3% Heading Into Peak Home Buying Season

Posted by Patrick Barnard on April 19, 2017

Despite the fact that mortgage rates had, on average, decreased for a third straight week, mortgage application volume dipped 1.8% on an adjusted basis during the week ended April 14, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications [Read More]

Supreme Lending Opens New Branch In Exeter, N.H.

Posted by Patrick Barnard on April 19, 2017

Fast-growing mortgage lender Supreme Lending has opened a new branch in Exeter, N.H. Industry veterans Mike Behan and David Cote have been selected to co-manage the branch, which will focus on serving communities in New Hampshire, Massachusetts and Maine. Behan [Read More]

SouthLaw Hires New Associate Bankruptcy Attorney

Posted by Patrick Barnard on April 19, 2017

Lisa C. Billman has joined SouthLaw PC, a law firm focusing on the protection of creditors’ rights in Missouri, Kansas, Nebraska and Iowa, as an associate attorney for the bankruptcy department located in the firm’s corporate office in Overland Park, [Read More]

Ellie Mae Helping Mortgage Lenders Prepare For New HMDA Rules

Posted by Patrick Barnard on April 18, 2017

Loan origination system (LOS) provider Ellie Mae says it has updated its Encompass LOS for the new reporting requirements under the Home Mortgage Disclosure Act (HMDA), the bulk of which take effect on Jan. 1, 2018. With the release of [Read More]

Housing Starts Fell 6.8% In March; Single-Family Production Down 6.2%

Posted by Patrick Barnard on April 18, 2017

Housing starts in March were at a seasonally adjusted annual rate of 1.215 million, a decrease of 6.8% compared with a revised 1.303 million in February but an increase of 9.2% compared with 1.113 million in March 2016, according to [Read More]

E-Mortgage, Compliance Solutions Provider DocMagic Saw 42% Growth In 2016

Posted by Patrick Barnard on April 18, 2017

As mortgage lenders increasingly adopt e-mortgage and compliance solutions, DocMagic Inc., a provider of loan document preparation, regulatory compliance and comprehensive e-mortgage services, says it saw a 42% increase in revenue for 2016. The company credits its growth to the [Read More]