News

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]

Foreclosure Activity Fell Below Pre-Recession Levels In Q1

Posted by Patrick Barnard on April 17, 2017

Foreclosure activity in the first quarter fell to the lowest level in 11 years, and the trend is expected to continue into the second quarter, according to ATTOM Data Solutions. The firm’s U.S. Foreclosure Market Report shows that foreclosure filings [Read More]

Nine More Credit Unions Sign Up For myCUmortgage

Posted by Patrick Barnard on April 17, 2017

myCUmortgage, a leading credit union service organization wholly owned by Wright-Patt Credit Union, reports that it is partnering with nine new credit unions to provide them with comprehensive mortgage tools and services. The goal, of course, is to help these [Read More]

StoneHill Group Hires Kirk Bockoven As Director Of Outsourcing

Posted by Patrick Barnard on April 17, 2017

Former Fannie Mae manager and loan quality and fraud expert Kirk Bockoven has joined The StoneHill Group, a provider of quality control (QC), due diligence and mortgage fulfillment solutions, as director of outsourcing operations. Bockoven has more than 30 years [Read More]

CFPB Clarifies HMDA Rule, Seeks Feedback

Posted by Patrick Barnard on April 14, 2017

The Consumer Financial Protection Bureau (CFPB) has issued a set of clarifications to its 2015 Home Mortgage Disclosure Act (HMDA) rule and is requesting feedback on the proposed changes. The changes reflect “the bureau’s ongoing and substantive engagement with stakeholders [Read More]

MBA: Applications For Mortgages For New Homes Jumped 23% In March

Posted by Patrick Barnard on April 13, 2017

Applications for mortgages for new home purchases increased 23% in March compared with February and increased 6.7% compared with March 2016, according to the Mortgage Bankers Association’s (MBA) Builder Application Survey (BAS). This change does not include any adjustment for [Read More]

Freddie Mac: 30-Year Fixed-Rate Mortgage Average Hit New Low For 2017

Posted by Patrick Barnard on April 13, 2017

Mortgage rates dipped down for a fourth straight week, with the average rate for a 30-year, fixed-rate mortgage (FRM) falling to 4.08%, down from 4.10% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey. A year ago at [Read More]

MBA: Mortgage Revenues Increased In 2016, But So Did The Cost To Originate

Posted by Patrick Barnard on April 13, 2017

The average profit per mortgage originated increased to $1,346 in 2016 – up from $1,189 in 2015, according to the Mortgage Bankers Association’s Annual Mortgage Bankers Performance Report, which is based on data reported by independent mortgage bankers. What’s more, [Read More]