Residential Mortgage

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]

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]

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]

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]

United States Appraisals Adds David Wegmann And John Powell To Sales Team

Posted by Patrick Barnard on April 13, 2017

Valuations industry veterans David Wegmann and John Powell have joined United States Appraisals (USA) as business development managers. Wegmann, based in the Chicago area, has more than 20 years of experience in regional and national account sales, sales management, and [Read More]

LRES Hires Mark R. Johnson As Chief Strategy Officer

Posted by Patrick Barnard on April 13, 2017

Mortgage industry veteran Mark R. Johnson has joined LRES as chief strategy officer. Johnson has more than 20 years of executive experience working for various Fortune 500 companies within the mortgage industry. Prior to LRES, he served as division president [Read More]

NAR: Vacation Home Sales Fell 21.6% In 2016

Posted by Patrick Barnard on April 13, 2017

A lack of affordability and tight supply resulted in a significant decrease in vacation home sales in 2016, a report from the National Association of Realtors (NAR) shows. The firm’s Investment and Vacation Home Buyers Survey shows that vacation home [Read More]

Accenture Acquires ClosingBridge Platform From BeesPath

Posted by Patrick Barnard on April 12, 2017

Accenture has acquired BeesPath’s ClosingBridge platform, which facilitates simple, secure communications and file exchange for real estate finance transactions. This will extend Mortgage Cadence’s loan origination functionality to include a communications platform that securely connects mortgage lenders with title and [Read More]