COFI Establishes New Record Low
5-Year Low for New Business, Delinquency at Fannie
After edging up in December, the Cost of Funds Index reversed course and fell to a new all-time low.
It's been five years since new secondary activity at the Federal National Mortgage Association has been this slow. It's been even longer since delinquency was this low.
Secondary Legal Actions Pile Up at SunTrust
Over the past few months, SunTrust Banks Inc. has been hit with a lawsuit and agreed to a settlement on loans it originated and sold. Now it faces a government investigation.
Ocwen Continues Growing Mortgage Servicing Portfolio
Ocwen Financial Corp. continued increasing the size of its residential loan servicing portfolio. Also moving up were pre-tax earnings.
Pending Home Sales Weak in January, Lower in West
Severe weather conditions, a tight inventory and high prices all played a role in restraining pending home sales. The West suffered the biggest setback.
Walter Originations Down, Servicing Portfolio Up
Quarterly business was down at Walter Investment Management Corp., though the company increased the size of its servicing portfolio. Pre-tax earnings were a mixed bag.
Risk of Mortgage Fraud Declines
Lenders faced less risk of mortgage fraud during the final three months of 2013. But on multi-unit properties, borrowers were over three times more likely to lie about occupancy than on single-unit transactions.
CFPB Urges Creditors to Provide Free Credit Scores
The Consumer Financial Protection Bureau is prodding creditors to provide free credit scores to borrowers on monthly statements in a move to help consumers identify problems sooner.
Most Admired Mortgage Lenders
Banks might have come out of the financial crisis with a tarnished image, but two are still among the most revered companies in the world.
Fixed Mortgage Rates Rise as ARMs Decline
Fixed mortgage rates moved higher this week even as adjustable rates saw a decline. Fixed rates are forecasted to decline by next week's report.
FHFA Reaches Another Non-Agency MBS Settlement
The regulator of Fannie Mae and Freddie Mac has nailed down another settlement from lawsuits it filed over misleading statements on mortgage-backed securities the two firms purchased.
Nationstar Reports Quarterly Loss, Falling Originations
Quarterly production tumbled by nearly a third at Nationstar Mortgage Holdings Inc. and is poised for a further decline. Pre-tax earnings swung to a loss.
Guaranteed Rate Goes On Acquisition Spree
Guaranteed Rate has acquired three mortgage firms in a move that is likely to add hundreds of million of dollars in annual originations.
Taxpayers Solidly in the Black on Freddie Bailout
A series of one-time events at the Federal Home Loan Mortgage Corp. pushed earnings significantly higher last year -- leaving taxpayers with a tidy profit. But the level of earnings is not expected to continue.
FHA Lenders Ease Up on Credit Scores, DTIs
Federal Housing Administration mortgagees are making it easier to qualify by lowering required credit scores and lifting debt-to-income ratios.
New Round of Wells Fargo Mortgage Layoffs
A new round of job cuts at Wells Fargo & Co. is being blamed on the continued retreat in originations.
Delinquency, Foreclosure Rates Fall in January
Early-stage delinquency improved last month, while serious delinquency declined to a five-year low and the number of loans in foreclosure fell to a post-crisis low.
Record Profits at Banks
Thanks to a decline in the amount of reserves set aside, the banking industry reported record profits last year.
Wells Cuts Estimate for Legal Expenses
Wells Fargo & Co. is lowering its estimate of litigation expenses. But the amount of the reduction pales in comparison to its biggest rival.
NC Mortgage Firm Plans to Hire Hundreds
Amid a mountain of mortgage layoffs across the country, a lender in North Carolina has plans to hire hundreds of new employees.
Refinances Continue Free Fall
Monthly refinances of conventional agency loans tumbled, with transactions completed through the Home Affordable Refinance Program plunging 22 percent.
Surge in New Home Sales Provides Renewed Optimism
An increase in the rate of new home sales provides market watchers with a fresh round of optimism about the U.S. housing market.
Mortgages Outstanding Grow
The amount of first mortgages outstanding has been on the rise. But the story is different for home-equity outstandings, which are declining.
Mortgage Forecast Increases
The estimate of last year's home loan originations has been raised, while expectations for 2014 and 2015 production also increased. Mortgage outstanding are no longer expected to reach $10 trillion this year.
Agency MSRs Up for Bid
Bids are being accepted for mortgage servicing on agency home loans with a concentration on the West Coast.
Mixed Bag for Large Special Servicers
A state regulator's recent decision to indefinitely halt the sale of mortgage servicing rights to a rapidly growing special servicer could signal a broader regulatory push to moderate the growth of such servicers.
BofA Faces MBS and FHA Investigations, Actions
Bank of America Corp. is being investigated by multiple government entities for its securitization activities and could face legal actions. It's also being investigated for its compliance on government-insured mortgages.
2 Consecutive Months of Home Price Declines
Home prices moved lower for the second consecutive month, another sign that the U.S. housing recovery is weakening.
PennyMac Secures $500 Million Facility
PennyMac Mortgage Investment Trust has secured financing for residential loans that it acquires while it waits to securitize them.
DOJ Investigating SunTrust for HAMP Handling
The federal government is investigating SunTrust Banks Inc.'s mortgage unit over its handling of federally funded loan modifications.
New Chairman at Fannie Mae
The man who has led the board at the Federal National Mortgage Association since it was thrust into conservatorship is leaving, and a new leader has been appointed.
CMBS Delinquency Expected to Decline Further
Despite deterioration in delinquency on four commercial property types, overall performance on commercial mortgage-backed securities managed an improvement last month. The forecast calls for delinquency to decline at least another 130 basis points this year.
More Mortgage Layoffs at Chase
After disclosing a significant number of mortgage job cuts within its mortgage business a year ago, JPMorgan Chase & Co. has raised the number of expected layoffs.
Worst Month for Freddie Since 2008
New business at the Federal Home Loan Mortgage Corp. fell to the lowest level since just after it was seized by the government. Loan performance, however, continued to improve.
Mobile Mortgage Solutions
As mobile usage continues to surge, several mortgage service providers, as well as a wholesale lender and an appraisal management company, are cranking out new mobile applications. But a bank study cautions users about mobile risks.
LOS Providers Focus on Compliance
Loan origination system service providers have been recently busy making enhancements to their offerings that help originators maintain compliance with a host of rules, regulations and requirements. In other LOS activity, a wholesaler has implemented a new system for the benefit of its broker clients.
Mortgage Fee Splitting Costs Connecticut Company
A mortgage banking firm in the Northeast was hit with an order and fine for sharing fees with a hedge fund. But the actions could have been more severe had the lender not been so open about its actions.
Gov Guaranties Have No Place in Mortgage Lending
While many see government guarantees in mortgage lending as essential to home ownership, an opinion piece from a conservative think tank suggests there has been little benefit from affordable housing efforts up to this point.
FHA Drives Increase in Monthly Mortgage Risk
An increase in the government-insured share of agency mortgages last month helped drive overall risk levels on new agency originations higher.
St. Louis Lenders Grapple With Reduced Refis
|Bank Failures Fall to 6-Year Low
The rate of bank failures in 2013 slowed to the lowest level in six years, helping to drive down overall mortgage-related casualties by more than a quarter. Several wholesale lenders have recently closed down.
Mortgage lenders in St. Louis are taking a variety of approaches to confronting a sizable decline in refinance originations.
Wells Fargo's Lower FHA Credit Scores Provide Hope
Though other lenders have yet to follow suit, consumers with bruised credit scores are hopeful now that Wells Fargo & Co. is lowering its minimum score for government-insured mortgages.
Reverse Lenders Among Mortgage Firms Acquired
Annual Business Improves at Genworth
Among several mortgage company acquisitions that have recently closed are three reverse mortgage companies. A servicer and a commercial mortgage lender also changed owners.
Last year, Genworth Mortgage Insurance Corp. increased new business by more than a third and cut its delinquency rate by 230 basis points. Quarterly business, however, suffered.
PHH Mortgage Cutting More Jobs
As the parent of PHH Mortgage Corp. considers unloading its money-losing home finance unit, more jobs are being eliminated at the subsidiary.
Taxpayers Made Whole in Fannie Bailout
Dividends being paid to the Treasury Department by the Federal National Mortgage Association exceed taxpayer-funded bailout draws. The company expects to be profitable for the foreseeable future, though nowhere near as profitable as it was last year.
Mortgage Rates Rise and Could Climb Further
With no signs that the Federal Reserve will change its plans to reduce its purchases of agency mortgage-backed securities, interest rates on home loans drifted higher and could continue rising.
GSEs Required to File SARs
A new requirement that Fannie Mae and Freddie Mac file suspicious activity reports is expected to help fend off mortgage fraud.
Stonegate Expanding Florida Staff
More than a hundred new mortgage jobs are planned for a new office facility being opened in Florida by Stonegate Mortgage Corp.
Continued Improvement in Mortgage Performance Metrics
It's been six years since the rate of past-due payments on home loans has been this low, while it's been nearly as long since the foreclosure rate has been this favorable. But on just government-insured mortgages, delinquency moved higher.
HELOC Resurgence In Process
Home-equity lines of credit, which all but disappeared after the credit crisis erupted and home values plummeted, are making a comeback.
Agency MSRs Hit Market
Mortgage servicing rights on more than $400 million in agency home loans have been put up for bid. Some streamlined transactions are in the portfolio.
DOJ Attorney Honored for Chase Settlement
The U.S. Department of Justice lawyer that was behind the massive settlement with JPMorgan Chase & Co. has been recognized among California's attorneys of the year.
CFPB Official Blasts Servicers
Attendees at a mortgage servicing conference this week might have gotten more than they bargained for when the Consumer Financial Protection Bureau's No. 2 stepped up to the podium.
AIG Loses Bid to Hold Up BofA MBS Settlement
A supreme court judge in New York has rejected a request to delay final judgment in an $8.5 billion Bank of America Corp. settlement.
Wholesale Leads Decline in Reverse Mortgages
The latest monthly report on reverse mortgage production was worse, and a 17 percent drop in wholesale originations was responsible for much of the deterioration.
Mortgage Bankers Reduce Q2 Purchase Forecast
U.S. mortgage bankers reduced their projection for this year's loan originations as a result of lowered expectations for purchase financing in the second quarter.
Nationstar Cutting MO Jobs
The operating subsidiary of Nationstar Holdings Inc. is eliminating more than a hundred positions in Missouri just over a year after holding a job fair there.
Warehouse Lender Being Acquired
An offer has been made to acquire the parent company of a mortgage warehouse lender operating from Texas.
Mortgage Lenders Take More Risk
Lending standards eased last month, with average credit scores down three points in January. Over the past year, the closing rate on refinances has retreated while closing rates have risen on purchase financing.
Jumbo MBS Outlook Improving as Refis Fade
A diminishing share of refinances is good news for investors of residential mortgage-backed securities that are filled with jumbo home loans.
2nd Recent Settlement for Prospect Mortgage
Just months after reaching a settlement with a New York regulator over its practices involving interest rates, Prospect Mortgage LLC has reached a settlement with a California regulator over how it charges interest.
The QM Support Kit
A host of service providers have developed offerings that help mortgage firms successfully navigate the Qualified Mortgage and Ability-To-Repay rules.
Home Builder Confidence Slides
Home builder confidence slumped this month, suffering its steepest decline in nearly three decades. Weather and supply impacted activity.
New Lender Capitalizing on Investor Residential
A finance company has been launched out of California that will finance investor-owned residential properties -- a market that is reportedly in the trillions of dollars.
Freddie Offering Incentives on REOs
Not to be outdone by its government-controlled rival, the Federal Home Loan Mortgage Corp. is making concessions to buyers of its real estate owned.
2nd Mortgage Performance Deteriorates
As performance on first mortgages has shown a significant improvement from a year ago, serious delinquency on second mortgages has deteriorated -- though it remains well under 1 percent.
Second Quarter Could Be Best for a While
An expected second-quarter bump in mortgage originations could make it the best quarter for years to come as the refinance wave becomes a distant memory. Prior-year estimates in home loan production have been revised down.
Wingspan Continuing Along Acquisition Trail
Wingspan Portfolio Advisors has already picked up three operations during the past year, and it's prepared for more acquisitions if the right opportunity arises.
Home Affordability Improves
Home affordability took a turn for the better in the fourth quarter. Among the biggest cities, homeowners in the most expensive metropolitan area need to earn nearly $100,000 more than borrowers in the least expensive area.
The Wholesale Mortgage Business
Wholesale providers of home loans are expanding their territories, improving their technology and polishing their brands as they seek to garner a bigger share of the mortgage broker market.
Leaders Shuffled at Mortgage Firms
Many of the recently hired executives at mortgage banking firms have two decades' mortgage experience, and some have three decades in the business.
Growth Through Branch Expansion
Some mortgage bankers continue to execute their tried-and-true growth strategy of recruiting existing branch operations, while other focus on opening brand new branches.
Complying With Appraisal Requirements
New appraisal requirements are being met with a flurry of services that offer help complying. Other resources being promoted promise to improve additional aspects of home valuations.
Calif Groups Warn FHA About Limit Reduction
Mortgage and real estate professionals from California's Inland Empire have written to the Department of Housing and Urban Development about concern with reductions to limits on government-insured loans.
Updates at Freddie
|Jumbo-Conforming Spread Evaporates
The difference between interest rates on conforming and jumbo mortgages nearly disappeared this week, prompting a slight uptick in jumbo activity despite an overall slide.
Updates at Freddie Mac include a reduction in delivery fees for first-time homebuyers, changes to reserve requirements and adjustments to servicing reimbursements.
Annual Biz, Delinquency Better at United Guaranty
Although quarterly business was down at United Guaranty, annual volume improved, outstandings expanded and delinquency declined.
BofA Eliminates Charlotte Servicing Jobs
Bank of America Corp.'s own home town is seeing a few mortgage layoffs that come as a part of a wider round of job cuts.
Slight Rise Projected for Purchase Production
Although refinancings are, not surprisingly, expected to subside this year, loan originators will be taking extra steps to ensure purchase financing increases.
Fannie Paying Buyer Incentives
Purchasers of Fannie Mae real estate owned assets in more than half of all states are being given closing cost assistance.
California Home Sales Sink
Despite an improvement in California home prices last month, home sales stumbled. Supply, affordability and interest rates were all factors.
St. Louis Mortgage Jobs Impacted by BofA Layoffs
Another round of mortgage layoffs is hitting the Bank of America Corp. staff as refinances wane and delinquency diminishes. Hundreds of Missouri employees are among those impacted.
PennyMac Adding Hundreds of Texas Jobs by Next Year
By the end of 2015, hundreds of jobs are expected to be added by PennyMac Financial Services Inc. in Fort Worth, Texas.
GSEs Need Better Monitoring of Servicers
The Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. need to more closely monitor servicer compliance with their requirements, according to a new government report.
Understanding FHA Condo Requirements
Many buyers of condominiums are locked out of the market for loans insured by the Federal Housing Administration.
Mixed Bag for Mortgage Rates
Mortgage rates were mixed this past week, with long-term fixed rates and short-term adjustable rate mortgages moving higher, short-term fixed rates holding firm and hybrid ARMs moving lower.
Seller-Servicers Face More Rigid Repurchase Late Fees
A report that is critical of the handling of late fees by Fannie Mae and Freddie Mac for aged repurchase demands is likely to lead to more late fees.
Servicers Sued for Delayed Postings
Lawsuits have been filed against two mortgage servicers accusing them of using delaying tactics in payment posting so they could earn more interest.
FHA Originations Up, Refis Set to Rise
The latest monthly reading from the Federal Housing Administration showed an increase in new mortgage production, and another improvement appears to be ahead. FHA outstandings grew, but delinquency was worse.
Proprietary Modification Volume Fading
Mortgage servicers have slowed the pace of loan modifications for four consecutive months, though government-supported modifications turned higher. Proprietary activity has diminished considerably over the past year.
MBS Recoveries Reduce Credit Union Assessments
Billions of dollars in assessments paid by credit unions to cover the cost to clean up the failure of five corporate credit unions are likely coming to an end thanks to recoveries on mortgage-backed securities.
American Advisors Agrees to 2 Acquisitions
|Foreclosures Increase for 2nd Month
The number of total foreclosure filings was up for the second month in a row, bloating the inventory as the completed foreclosure count diminished
Fresh with new capital from a private equity firm, American Advisors Group has negotiated a pair of acquisitions.
Huge Loss for PHH Mortgage
Deterioration in mortgage production metrics at PHH Mortgage drove annual mortgage profits to a loss. A sale of the unit is now on the table.
Nonprime Share Growing
As mortgage lending slows, borrowers with lower credit scores are accounting for a larger share of new originations.
Mortgage Delinquency at 5-Year Low
Mortgage delinquency has fallen eight quarters in a row to the lowest level in half a decade. Yet, the rate still remains elevated by historical standards.
PHH Explores Sale of Mortgage Business
PHH Corp. is exploring the sale of two businesses, including its residential lending subsidiary. A potential buyer of the mortgage unit would pick up a substantial operation.
Stark Reversal for Digital Risk
One of the top recent job creators in the mortgage field is eliminating hundreds of full-time positions. Many of the impacted employees, however, will still potentially earn contract fees.
Big Servicing Conference Next Week
While mortgage servicing is the topic many conference goers will be discussing next week, other topics will be up for discussion at subsequent events.
Rulings for Lender in LO Overtime Lawsuit
Former loan originators in Virginia have had no success convincing a federal judge that Prospect Mortgage LLC wrongly classified them as exempt.
GSEs Updating UCDP Messages
The deadline is fast approaching for implementation of an updated message system for appraisals delivered to the government-sponsored housing enterprises.
Failure Averted With Acquisition
The sale of a bank in Maryland that was heavy into Alt-A assets appears to be the last available alternative to conservatorship for the ailing institution.
Former FDIC Chair Says Regulations Have Gone Too Far
The former head of the Federal Deposit Insurance Corp. says that the regulatory pendulum has swung too far.
Mortgage Credit Guidelines Ease
Home lenders relaxed credit standards last month. The easing was concentrated in jumbo mortgage lending and refinance originations.
Group Challenges Massive Chase Settlement
A federal lawsuit has been filed against the government over its handling of the $13 billion settlement reached with JPMorgan Chase & Co.
Originations, Servicing and Staffing Up at Stonegate
Stonegate Mortgage Corp. is the only residential originator yet to report a gain in quarterly business. The lender also increased its servicing portfolio and expanded its staffing. Recent acquisitions fueled the growth.
MGIC's Business Worse, Delinquency Better
It's been almost two years since new business was this low at MGIC Guaranty Insurance Corp. But progress continued on loan performances.
Refis Slide 7th Consecutive Month
Mortgage refinance transactions moved lower for the seventh month in a row. Fannie Mae refinances led the most recent decline.
Retail Branch Expansion at RightStart
RightStart Mortgage is expanding its retail branch operations. Two executive appointments have been made in the wake of the move.
Former TARP Chief Running for Governor
A former Goldman Sachs executive who oversaw the federal government's massive bank bailout fund is hoping to be elected chief executive of the Golden State.
BB&T Reducing Va. Staffing
It's not clear how many layoffs from a Virginia office closing at BB&T Corp. are linked to an earlier company projection that mortgage jobs would be eliminated.
HMDA Reporting Changes Being Considered
Additional data requirements being considered for Home Mortgage Disclosure Act reporting could make it easier to identify cases of disparate impact. The addition of Qualified Mortgage status to HMDA reporting could shed a light on the impact of QM. Changes that would streamline HMDA reporting are also on the table.
Mortgage Master Production Declines
Home loan production sank during the final three months of last year at Mortgage Master Inc. The lender trimmed staffing.
Ocwen Growth at Issue in Wells MSR Sale
|HAMP Gains Moderate
The latest report on government-supported loan modification activity indicates that monthly growth slowed. There was some jockeying between mortgage servicers.
A deal reached last month for Ocwen Financial Corp. to acquire mortgage servicing rights on nearly $40 billion in loans from Wells Fargo & Co.'s banking unit has been held up by a state regulator.
5th Consecutive Month of Mortgage Job Losses
Mortgage employment suffered its fifth straight month of declines. Job growth weakened for all U.S. industries as a whole.
Mortgage Rates Fall Again, But Could Turn Higher
Mortgage rates moved lower for the fifth consecutive week, with the latest decline driven by weak economic data. But the recent retreat in interest rates is likely to come to an end.
Ginnie MBS Issuance Drifts Higher
The Government National Mortgage Association eked out a gain in new business last month thanks to residential activity. But securitizations sank from a year earlier.
GSE Appraisals Criticized
Fannie Mae and Freddie Mac are underutilizing data from their appraisal data portal and taking unnecessary risks, according to a new report that calls for more oversight from their regulator.
Mortgage Fraud Prevention Firm to be Acquired
A mortgage industry service provider that helps lenders identify mortgage fraud risk and prevent fraud on home loans is being acquired.
3rd Acquisition in 2 Months at Stonegate
Stonegate Mortgage Corp. already had two acquisitions under its belt during the past 60 days. Now, No. 3 has closed.
Uptick in Bankruptcy Filings
The number of consumers who resorted to bankruptcy moved higher last month, though it's been more than three years since filings have risen from a year earlier.
New Radian Business at Nearly 2-Year Low
After falling each of the last six months, new business at Radian Guaranty Inc. has dropped to the lowest level in 23 months. The good news is that the number of delinquent policies has been lower for 13 consecutive months.
Walter Investment Closing Wholesale Unit
A decision has been made to close down the wholesale mortgage lending unit of Walter Investment Management Corp.
AIG Seeks to Hold Up $8.5 Billion BofA Settlement
The fate of a three-year-old settlement agreement between investors of mortgage-backed securities and Bank of America Corp. is expected to be decided this month.
Originations Slide, Servicing Surges at PennyMac
Mortgage originations dropped by a quarter at PennyMac Financial Services Inc. But the company's mortgage servicing portfolio jumped by nearly half. The change in performance metrics was even more dramatic on a year-over-year basis.
Massive Growth in Servicing Portfolio at Caliber
The mortgage servicing portfolio at Caliber Home Loans Inc. expanded by more than 500 percent last year mostly due to the acquisition of mortgage servicing rights.
Henry Paulson Worries About Another Crisis
The former secretary of the Department of the Treasury who presided over the 2008 financial crisis is worried that conditions are ripe for another such event.
Another FHFA MBS Settlement Reached
Proceeds recovered from losses on private-label mortgage-backed securities acquired by Fannie Mae and Freddie Mac had already reached nearly $8 billion, and the latest settlement adds more than $1 billion to the pile.
Former LPS Reports Record Activity
The company that previously operated as Lender Processing Services Inc. reported record activity for year-end processing performed for loan servicers.
Whistleblower Leads to Chase Settlement on Gov Loans
Allegations made by a whistleblower on government mortgages have ended in a large settlement with JPMorgan Chase & Co.
Refis Diminishing But Still Saving Borrowers Money
Although the volume refinances continues to fall, borrowers who refinanced during the latest quarter are still expected to save more than $20 billion over the next year.
Fannie Updates Approved Mortgage Insurers
Fannie Mae has given its blessing to a mortgage insurance company that was recently acquired, while three affiliates of major M.I. firms have been suspended.
Chase Settles Employee Discrimination Case
A group of female mortgage employees who worked for JPMorgan Chase & Co. will receive more than $1 million to resolve alleged discrimination.
Failed Bank's Former Directors Sued by FDIC
Former directors of a failed Georgia bank are accused in a federal lawsuit of wrecklessly handing out bad loans and squandering capital on perks for directors and executives.
Bankers See Improved Mortgage Quality Ahead
A significant share of bankers expect the quality of residential and commercial real estate loans to improve in 2014. Although demand for residential products has fallen, stronger demand was noted for commercial mortgages.
Wholesale Lender Promises 3-Week Turnaround
A wholesale mortgage lender operating from California is offering a closing cost credit on loans originated by its mortgage broker clients if it doesn't close loans within three weeks.
Fannie Identifies Its Biggest Multifamily Lenders
The top multifamily players at the Federal National Mortgage Association have been ranked by the secondary lender, which reduced its overall issuance of multifamily securities last year.
Reverse Mortgage Lenders Lift Production
A healthy increase in government-insured reverse mortgage originations had new business at the highest level in five months.
Biggest Commercial Mortgage Servicers
Among a barrage of data emanating from a commercial mortgage conference this week is a list of the biggest servicers of commercial real estate loans.
Freddie's Biggest Multifamily Sellers
A list of last year's biggest sellers of apartment loans was published by the Federal Home Loan Mortgage Corp.
Record Setting Decline Again for MTA
A new low was established for the Monthly Treasury Average last month, and another record is likely ahead.
Banks Lead Increase in CRE Loan Production
Commercial real estate lending expanded last year, and the growth is expected to continue in 2014. Financial institutions posted some of the strongest gains.
Judge Approves Most of $8.5 Billion BofA Settlement
A multi-billion dollar settlement between Bank of America Corp. and investors of mortgage-backed securities that has been lingering for years has been mostly approved by a New York judge.
New Penn Adds Government Programs to Correspondent
Correspondent lending clients of New Penn Financial LLC will now be able to finance borrowers with low credit scores through a new government lending program.
REMN Changes Name
A company that claims to be one of the country's biggest private mortgage lenders has taken on a new identity.
Further Slowing in Agency MBS Issuance
For nine straight months, agency issuance of mortgage-backed securities has moved lower -- though there was an uptick at the Government National Mortgage Association. Securitization volume now stands at its lowest level in more than two-and-a-half years.
Bank, Mortgage Wholesaler Done
Idaho saw its first bank failure in nearly five years. Meanwhile, a mortgage banking subsidiary of another financial institution is blaming the current regulatory environment for its decision to exit wholesale lending.
COFI Inches Up from Record Low
Just a month after falling to the lowest level on record, the Cost of Funds Index turned higher, though just barely.