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LATEST U.S. MORTGAGE NEWS
Last Updated Thursday, May 23, 2013 05:34 PM Central |
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free preview | full story
| May 23
The rate of delinquency on securitized commercial mortgages tumbled during April. While most categories of commercial real estate experienced a decline in delinquency, it was the hotel property category that saw the biggest drop.
A decline of 47 basis points from March left delinquency of at least 30 days on commercial mortgage-backed securities at 6.736 percent as of the end of last month.
A far more substantial improvement has been made from April 2012, when the rate of CMBS delinquency was 8.190 percent.
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free preview | full story
| May 23
Interest rates on residential loans moved higher this week and could continue the upward trend into the next report.
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free preview | full story
| May 23
Ally Financial Inc. has unveiled the terms of its proposed settlement with creditors of its bankrupt former subsidiary, Residential Capital LLC.
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free preview | full story
| May 23
A new program from a national appraisal management company will enable appraisers to be paid when they do the inspection -- eliminating liability for mortgage lenders.
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free preview | full story
| May 23
Modified home loans that are owned outright by the Federal Home Loan Mortgage Corp. are now being securitized. Excluded are loans modified through the Making Home Affordable initiative.
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free preview | full story
| May 22
Home sales were better last month even as the distressed share of activity diminished. The news was good given that new construction and housing starts slumped.
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free preview | full story
| May 22
Home prices are continuing to climb, and multiple sources indicate that some of the biggest gains are being made in Phoenix. The national outlook is for ongoing increases.
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free preview | full story
| May 22
An agreement two years ago between federal and state regulators to coordinate supervision of companies that provide consumer financial products and services took a step forward this week.
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free preview | full story
| May 22
Private investors have ponied up more than $100 million to help a growing mortgage firm fund further growth in originations and servicing.
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free preview | full story
| May 22
Not only did the rate of mortgage delinquency decline in April, it has retreated for seven consecutive months. The latest reading reflected a drop in both new delinquencies and foreclosures.
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mortgage news archives back to 1999
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Shift in Mortgage Servicer Concentration
May 13, 2013
Although the three-biggest mortgage servicers reduced their servicing portfolios during the first quarter, a trio of rising stars each added mortgage servicing rights on more than $100 billion in loans to their own portfolios. While overall mortgage originations were off from the fourth quarter of last year, several players still managed to grow their businesses. The second-quarter forecast is for stronger mortgage production.
Residential lenders operating in the United States originated 6.2 percent less in loans during the first three months of this year than they did in the final three months of 2012, according to Mortgage Daily's First-Quarter 2013 Mortgage Lender Ranking.
<read full story>
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USDA Mortgages Misunderstood
May 16, 2013
Many mortgage originators are not aware that a government lending program for rural properties can also be used to finance homes in not-so-rural areas.
Think a home located in the suburbs and above-average income levels equal disqualification for a U.S. Department of Agriculture home loan? Think Again.
<read full story>
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Failed Bank's Former President Indicted Last Year
May 13, 2013
Losses at one of last week's bank failures are expected to exceed 40 percent of its assets. The former president at the bank had been indicted for loan fraud that allegedly occurred while he was at the firm. Two other financial institutions are also no longer in business.
The North Carolina Office of the Commissioner of Banks reported Friday that it closed down Pisgah Community Bank.
<read full story>
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Flagstar CEO Replaced After Less Than a Year
May 17, 2013
After spending less than a year on the job, the president and chief executive officer of the eighth biggest residential lender has been replaced.
In its third-quarter 2012 earnings report, Flagstar Bancorp Inc. disclosed that its board of directors had appointed Michael J. Tierney to serve as president and CEO of the bank-holding company and subsidiary Flagstar Bank, FSB.
<read full story>
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Production Jobs Dominate Mortgage Hirings
May 19, 2013
Two years ago, it was mortgage servicers that were doing most of the recruiting in real estate finance. Today, however, it is increased mortgage originations that are driving mortgage recruiting efforts.
Staffing at NewDay USA has grown from around 265 employees as of Dec. 31, 2012, to 360 employees as of May 15, the Fulton, Md.-based firm reported to Mortgage Daily. By next year, the reverse mortgage lender hopes to grow to a thousand employees.
<read full story>
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