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LATEST U.S. MORTGAGE NEWS
Last Updated Tuesday, May 21, 2013 10:44 AM Central |
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free preview | full story
| May 21
Report cards issued on two separate settlements with residential loan servicers indicate that borrowers have received more than $50 billion in relief. The bigger of the two settlements has yielded an average of more than $80,000 in benefits per borrower.
A progress update in the national mortgage servicer settlement has been issued by Independent Settlement Monitor Joseph A. Smith of the Office of Mortgage Settlement Oversight.
According to the report, which was announced Tuesday by the Department of Housing and Urban Development, borrowers impacted by the mortgage servicer settlement have received an average of around $81,000 in benefits.
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free preview | full story
| May 21
An appeals court has rendered a decision in a closely watched lawsuit against the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. But the loser in the decision has vowed to take the case to the nation's highest court.
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free preview | full story
| May 21
At least two fast-growing special servicers are adding employees, and both are targeting mortgage loan originators -- though for different reasons.
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free preview | full story
| May 20
The head of Citigroup Inc.'s mortgage business is bidding adieu to the company. In addition to replacing the mortgage chief, the company also named a new chief to its troubled asset unit.
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free preview | full story
| May 20
Lines of credit secured by residential properties have seen increased production lately but still lag historical levels. The slower activity has put pressure on student loan originations.
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free preview | full story
| May 20
Recent mortgage lead rankings rate both and mortgage lead providers and the mortgage firms that buy the leads. Several services are focusing on the reverse mortgage sector, while one is targeting hard money loans and another is zeroing in on Home Affordable Refinance Program prospects.
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free preview | full story
| May 20
Just a month after it was lowered, the forecast for residential refinance originations was lifted for this year. Mortgages outstanding are on track to exceed $10 trillion again.
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free preview | full story
| May 19
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.
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free preview | full story | May 17
Although overall new mortgage activity was slower this week, purchase financing was up, albeit only slightly. Adjustable-rate mortgage activity also ticked higher.
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free preview | full story
| May 17
A Texas bank has been fined, and a Texas builder has agreed to a settlement over alleged violations of the Real Estate Settlement Procedures Act tied to joint ventures.
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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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