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LATEST U.S. MORTGAGE NEWS
Last Updated Wednesday, June 19, 2013 05:11 PM Central |
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free preview | full story
| June 19
A benchmark for mortgage rates surged to its highest level in more than a year following comments by the chairman of the Federal Reserve Board indicating that an end may be in sight for the central bank's bond buying strategy.
The Federal Open Market Committee issued a statement Wednesday saying that the latest economic data "suggests that economic activity has been expanding at a moderate pace."
Further recent improvement was noted in the labor market, though unemployment remains elevated. Household spending and business fixed investment improved, and the housing sector has strengthened further.
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free preview | full story
| June 19
It might not make the Late Show With David Letterman, but a list of the top 10 complaints for borrowers impacted by the national mortgage servicer settlement has been released. Problems with single points of contact topped the list.
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free preview | full story
| June 19
There has not been any deterioration in the rate of serious mortgage delinquency in more than a year. A pair of states on the East Coast boasted the highest delinquency rates in the nation.
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free preview | full story
| June 19
An effort to generate new business through the Home Affordable Refinance Program has PennyMac Loan Services opening a new California location and recruiting employees to staff it.
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free preview | full story
| June 19
As a growing share of refinance applications are failing to close, purchase applications are closing at the highest rate in four months. But the improved productivity on purchase financing is taking a toll on turnaround.
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free preview | full story
| June 19
Abuses by some of the country's biggest mortgage servicers "shamefully endure," the head of the Department of Housing and Urban Development said in response to a progress report on the national servicer settlement that found fewer than 10 failed servicing standards out of more than 300. He put the firms on notice.
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free preview | full story
| June 18
Serious delinquency on first lien mortgages maintained its post-recession low status, while the rate on junior liens fell to the lowest level in at least nearly a decade.
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free preview | full story
| June 18
Last year's estimate of loan originations to finance home purchases has been revised up by more than $100 billion. This year's projected purchase production was also pushed up by more than $100 billion, as was next year's purchase outlook. Improved purchase expectations offset a weaker forecast for refinances.
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free preview | full story
| June 18
The country's mortgage lenders are warning Congress that implementation of the Ability-To-Repay rule as it stands will take an especially hard toll on low-income borrowers. But that's not the only concern the industry has.
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free preview | full story
| June 18
Proposed changes to guidelines for federally insured reverse mortgages are expected to stabilize the program while protecting consumers, according to congressional testimony.
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mortgage news archives back to 1999
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Florida Foreclosure Bill Signed Into Law
June 10, 2013
A foreclosure bill emerged from Florida's legislature and found its way to the governor's desk. The new law expedites foreclosures on abandoned properties and reduces the window of time for lender to obtain a deficiency judgment.
Florida Gov. Rick Scott was busy on Friday, signing 34 state bills into law -- including a bill known as HB 87.
<read full story>
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2 Bank Failures Last Week
June 10, 2013
Two bank failures last week included a financial institution with more than $400 million in assets and a small bank with related losses that are expected to exceed half of its total assets.
Mountain National Bank was seized Friday by the Office of the Comptroller of the Currency and closed down.
<read full story>
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Chase Closing Distressed Loan Service Center
June 11, 2013
Hundreds of jobs are impacted by the closing of a JPMorgan Chase & Co. unit that handles distressed loans. A U.S. senator has talked to chief executive officers at two companies, including Chase, to identify opportunities for employees.
Last week, the New York-based company announced that it would close a call center in Albion, N.Y. The center handles distressed borrowers.
<read full story>
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Fannie Foreclosure Executive Fired
June 14, 2013
The executive who oversaw an office in Irvine, Calif., where a Fannie Mae foreclosure specialist used his position to collect a bribe for a foreclosure listing agreement has been fired.
In March, Armando Granillo was arrested with $11,200 in cash in hand -- money he allegedly demanded from an Arizona real estate broker in return for being granted a listing agreement on a foreclosure owned by the Washington, D.C.-based firm.
<read full story>
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Nationstar Hiring Over a Thousand AZ Employees
June 7, 2013
Faced with hundreds of billions of dollars more in loans to service, Nationstar Mortgage is executing a recruiting campaign in the Grand Canyon State to hire more than a thousand employees.
The Lewisville, Texas-based company has tripled its mortgage servicing portfolio over the past year. First quarter earnings indicated the portfolio had grown to $312 billion as of March 31 from $103 billion a year earlier.
<read full story>
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