Credit Challenged Mortgage Program Launching
A new home lending program that targets credit-challenged borrower prospects is being made available through the retail and wholesale lending channels.
Proprietary Reverse Mortgage Production Rises
Proprietary reverse mortgage lenders lifted activity in the final month of last year. Government-insured business improved for both the retail and wholesale channels.
Stonegate Fundings Slip; Staffing, Servicing Climb
Despite growth in servicing and staffing, Stonegate Mortgage Corp. saw a slight decline in quarterly production for the first time in at least three years. Annual originations, however, moved higher.
Provident's Originations Rise
Provident Funding Associates LP saw an increase in its fourth-quarter 2014 loan originations over the previous quarter. Servicing and staffing, however, were down.
Retail and Wholesale HECM Biz Drops In November
The monthly origination of government-insured reverse mortgages turned lower for both the direct and indirect channels. Proprietary lending was also down.
Wholesale, Proprietary Reverse Originations Surge
Wholesale lenders pumped up the monthly volume on government-insured reverse mortgages, as did most of the top proprietary reverse lenders.
Multiple Firms Offering Conventional 97% LTVs
At least three mortgage bankers, including two wholesale lenders, have begun offering new conventional products with high loan-to-value ratios.
Mortgage Production Job Openings
Hundreds of production jobs in real estate finance are being filled across the country. Although most of the jobs are in retail, some wholesale positions are available.
Non-Agency Programs Expanded at Stonegate
Improvements to Stonegate Mortgage Corp.'s non-agency product menu include higher loan-to-value ratios and enhanced jumbo programs.
Bank Employment and Mortgage Originations Decline
The number of federally insured banks in business continued to diminish -- as did mortgage originations, assets and employees. Earnings and commercial mortgage holdings, however, grew.