Bank Orders Ease in Q3 MortgageDaily.com Report
Regulatory orders and actions by federal banking regulators eased for the first time in at least four quarters, according to the Third-Quarter 2009 Regulatory Actions report from MortgageDaily.com. But more cease-and-desist orders were issued.
Big Shakeup Among Ranks of Top-10 Lenders
The top residential lender was unseated in MortgageDaily.com's Third Quarter 2009 Production Ranking, while Citigroup Inc. fell two spots. Aggregate U.S. originations were off by nearly one-fourth.
Mortgage Litigation Activity Tumbles
Firms that collected up-front fees for loan modifications pushed modification-related litigation to the forefront of the Third Quarter Mortgage Litigation Report from MortgageDaily.com. But overall mortgage litigation slowed significantly.
Mortgage Layoffs Outpace Hirings According to MortgageDaily.com Q3 Report
Growth in mortgage servicing jobs was not enough to keep headcount in the mortgage sector from falling, according to the MortgageDaily.com Third Quarter Mortgage Employment Analysis. But the rate of contraction has slowed considerably from the ugly pace set two years ago.
Bank Failures Drive Record Mortgage-Related Closings
Driven by nearly 100 bank failures so far this year, mortgage-related failures and closings have already exceeded the total for all of last year and are within two failures of a record.
10,000 Pages of News Published at MortgageDaily.com
After more than a decade of publishing stories by dozens of journalists and writers, MortgageDaily.com has exceeded 10,000 pages of mortgage news.
NY Leads Nation in Mortgage Fraud
U.S. mortgage fraud cases mostly held steady during the latest quarter, according to the FraudBlogger Index -- a measure of active cases. But activity was up nearly 600% in New York to the highest of any state.
Banks Face Growing Regulatory Actions
Regulatory orders against financial institutions jumped 49% during the second quarter, according to an analysis of activity by MortgageDaily.com. A surge in civil money penalties, cease-and-desist orders and prohibition orders fueled the increase.
Appraisal, Modification and Foreclosure Lawsuits Soar
A surge in litigation tied to real estate appraisals, loan modifications and foreclosures contributed to a 54 percent increase in mortgage-related lawsuits, according to the Second Quarter Mortgage Litigation Report from MortgageDaily.com. Investor litigation continued to be the busiest category.
Mortgage Hirings Leap
Hirings at U.S. mortgage firms outpaced layoffs by more than 8,000 in the MortgageDaily.com Second Quarter Mortgage Employment Analysis. One company had more impact on mortgage employment than any other.
MortgageDaily.com Teams Up With Big Law Firm
Patton Boggs LLP's recently acquired mortgage banking legal team is continuing its relationship with MortgageDaily.com, a dominant online news publication for the mortgage industry. The team of six lawyers, practicing in both the Washington, D.C., and Dallas offices, will provide insight on emerging trends in the financial sector, pressing issues affecting industry professionals nationwide and analysis of key legislation and government regulations.
15 Largest U.S. Lenders
Residential originations at U.S. mortgage lenders jumped by nearly one-quarter in MortgageDaily.com's Second Quarter 2009 Production Ranking. Among the star performers were Wells Fargo & Co., Citigroup Inc. and Quicken Loans Inc.
Over 100 Mortgage Failures
So far this year, more than 100 mortgage-related operations have shut down, according to data tracked by the MortgageGraveyard.com -- a journal of failed, ailing and acquired lenders operated by MortgageDaily.com. The majority of the failures were U.S. banks.
MBS, Foreclosure Lawsuits Jump
Investors of mortgage-backed securities led an increase in mortgage-related litigation, according to the First Quarter Mortgage Litigation Report. An increase in the number of foreclosure lawsuits also contributed to the rise in legal activity.
Ailing Bank List
Regulatory actions against U.S. financial institutions increased during the latest quarter. Many of the banks that faced actions also face possible failure.
Biggest Mortgage Lenders
Mortgage Hiring Surge
As residential originations have soared, one mortgage lender was able to leverage an acquisition from last year to grab a bigger share of the market. Meanwhile, another acquisition in 2009 enabled MetLife Bank to become a top-10 originator.
Quarterly mortgage hirings shot up. But persistent layoffs outnumbered hirings -- leaving a net job loss in the sector.
Mortgage Fraud Index Doubles
The FraudBlogger Index, a measure of mortgage fraud case activity, has doubled from a year ago.
Record Pace of Mortgage Failures
The mortgage sector is on pace to see a record number of failures this year as regulators seize banks at an accelerating rate, according to data tracked at the Mortgage Graveyard -- a journal of failed, ailing and acquired lenders. A lack of government loans programs and lost warehouse financing played a role in some of the closings.
Mortgage Lawsuits Ease
Despite a surge in actions taken by bank regulators, overall mortgage litigation eased in the Fourth Quarter Mortgage Litigation Report.
Mortgage Fraud Surges
Mortgage fraud reached a new high last year. Quarterly activity more than doubled from the prior period and was nearly 300 percent higher than a year earlier.
Biggest U.S. Mortgage Lenders
Residential mortgage originations during 2008 at Wells Fargo & Co. were higher than at any other U.S. lender. Rankings, which factored in home-equity activity, were shaped by last year's mega-mergers.
Mortgage Job Losses Ease
Mortgage-related layoffs have eased and may be near a bottom. Quarterly job cuts were down by nearly 25 percent, and annual migration out of real estate finance dropped by more than half.
Over 300 Mortgage-Related Failures
The number of non-bank mortgage companies to close eased last year, but bank and credit union failures soared.