Big Credit Union Hit By HEL Fraud
A federally insured credit union that originated nearly $13 billion in home loans last year was defrauded by a real estate investor on home-equity loans.
Serious 1st Mortgage Delinquency Up, Could Worsen
Serious delinquency on first mortgages deteriorated last month, and the recent spate of natural disasters could make things worse. The Big Apple experienced a surge in consumer delinquency.
Trader Sued Over Decade-Old Subprime RMBS
The former chief of subprime trading at Deutsche Bank has been sued by the government for allegedly misleading investors about the quality of subprime residential mortgage-backed securities.
Home Purchase Lending Up Despite Decline in Units
Although the dollar volume of quarterly purchase-money production has recently risen, the number of loans closed has fallen thanks to the lack of junior-lien utilization.
Varied Backgrounds for New Mortgage Executives
Executives who recently found new homes at mortgage banking firms come from a variety of backgrounds including financial compliance, information technology and subprime mortgage lending.
Serious Mortgage Delinquency Ticks Higher
Home loans considered to be seriously delinquent accounted for a greater share of overall loans than in the preceding month. Dallas saw the biggest rise in consumer delinquency.
Regions' Mortgage Earnings Off, Buys MSRs
While quarterly earnings were solidly higher at Regions Financial Corp., mortgage income receded. Servicing grew with the acquisition of mortgage servicing rights during the quarter.
Mortgage Demand Up as Standards Little Changed
Over the past three months, customer demand for agency mortgages was stronger, according to a survey of bank executives. There was little change in credit standards.
Serious Mortgage Delinquency Declines
A month-over-month improvement in serious mortgage delinquency was recorded for junior- and senior-lien assets. First mortgage lates also fell from a year earlier.
Proposal Eases HELOC HMDA Threshold
Fewer home-equity line of credit lenders will be subject to Home Mortgage Disclosure Act requirements under a proposed change.