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HOT Topics: wholesale | FHA | lawsuits | secondary | originations | corporate | servicing | appraisals
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Latest U.S. Mortgage News |
| Last Updated Friday, November 06, 2009 05:33 PM Central |
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Mortgage Video News |
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Of more than 60 recent regulatory orders against U.S. financial institutions, the majority were issued by the Federal Deposit Insurance Corporation. (Nov. 6)
Several recent offerings promise increased quality, quantity and return on mortgage leads, while two lead firms hope new owners will enhance their business. But one former lead generation operator -- who charged originators around $20 for each loan lead -- has been convicted for peddling worthless data. (Nov. 6)
Commercial banks and life insurers increased their quarterly originations of commercial mortgages, with office and industrial loan production picking up. But a big drop in conduit and agency business as well as a decline in hotel and health-care fundings helped drag overall commercial activity lower. (Nov. 6)
In line with the overall job market, mortgage employment contracted again. (Nov. 6)
Four Federal Housing Administration-approved lenders settled with the U.S. Department of Housing and Urban Development, while the agency hit two other approved mortgagees with $27,000 in civil money penalties. U.S. Bancorp's bank unit was among the disciplined firms. (Nov. 5)
Quarterly home-loan volume fell and is likely to fall further at PHH Mortgage. Profits at the production unit weren't near enough to offset a big decline in the value of mortgage servicing rights. (Nov. 5)
American Home Mortgage Servicing Inc. and Ohio Attorney General Richard Cordray are suing each other allegations of poor servicing practices. (Nov. 5)
An increase in refinance activity was supported by a decline in mortgage rates -- which are likely to hang at their current levels through next week. (Nov. 5)
An amendment to Fannie Mae's guidelines will enable seriously delinquent borrowers to hand over title to their properties and still remain in their homes. (Nov. 5)
Among mortgage industry service providers, companies that cater to mortgage servicers are the busiest with executive appointments. (Nov. 5)
Three organizations -- including a banking trade group, a banking regulator and a federal housing agency -- recently announced organizational changes. (Nov. 5)
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The fast pace of executive recruitment and promotions at U.S. financial institutions has maintained over the past couple weeks. Mortgage executive appointments were prominent in the latest shuffle. (Nov. 5)
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Monthly consumer bankruptcy filings reached a new high. (Nov. 4)
GMAC Financial Services has replaced Citigroup Inc. as the fourth biggest residential lender in the country. But losses at the mortgage unit -- more than $13 billion since 2007 -- kept GMAC in the red. (Nov. 4)
Reverse mortgage originations fell last month -- though the biggest lender managed a gain. (Nov. 4)
As expected, the monthly Treasury index declined last month and will soon be below a half percent. (Nov. 3)
Business is booming at USA Mortgage, which has exceeded $1 billion in annual volume. (Nov. 3)
While Fannie Mae's massive book of business climbed -- secondary purchases fell, residential delinquency reached another record and multifamily delinquency maintained its record level. (Nov. 3)
HFF Inc. saw quarterly originations of commercial mortgages climb, though volume was still down by half from last year. (Nov. 3)
Home loan production sank as Flagstar Bancorp Inc. reported a massive quarterly loss. But the company's new chief, who was also elected chairman of the board, is moving quickly to stop the bleeding. (Nov. 3)
Bank of America Home Loans has expanded the use of a voluntary one-page disclosure beyond just first mortgage transactions. (Nov. 3)
Pending legislation would force mortgage bankers to retain "skin in the game" on residential loans they originate -- a move that could be catastrophic according to the industry's primary trade group. In addition, the group is calling for commercial mortgage lenders to be completely exempt from such legislation. (Nov. 2)
Agency issuance of fixed-rate mortgage-backed securities sank last month -- with volume down by one-third for MBS issued by the Federal National Mortgage Association and the Government National Mortgage Association. (Nov. 2)
As originations increased, refinances retreated and credit scores rose -- mortgage banking firms saw an increase in profitability. Improved earnings were most pronounced at wholesale lenders. (Nov. 2)
Implementation of the Red Flags Rule has been delayed again. (Nov. 2)
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Google has launched a mortgage lead generation service.
The Mountain View, Calif.-based search engine noted in a blog posting today that it is testing comparison ads at its AdWords unit. Advertisers use AdWords for paid listings on search engine results.
Ads that are displayed include pricing from multiple lenders along with the option to choose purchase or refinance transactions. Once users click the ad, they are taken to a page with more detailed sponsored results. (Oct. 29)
Two mortgage employees were kidnapped, bound with lethal headgear and forced to perform self mutilation. Only one escaped alive.
That was how the movie Saw VI began.
After they woke from unconsciousness, their captor explained that the predatory lenders had become the prey. (Oct. 28)
Net branch acquisitions are forecasted to increase. (Oct. 27)
A Florida firm claims it can fund mortgages insured by the Federal Housing Administration with FICO scores as low as 560. (Oct. 27)
In addition to one net branch, two wholesale lending operations and two credit unions that were closed down last week, nine banks failed on Friday. (Nov. 2)
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