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LOS, Correspondents Weigh Down Chase Jumbo Rating
A weak loan origination system and an increase in the share of delegated correspondent business has the originator rating of JPMorgan Chase & Co.'s banking subsidiary being downgraded. Single-family loan originations -- including jumbo...
1-in-4 Seattle Homeowners Skip Mortgage
SEATTLE -- If you're among the thousands struggling with the high cost of housing in Seattle, here's a statistic that might make you wince. Census data show that in 2016, more than one-in-four Seattle homeowners owned their home outright, free from...
2017, 2018 Purchase Lending Outlook Cut by $64 Bil
Forecasted financing of residential property purchases has been reduced by more than $60 billion for this year and last year. There was an improvement, though, for refinances. The origination of loans to refinance an existing mortgage or to finance...
Wells Fargo Cutting Over 600 Mortgage Positions
Wells Fargo & Co. is laying off 101 employees in its Charlotte, North Carolina-area mortgage operation, part of a nationwide cut affecting 638 employees, the company said Thursday. In the Charlotte region, five of the layoffs are in Fort Mill,...
Originations, Servicing Up at Quicken Loans
New quarterly business moved modestly higher at Quicken Loans Inc., as did the company's mortgage servicing portfolio. No change was reported in company-wide staffing. When the first-half of this year concluded, Quicken serviced $296.1 billion in...
NE Plunge Drives New US Home Sales to 9-Month Low
With the sale of new homes in the Northeast sinking by more than half on a month-over- month basis, national sales dipped to a nine-month low. Sales in the Midwest and West, however, were stronger, while the U.S. inventory reached a nine-year high....
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California Home Lender Stops Originating
A mortgage banking firm started by three executives who successfully sold a prior home lender has stopped doing new business. Data from the Nationwide Multi-state Licensing System indicate that Irvine, California-based First Direct Lending LLC was...
New Law Makes It Easier to Get Mortgage
It should be easier for you to get a mortgage now that President Donald Trump has signed S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act -- legislation that will lift lending restrictions on community banks....
Mortgage Servicing, Staffing Grow at TMS
Not only did the mortgage servicing portfolio grow at The Money Source Inc., but the number of people working for the home lender increased. Annual originations, including wholesale and correspondent, are likely to fall. The Melville, New...
Opinion: QM Serves No Useful Purpose
In 2013, the Dodd-Frank Wall Street Reform and Consumer Protection Act introduced the qualified mortgage concept, which was designed to eliminate the market abuses that had led to the financial crisis a few years earlier. Like most crisis-induced...
CFPB Chief: New Law to Improve Credit Access
The acting director of the Consumer Financial Protection Bureau says that the new financial regulatory overhaul law will improve consumers' access to credit. On Thursday, President Donald Trump signed S. 2155, the Economic Growth, Regulatory...
Mortgage Fraud Scheme Uses Fake Employers
A new scheme been uncovered where bogus businesses are being listed as the employer of prospective borrowers on home loan applications. Companies like Bridge Worldwide Financial, Elite Restaurant Management and Med Plus Medical Billing Services are...
Existing Home Sales Drop on Inventory Shortage
The sale of pre-owned homes weakened last month and were down on a year-over-year basis for the second month in a row. Inventory shortages were blamed. U.S. home buyers successfully closed on the purchase of 460,000 existing single-family homes,...
Agency Approved Mortgage Banker for Sale
A shell mortgage banking business with full agency approvals is being offered for sale to the highest bidder through the auction process. The shell organization being offered is an approved seller-servicer in good standing with Fannie Mae, Freddie...
Dodd-Frank Rollback Legislation Now Law
With the public and the media focused on the cancellation of North Korea summit, President Donald Trump sign into law legislation that will roll back burdensome Obama-era financial regulations. On Thursday, Trump signed S. 2155, the Economic...
LO Sentenced for Fraud Short-Sale Scheme
BOSTON -- A mortgage loan officer from Methuen faces six months behind bars for her role in a conspiracy to defraud banks and mortgage companies. Vanessa Ricci, 41, pleaded guilty in March to one count of conspiracy to commit bank fraud. She was...
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