Mortgage Credit Tightens Again, Gov Programs Most

Author:  //  Category: Mortgage

For the second month in a row, home lending institutions have made it harder to get a loan. Constriction was driven by government mortgage programs.

As of May 2017, the Mortgage Credit Availability Index – a standardized quantitative index focused on mortgage credit — was 181.0.

The index retreated from the previous month, when it landed at 183.0. Turns out that the index has now moved lower for two consecutive months.


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Robust Purchase Business Drives Up Mortgage Apps

Author:  //  Category: Mortgage

More people applied for a loan to finance a home purchase than during any week in the last seven years — driving up overall mortgage applications.

In the week that ended on June 2, the Market Composite Index moved up 7 percent from the prior week on a seasonally adjusted basis.

Without seasonal adjustments, the index — a measure of retail residential loan application volume — tumbled 15 percent from the previous week.


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Walter Consolidates Business Units

Author:  //  Category: Mortgage

Walter Investment Management Corp. said that it has completed the consolidation of its loan origination and mortgage servicing businesses.

Walter acquired the Ditech brand in 2013. Ditech was among 28 businesses associated with Residential Capital LLC to file bankruptcy in 2012.

The residential loan originator, which previously operated simply as ditech.com, was subsequently renamed Ditech Mortgage Corp.


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Bank Mortgage Lenders and Originators Decline

Author:  //  Category: Mortgage

Compared to a year ago, the number of financial institution mortgage lenders and their loan originators has declined, while non-bank lenders and originators have increased.

As of the first quarter, there were 512,045 mortgage loan originators who were registered in the Nationwide Mortgage Licensing System.

The number of registrations declined compared to the final quarter of last year, when 524,734 originators were registered.


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Bank Mortgage Lenders and Originators Decline

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Sideline Assistance Aimed at Integrated Disclosures

Author:  //  Category: Mortgage

With the countdown clock running out the on integrated disclosures, the rule’s enforcer has affected some revisions on material guides. Industry associations are taking steps to ensure a smooth transition for their members, while technology providers are making headlines with services aimed at coaching mortgage players through a tricky rulebook.

>Soon, disclosures required by the Truth in Lending Act and the Real Estate Settlement Procedures Act will be replaced with two forms to eliminate overlapping information. Born out of the Consumer Financial Protection Bureau’s Know Before You Owe initiative, lenders will be required to provide consumers with the Loan Estimate and Closing Disclosure forms starting Aug. 1.

On Feb. 19, the CFPB published a rule that updated the 2013 TILA-RESPA final rule. This modification extended the revised disclosures timing requirement on locked rates and granted certain language connected with new construction loans.


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Videos Help With CFPB Mortgage Rules Compliance

Author:  //  Category: Mortgage

A set of videos are intended to help mortgage lenders and servicers comply with three key mortgage rules issued by the Consumer Financial Protection Bureau.

The first video in the series, released late last year, addresses compliance with the CFPB’s Ability to Repay and Qualified Mortgage Rule.

A second video that was released just last month takes on compliance with the regulator’s Loan Officer Compensation Rule.


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Mortgage Rates Soar, Likely to Hold

Author:  //  Category: Mortgage

Interest rates on home loans leapt on a strong jobs report, and it’s not looking like they’ll be much different in next week’s report. Fifteen-year rates looked more attractive, while hybrid adjustable-rates skyrocketed.

Secondary lender Freddie Mac reported in its Primary Mortgage Market Survey for the week ended Feb. 12 that 30-year fixed rates averaged 3.69 percent.

Compared to the previous week, long-term mortgage rates were 10 basis points higher. The 30- year, however, was down 59 BPS from the same week last year.


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2014 Mortgage Layoffs Increase by 1,000 at Chase

Author:  //  Category: Mortgage

The latest estimate of mortgage jobs expected to be eliminated this year by JPMorgan Chase & Co. has been raised by a thousand.

In its third-quarter earnings report, the New York-based company reported that it had reduced its mortgage staffing by 6,000 so far this year.

Chase has made job cuts in production as refinances have retreated and in mortgage servicing as delinquency has declined.


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Watt: New Normal Ahead

Author:  //  Category: Mortgage

The head of the Federal Housing Finance Agency told real estate agents and brokers that a new normal is eventually ahead for mortgage lending.

From Nov. 5 to Nov. 10, the National Association of Realtors is meeting for the REALTORS Conference & Expo.

The event is being held at the Morial Convention Center in New Orleans. Among those speaking at the conference are FHFA Director Melvin L. Watt and NAR Chief Economist Lawrence Yun.


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PennyMac Reports Solid Mortgage Results

Author:  //  Category: Mortgage

Quarterly home loan originations moved up at PennyMac Financial Services Inc. and appear to be headed to even higher ground. Earnings improved, staffing expanded and servicing grew.

Third-quarter earnings data indicate that 16 percent more in residential loans were originated during the period than in the second quarter.

In addition, the Moorpark, Calif.-based company improved on its mortgage fundings in the third-quarter 2013 by 16 percent.


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