Weekly Mortgage Business Rises, Rates Retreat

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Loan originators were busier coming out of the holiday week helped, in part, by better interest rates. Adjustable-rate activity led the charge.

With an increase of 13 percent from the week that included Presidents Day, the U.S. Mortgage Market Index from LoanSifter and Mortgage Daily finished the week ended Feb. 28 at 164.

But compared to the same week in 2013, the index was down 45 percent. The year-earlier figures were revised to reflect numbers from the same data provider.


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Mortgages for Credit Challenged Home Buyers

Author:  //  Category: Mortgage

… bracket is considered poor, or subprime. Consumers in the next highest … market flowing more toward purchase mortgages, as opposed to refinancing, Goyda … to the mortgage application process, remains to be seen.
Increasing Mortgage Access …

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5-Year Low for New Business, Delinquency at Fannie

Author:  //  Category: Mortgage

It’s been five years since new secondary activity at the Federal National Mortgage Association has been this slow. It’s been even longer since delinquency was this low

In January, Fannie Mae had $30.734 billion in new business acquisitions, according to a monthly operational report.

Business was down from December, when volume totaled $39.695 billion, and January 2013, when secondary activity was $88.416 billion.


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Secondary Legal Actions Pile Up at SunTrust

Author:  //  Category: Mortgage

Over the past few months, SunTrust Banks Inc. has been hit with a lawsuit and agreed to a settlement on loans it originated and sold. Now it faces a government investigation.

Earlier this week, the Atlanta-based company disclosed that it was sued in federal court by bankrupt Residential Funding Company LLC over alleged breaches of representations and warranties made in connection with loan sales.

In late September, it agreed to a $65 million settlement with Freddie Mac to resolve repurchase liability on around 312,000 residential loans that SunTrust sold to Freddie between 2000 and 2008.


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Ocwen Continues Growing Mortgage Servicing Portfolio

Author:  //  Category: Mortgage

Ocwen Financial Corp. continued increasing the size of its residential loan servicing portfolio. Also moving up were pre-tax earnings.

The Atlanta-based company closed out last year with a mortgage servicing portfolio of $464.651 billion, according to its fourth-quarter earnings report.

Ocwen’s servicing portfolio increased from $434.819 billion as of Sept. 30, 2013, and $203.666 billion as of Dec. 31, 2012.


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Pending Home Sales Weak in January, Lower in West

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Severe weather conditions, a tight inventory and high prices all played a role in restraining pending home sales. The West suffered the biggest setback.

Between the final month of last year and January, pending home sales crept up 0.1 percent, the National Association of Realtors reported.

Compared to a year earlier, however, pending home sales have fallen by 9 percent, according to the trade group.


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Walter Originations Down, Servicing Portfolio Up

Author:  //  Category: Mortgage

Quarterly business was down at Walter Investment Management Corp., though the company increased the size of its servicing portfolio. Pre-tax earnings were a mixed bag.

Residential loan fundings during the period beginning  Oct. 1  and ending  Dec. 31  came in 18 percent lower than in the third quarter, the Tampa, Fla.-based firm reported.

First-quarter mortgage production could decline based on applications, which fell 17 percent between the fourth quarter and the prior period, according to the fourth-quarter 2013 earnings report.


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Popcorn Panel: It may be a scientist’s nightmare, but Pompeii sure does look great

Author:  //  Category: Mortgage

… any time. Talk about a sub-prime mortgage.
Watch the volcano explode: http …

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Risk of Mortgage Fraud Declines

Author:  //  Category: Mortgage

Lenders faced less risk of mortgage fraud during the final three months of 2013. But on multi-unit properties, borrowers were over three times more likely to lie about occupancy than on single-unit transactions.

In the fourth quarter of last year, the National Mortgage Fraud Risk Index was 101. The index declined from 108 in the third quarter.

But the index increased 2 percent from the same three-month period during 2012., though the year-earlier figures have been revised.


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DealBook: Mortgage Servicer’s Ties Raise Regulatory Concern

Author:  //  Category: Mortgage

… about one of every four subprime mortgages in the United States.
“He … Solutions was created to purchase mortgage servicing rights from the banks … ’s relative success at modifying mortgages.
While some state and federal … a good job in granting mortgage modifications to troubled borrowers.
“We …

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