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In 2008, roughly 40 percent of Mortgage Builder Software Inc.’s customers were community banks.
Today, an executive for the firm says small banks account for 70 percent of new customers.
The chief executive officer at Global Data Management Systems LLC says his company has seen its client base shift from nearly two thirds being appraisal firms to almost two thirds being lenders — and many of the lenders are new banks.
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2 Tech Firms See Bigger Share of Community Bank Clients
Last year, the Mortgage Bankers Association joined several other groups in issuing a letter to senior members of the U.S. House of Representatives Committee on Rules.
The trade groups predicted dire consequences from skin-in-the-game requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
But Wells Fargo & Co. disagrees, with one of its executives quoted as as saying, “Risk retention is a good idea.”
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Biggest Lender at Odds With Industry Over Risk Retention
At the Federal Deposit Insurance Corp., 57 matters were processed during October, dropping from 82 matters a month earlier.
Regulatory activity at the FDIC has shrunk significantly from the 86 matters during the same month last year. The FDIC was joined by the Office of the Comptroller of the Currency in issuing 21 cease-and-desist orders or consent orders during October.
Such orders numbered 37 in the last regulatory report.
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Bank Regulators Rein in Actions
Home-equity loan delinquency deteriorated at banks insured by the Federal Deposit Insurance Corp.
The agency reported that delinquency rose 18 basis points between the second and third quarters.
Earnings in the sector were $15 billion, falling from the previous period’s $22 billion.
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Bank Earnings Lower, HEL Delinquency Higher
An executive vice president at Ellettsville, Ind.-based Peoples State Bank said he listens to local customers’ stories and their worries.
But lately, he’s felt those worries.
Hit hard by the lagging economy, some of the bank’s borrowers haven’t been able to make their payments on time or at all.
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Local Struggles for Community Banks
Large commercial banks have been getting press as the bad guys of the mortgage industry. Some critics have cited them for being partly responsible for the recent collapse of the mortgage market. From the looks of things, it would seem as if these bankers would be sulking with their tails between their legs. But they’re not. While ordinary Americans are jobless and stifled by a 10 percent unemployment rate, employees of U.S.
Read More at MortgageLoan.com
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Looking for a San Francisco Bank Alternative? Try a Credit Union!
The home lending industry is operating in overdrive as residential borrowers move to lower their interest rates and cut the number of years on their loans.
Business is so furious that some lenders have stopped accepting new applications.
In making a decision about a refinance, borrowers need to involve a mortgage loan officer.
Credit:
Refinance Engine Shifts Into Overdrive
The number of “underwater” mortgages declined in the second quarter of the year, but that’s mainly because some of those borrowers lost their homes to foreclosure, according to a new report out this week.
The state of Maryland is cutting the interest rate and boosting down payment assistance for its primary homebuyer assistance program.
KELOWNA, British Columbia, April 28, 2010 — RE/MAX has been awarded Most Trusted Residential REALTOR® as voted on by readers of Reader’s Digest magazine. The survey conducted for the annual awards revealed that the majority of Canadians trust RE/MAX for all their residential real estate needs, ranking RE/MAX associates five-times more ‘trusted’ than the second most …
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RE/MAX Recognized as the Most Trusted Real Estate Brand in Canada