Mortgage Information

The president of Bank of America Home Loans is leaving the company. Having been handed the reins at the previously biggest mortgage company in the country, the exiting executive was once thought to be a contender for the top job at the parent company.

When BofA announced in January 2008 its intention to acquire Countrywide Financial Corp. — the biggest U.S. mortgage lender from 2004 until 2007 — David Sambol, the president and chief operating officer at the time for Countrywide, was named to lead the company. But by the time the acquisition was done, Barbara Desoer, who had been BofA’s chief technology and operations officer, was tapped to run the unit.

This week, the bank announced Desoer’s intention to retire.

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BofA Mortgage Chief Stepping Down

Falling mortgage rates motivated an increasing number of borrowers this week to inquire about a refinance, though inquiries for purchases were also higher. Rates, however, are poised to deteriorate. Refinance activity more than doubled compared to a year ago. Despite a widening spread over conforming rates, more jumbo borrowers were out shopping for a loan.

The number of prospective borrowers who inquired about a mortgage rose 4 percent from last week, leaving the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the seven days ended Feb. 3 at 270.

The index was 48 percent higher than the week ended Feb. 2, 2011.

Source:
Mortgage Activity Up Again

Borrowers in more than a dozen foreclosure actions in 10 states have recently received favorable rulings from the courts. Several of the cases either involve the Federal National Mortgage Association or the Mortgage Electronic Registration Systems Inc. Foreclosure processing services were named as defendants in lawsuits filed by the states of Illinois and Nevada.

A foreclosure judgment in favor of U.S. Bank, N.A., as trustee against Julia Feltus was overturned by the District Court of Appeal of Florida, Second District, last Friday.

U.S. Bank had sought to re-establish a lost promissory note, and the court said that trial court erred because “U.S. Bank failed to show conclusively the absence of a genuine issue of material fact and that it was entitled to foreclosure as a matter of law.”

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Borrowers Successfully Stave Off Foreclosure

New York’s attorney general has filed a lawsuit against the three biggest lenders and the Mortgage Electronic Registration System Inc. alleging that the registry is a sham designed to deceive borrowers and the public and avoid recording fees. The state wants the system declared illegal and all resulting title defects cured.

The complaint was filed Friday in the Supreme Court of the State of New York by New York Attorney General Eric T. Schneiderman.

The state alleges that the defendants have been using MERS “in a wide range of deceptive and fraudulent foreclosure filings in New York state and federal courts, harming homeowners and undermining the integrity of the judicial foreclosure process.”

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New York Sues MERS, Members

An increase in the number of mortgage brokers was offset by a decline in non-broker mortgage jobs. However, the government revised the prior month’s mortgage industry headcount up by more than 28,000 jobs. But the bigger news was an improvement in the U.S. employment situation last month. The latest data are a sign of an improving economy — though it might also signal the end of record-low interest rates.

The number of people working in the mortgage industry, including mortgage brokers and non-broker, fell less than 1 percent between November and December, according to government data released Friday.

Compared to December 2010, headcount in real estate finance was down 8 percent.

Continued here:
Mortgage Jobs Hold as U.S. Data Point to Economic Recovery

Most mortgage rates fell to the lowest levels ever recorded, and it looks like they could hang near those lows through next week. The one exception is the one-year adjustable-rate mortgage.

The 30-year mortgage, 15-year mortgage and five-year, Treasury-indexed, hybrid adjustable-rate mortgage all fell to record lows.

This week’s Treasury Market data suggests rates are likely to be about the same in next week’s report.

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Record Low Rates Likely to Hold

A majority of people in the legal community believe that a borrower should be able “strip off” a junior-lien mortgage in a bankruptcy payment plan even if the bankruptcy is not discharged.

The findings were based on a poll taken of lawyers, judges and other bankruptcy professionals as well as bankers and lenders.

The majority either agreed or strongly agreed that debtors should be allowed to strip off a wholly unsecured junior mortgage lien in a chapter 13 plan, even if they are not entitled to a discharge.

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Survey: Strip Off Jr Liens in Chapter 13 BKs

The cost of servicing residential mortgages has gotten so out of hand that it is starting to make sense for some firms to get out of the business.

Costs associated servicing a performing mortgage could increase by more than half compared to pre-crisis levels.

On non-performing loans, the costs are likely to more than double.

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Servicing Business Becoming Unprofitable

In the final three months of 2011, Fairway Independent Mortgage Corp. originated more loans than in any other quarter in its history. The company increased its staffing and plans to continue recruiting this year.

Residential originations during the fourth quarter were 38 percent higher than the company funded in the third quarter.

It was the biggest quarter ever for Fairway.

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Record Production at Fairway

A California bank saw an opportunity to hire several dozen employees, including top producing loan originators, who work for MetLife Home Loans.

Last month, MetLife Inc. said it would shut down its mortgage banking operations nationwide.

So Provident Financial Holdings, which added 40 mortgage employees last year, has stepped in to hire a group that operates from the San Francisco area.

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Multifamily Business Strengthens at Freddie