Mortgage Information

TORONTO, Ontario, September 02, 2010 — From New York -The barrage of negative housing data in the past month has taken a toll on U.S. consumers, with 40 percent saying they expect the sale prices of homes in their neighborhood to decrease over the next year, compared to 31 percent who said this in August, according to the monthly RBC Consumer Outlook Index. Only one-quarter of Americans …

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Consumers expect home sale prices to decline, say construction and home builder sector weaker than a year ago: RBC Consumer Outlook Index

The acquisition of HomeEq Servicing by Ocwen Financial Services has completed.

Ocwen said that it plans to close a facility in Raleigh, N.C., and eliminate 242 jobs.

Around 900 California employees are being laid off later this year as the company’s facility in that state closes.<

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Over 1,000 Layoffs as Servicer Offices Close

On overall bank loan assets, delinquency of at least 90 days fell 4.8 percent, according to the Quarterly Banking Profile from the Federal Deposit Insurance Corp.

It was the first quarterly decline since the beginning of 2006.

Quarterly earnings for the sector were $21.6 billion.

Banks lost $4.4 billion in the same period last year.

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Bank Performance Improves

TORONTO, Ontario, September 01, 2010 — BMO announced today it is decreasing its popular five-year low rate mortgage from 3.79 per cent to 3.59 per cent* effective September 2, 2010.
The move will provide home buyers just the incentive they need to kick-start the fall house-hunting season with a renewed fervour.
“It’s a great time to buy a home,” said Martin Nel, Vice …

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BMO Slashes Market-Leading Five Year Mortgage Rate By 20 Bps to 3.59 Per Cent

Ocwen Loan Servicing has closed on its acquistion of HomEq.

Inside accounts from employees at HomEq raised the possibility of several hundred layoffs in coming days and weeks.

But Ocwen didn’t respond today to repeated requests for comment.

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Employees Await Fate as Subprime Servicer Acquired

A news release indicated that Marix Servicing LLC is being acquired by Walter Investment Management Corp.

Marix is a “high-touch specialty mortgage servicer.”

Walter Investment said that the Marix acquisition will make it one of the 10 biggest subprime mortgage servicers in the country.

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Merger Creates Top-10 Subprime Servicer

OTTAWA, Ontario, August 31, 2010 — After rebounding in the second half of 2009 and early 2010, housing starts are expected to moderate in the second half of 2010. Starts are expected to stabilize at levels consistent with demographic fundamentals in 2011, according to Canada Mortgage and Housing Corporation’s (CMHC) third quarter Housing Market Outlook, Canada Edition . 1
Housing …

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Housing Activity Stabilizing

Overall loan growth at credit unions was 0.1 percent between the first and second quarters, the National Credit Union Association reported.

Total assets finished June 0.7 percent higher than at the end of March.

Delinquency of at least 60 days on fixed-rate and five-year hybrid first-mortgages ended the second quarter 3 basis points higher, but the rate on adjustable-rate mortgages and hybrids with a fixed term of less than five years fell 6 BPS.

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Credit Union Growth Slows, Delinquency Mixed

The Federal Deposit Insurance Corp. reported that it processed 76 matters during July.

During July 2009, 64 matters were processed.

The FDIC announced it will hold a roundtable with government officials, industry executives, academics and investors.

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Furious Pace of Regulatory Actions Continue

“The renaissance of the wholesale channel is in full swing,” the president of Comergence recently said.

A recent bulletin to mortgage brokers and wholesale correspondents from MetLife Home Loans indicated the immediate implementation of a temporary policy requiring a minimum 45-day lock.

Meanwhile, wholesale lender underwriting overlays are a troubling trend for third-party originators, with one insider noting the overlays make “things way, way more complicated and ultimately confusing.”

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Wholesale Conditions Better, But U/W Still Tough