Industry veteran and frequent HousingWire contributor Lynn Effinger has joined the management team at RIO Genesis Software Solutions as the company’s new senior vice president of institutional services.
Industry Leaders LPS and KMC Information Systems Form Strategic Alliance
Integration of LPS Technologies and CaseAware Case Management System Will Improve Foreclosure Processing Efficiency and Transparency
Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, and KMC Information Systems (KMCIS), the leading provider of case management and integration technology to law firms and trustees, have formed a strategic alliance that will more fully integrate select LPS technologies with KMCIS’ CaseAware® platform and create an end-to-end foreclosure processing solution for loan servicers.
Click here to read the full release
An apartment complex in Maryland is being charged with violating the Fair Housing Act for refusing to renew the lease of a female tenant and her two sons after a reported domestic violence case.
According to Johnson’s lawsuit, filed Tuesday in United States District Court for the Northern District of Georgia and obtained exclusively by HousingWire, the title law firm of Morris Hardwick Schneider, Nat Hardwick and others allegedly used their positions as Johnson’s “trusted advisors” to steal $3 million from him to cover shortages in the firm’s accounts created by Hardwick himself, who allegedly embezzled at least $30 million from the firm’s own accounts and the firm’s trust accounts.
Many economists and housing analysts agree that a rise in interest rates will negatively impact the economy, particularly with respect to the housing sector. This will hardly be good for homebuyers.
Over the course of the last ten days, Ocwen Financial and its affiliates have taken a beating from all corners of Wall Street over a letter from the New York Department of Financial Services, which alleged that Ocwen was backdating letters to borrowers.
"While the share of borrowers that cashed-out some equity has increased considerably over the past year, the refinance volume has also fallen sharply," said Frank Nothaft, Freddie Mac vice president and chief economist.
Proposals to lower the minimum down-payment on Fannie Mae and Freddie Mac-backed mortgages at the same time as reducing banks’ exposure to put-back risk may help accelerate the planned modest loosening in mortgage credit conditions.
Citigroup lowered its third-quarter net income due to a $600 million increase in legal accruals.
Several of the country’s largest mortgage servicers already have as much as a third of their mortgage servicing staff offshore. A new report from Fitch Ratings details the rise of offshoring and what it means for the future of mortgage servicing.
“Revenue grew 30% over last year’s third quarter to a record $42.8 million, despite a 27% decline in industry mortgage origination volume, and our active user base crossed the 100,000 mark for the first time,” said Sig Anderman, CEO of Ellie Mae.
Own a piece of cinematic history and a nice little Upper East Side townhome to boot for the bargain price of $8 million.
The cost of originating mortgages and loan production is officially ridiculous and a question that arose at the Mortgage Bankers Association’s convention and expo last week was “Are record low mortgage rates masking from borrowers the high cost of mortgages?”
A Huntington Beach man who was involved in a nationwide foreclosure scam that included several Sacramento-area homeowners among its victims has been sentenced to 10 years in prison, according to an article in The Sacramento Bee.
"The forecast for the residential mortgage servicer, residential vendor, and residential prime mortgage servicer rankings is 'Unfavorable,'" Morningstar said. "Morningstar believes that continuing regulatory scrutiny could have further negative consequences for OFC’s residential mortgage servicing business."
Nonbank lending continues to fill the gap for borrowers rejected by other banks, even as concerns about nonbanks persist.
Mortgage rates moved away from last week’s yearly lows and slightly increased across the board, with the 30-year, fixed-rate mortgage averaging 3.98% for the week ended Oct. 30.
Although initial jobless claims ticked up by 3,000 filings to 287,000 for the week ended Oct. 25, levels still remain at historic lows.
The national economy slowed significantly from the second quarter in the first initial GDP estimate for the third quarter, with gains driven by military spending offsetting a slowdown in consumer spending and inventory investment.
Radian Group reported net income for the quarter ended September 30, 2014, of $153.6 million, or $0.67 per diluted share.
The companies are calling the report a first for the real estate industry, because it combines industry data, proprietary company transactional data and publicly available Google Trends data to predict market trends as they are occurring, instead of waiting weeks to see the findings of other benchmark studies.
Ocwen Financial missed analyst expectations by more than a dollar per share, posting a pretax loss of $75.3 million or $0.58 per share compared to a profit of $60.6 million and $0.39 one year ago as the company books a $100 million pretax charge for a potential settlement with the New York Department of Financial Services.
Fidelity’s third-quarter revenue of $1.7 billion equaled its second-quarter revenue, which also came in at $1.7 billion, and was also up from $1.6 billion in the second quarter of 2013.
Trulia’s total revenue for the third quarter of 2014 was $67.1 million, up 67% year-over-year. Total subscribers as of Sept. 30 were approximately 77,900, an increase from approximately 74,000 as of June 30.
Ocwen Financial was nearly scuppered last week after the New York Department of Financial Services sent an open letter alleging it was backdating letters to borrowers, but the firm got a boost Wednesday afternoon on rumors reported initially by Bloomberg that it may settle the matter for about $40 million.
The market expected the announcement of the end of quantitative easing Wednesday, putting an end to a more than two-year-old asset purchase program. Now the market is left to adjust for where the next step could potentially be.
More than 40 California organizations join with the California Reinvestment Coalition in calling on the Consumer Financial Protection Bureau to strengthen the Home Mortgage Disclosure Act through greater transparency.
It’s over. The Federal Open Market Committee officially decided to conclude its two-year-old asset purchase program this month due to the substantial improvement in the outlook for the labor market and strength in the broader economy. The Zero Interest Rate Policy, on the other hand, remains in full effect.
Reading the New York Times is a great intellectual exercise because you get to read news articles and say to yourself, “Hmm. That’s interesting. I wonder if it’s true?” Today in the financial section, though, was an opinion piece on mortgage financing that had me instead asking, “Do you even English, New York Times?”
“Following such a successful first year and a half of lending, originating loans in approximately 20 states and rapid expansion of the operations, we decided that the time was right to carefully transition the company to a new capital partner that wanted to aggressively scale the business,” Hilco Real Estate CEO Neil Aaronson said.
The Federal Open Market Committee meeting minutes are just minutes away from being revealed, potentially announcing the end to Quantitative Easing. Former Federal Reserve Chairman Alan Greenspan said he doesn’t think the Fed can unwind years of extraordinary stimulus without causing turmoil in financial markets.