“The decrease in underwater properties is promising but the estimated $1.4 trillion in negative equity means that the flood waters are not receding as quickly as they were before, corresponding to slowing home price appreciation,” said Daren Blomquist, vice president at RealtyTrac.
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.
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Appreciation in home values is slowing definitively after nearly two years of accelerating year-over-year growth, according to the third-quarter Zillow Real Estate Market Report.
Barclays tells clients that while it may take time to determine the true extent of the practices Lawsky alleges Ocwen took part in, investors in non-agency residential mortgage-backed securitizations “should be more wary of a worst-case scenario,” when it comes to Ocwen.
Citing growth in its data and analytics division and a shifting business plan, CoreLogic reported an increase in revenue from $349.4 million in the second quarter to $367.5 million in the third quarter.
HUD Secretary Julián Castro and U.S. Senator Heidi Heitkamp visited Belcourt to view housing challenges with black mold and overcrowding on the Turtle Mountain reservation, and toured Williston to examine the city’s rapidly expanding housing and infrastructure developments.
The Securities and Exchange Commission approved the final version of the risk retention rule that would require banks to retain at least 5% of the risk on their books when securitizing loans. Now all that is left is approval from the Federal Reserve.
The portfolio features 97% fixed-rate and 100% first-lien product, a weighted average original FICO score of 716, a weighted average original loan-to-value ratio of 86%, and a weighted average interest rate of 4.53%, MountainView said.
“Brian has an impressive background in business and law, and is deeply credentialed in financial services and housing finance,” said Timothy Mayopoulos, president and chief executive officer at Fannie Mae. “Brian is an outstanding complement to our leadership team as we focus on supporting the economic recovery, improving our company, and building a sustainable housing finance system.”
Senator Elizabeth Warren, along with Congressman Elijah Cummings, sent a letter this week to the U.S. Government Accountability Office, requesting an investigation into the risks posed to consumers by the “unprecedented” growth in nonbank mortgage servicing.
California single-family home and condominium sales fell 5.6% to 32,017 units from 33,931 in August, PropertyRadar reports, blamed largely on high prices, falling demand and tight lending.
Ocwen Financial is enduring a second day that looks like a UFC-level beat down on Wall Street as ratings agencies and investors turn on the firm after the New York Department of Financial Services dealt the nonbank firm yet another blow on Tuesday.
As thousands of mortgage bankers and service providers gather in a place that grooves on the promise of quick riches and instant pleasure, they are all asking the same question: what is going to happen to me in today's lending market?
Mortgage applications increased 11.6% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending October 17, 2014.
“For the first time, lenders have the ability to understand their own HMDA data in order to both stay compliant and increase loan volume for unintentionally underserved market segments,” the company said in a statement.
Current rate borrowers were quoted an average interest rate of 3.81% on Zillow’s Mortgage Marketplace in the week that ended Tuesday, which equaled the previous week’s figure of 3.81%.
Fitch Ratings and Kroll Bond Rating Agency both issued presale reports to JPMMT 2014-5 and awarded AAA ratings to the majority of the tranches of the deal.
The increase in existing home sales in September took sales activity to a 12-month high, and with falling mortgage interest rates and what some see as an improving labor market, Capital Economics is getting bullish on housing.
The president and CEO of the Mortgage Bankers Association says he believes the final QRM definition issued today by the Federal Deposit Insurance Corporation will be a positive for the industry.
The MBA is projecting overall economic growth of 2.9% in 2015 and 2.4% in 2016, driven by strong consumer spending and business fixed investment as consumers spend on durable goods and businesses invest in equipment.
HomeBridge Financial Services named Steve Stapleton as senior vice president to help oversee the lender’s latest emphasis on growth throughout the central states region.
“The cooling of the US housing market comes as no surprise after several years of unsustainable growth rates,” said Fitch Director Sean Nelson. “It’s also worth noting that nearly all major cities are experiencing the same home price flattening at the same time. “
The planned tweaks in mortgage put-back rules won’t draw major mortgage companies into offering loans to lower FICO borrowers, according to a client note from Sterne Agee, even though new Federal Housing Finance Agency plans to develop 95-97% LTV loans are a positive.
New York Department of Financial Services Superintendent Benjamin Lawsky alleges that Ocwen Financial has been backdating potentially hundreds of thousands of letters to borrowers “likely causing them significant harm.”
“Default rates for bank cards reversed an increase seen in the first half of 2014 while defaults on first mortgages and auto loans appear to have bottomed out over the summer,” says David Blitzer, managing director and chairman of the index committee for S&P Dow Jones Indices.
The Federal Deposit Insurance Corporation on Tuesday issued the final version of the rule that would require banks to retain at least 5% of the risk on their books when securitizing loans.
Despite last month’s slight retreat, existing-home sales jumped back up to their highest annual pace of the year. And on top of that, all major regions except for the Midwest experienced gains in September.
The MBA conference offers a variety of interesting, smart and funny (Michael Lewis!) speakers, but my favorite presentation so far has been the Hall of Honors, where the MBA recognizes companies in our industry who give assistance to military veterans and their families.
Borrowers can scan their supporting documents, or take pictures of them with a smartphone or tablet, and the mobile app will extract the data from those sources — which means neither the borrower nor the lender has to manually key in that information.
"The market needs alternatives that provide the strength and accuracy of an appraiser-driven valuation but without the time and expense of a full appraisal,” said Steven Albert, president of Allstate Appraisal. “The Valuation Express report provides the right balance of quality and expertise of the local appraiser at the price points lenders require."
There are 210 loans total in the portfolio, with an average loan size of $216,367. The loans carry a weighted average seasoning of 75.2 months and a weighted average interest rate of 3.89%.