Finance

Urban Institute research backed by the Federal Home Loan Bank of San Francisco suggests using rent and utility reporting for this purpose is complicated but has a net benefit.

The Federal Housing Finance Agency performance report also calls for owner occupants and community groups to get first dibs on over 90% of real-estate owned sales.

The Detroit-based lender said the program will "accelerate loan purchases" and "eliminate significant costs" for its partners

The Federal Reserve Bank of Philadelphia also found that interest rate spikes are preventing modification programs from effectively reducing principal and interest payments as originally intended.

The agreement includes roughly $300 million in restitution, and a $100 million civil money penalty that will be one of the largest in New Jersey's history if it receives court approval.

The impairment rate for securitized non-qualified mortgages improved a little in August after increasing slightly the two previous months.

The San Francisco bank tallied $2.2 billion in net operating losses, higher than in any quarter since late 2017. The charges offset what otherwise would have been a strong third-quarter performance.

The slight increase was the first seen since May 2020, according to the Federal Housing Finance Agency's July report on the performance of loans backed by the government sponsored enterprises it oversees.

The introduction of utility, cable and telco payment information follows noticeable growth in the past year toward the inclusion of rental history in underwriting.

Origination activity dropped quarter-to-quarter by more than prior industry estimates, however.

Compliance is crucial in light of regulatory attention to mortgage companies' ability to provide continuity of care to distressed borrowers in particular.

Altogether, the lender has reduced funding capacity by over $900 million in the past month.

The amount of outstanding mortgage-backed securities insured by the agency kept growing despite an uptick in rates.

The American consumer is "in good shape" and spending more this month than a year earlier, even amid inflation, jittery markets and international tensions, according to Bank of America Chief Executive Brian Moynihan.

One man had paid bribes and kickbacks for improper sales of foreclosure properties, and another had engaged in ownership and wire fraud in a loan relief scheme, the courts determined.

The automation is aimed at ensuring compliance-sensitive information gets transferred with an audit trail in an active MSR market.

The Fed may be the big factor in the massive fluctuations seen daily in the TBA markets, but traders and credit analysts now also fear a new problem in the heretofore peaceful world of Ginnie Mae, writes the chairman of Whalen Global Advisors.

Plans rolled out by a United Wholesale Mortgage and by Fannie Mae and Freddie Mac could cut costs, but the American Land Title Association warns that the tradeoff is less protection from certain risks.

From new appraisal alternatives to the use of blockchain to protect HMDA data, speakers sought to ensure the regulator had a handle on innovations that touch the secondary mortgage markets.

The wholesale channel tool will speed up mortgage processing time by as much as 40%, the lender claims.