FirstFed Financial Corp., Santa Monica, Calif., has announced that it expects to make a $20-23 million provision for loan losses for the fourth quarter, more than quadrupling the $4.5 million provision recorded in the third quarter, as a result of rising single-family loan delinquencies. The company said single-family loans 30-90 days delinquent rose to approximately $237 million by Dec. 31, up from $72 million as of Sept. 30. "Adjustable-rate mortgages that have reached their maximum allowable negative amortization, which now require an increased payment, are a contributing factor in the higher level of delinquent loans," the company said.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24