Mortgages

Chicago Mayor Rahm Emanuel on Tuesday shot down the idea of using eminent domain to seize underwater mortgages.

Nationstar reported a $36 million quarterly profit on Tuesday, though its immense growth and operational developments greatly overshadowed the dollars and cents of its earnings.

Analysts are warning that, if implemented, the new mortgage servicing rules proposed by the Consumer Financial Protection Bureau could lead to further market consolidation.

Plan today to be successful 18 months from now.

The mortgage servicing market has been experiencing a continued consolidation trend in the recent past.

Amalgamated, a New York-based trade union owned bank, has giving up outsourcing loan originations and has brought the process in-house.

The Federal Housing Finance Agency reported that all Fannie Mae/Freddie Mac seller-servicers originated 243,000 Home Affordable Refinance Program loans in the second quarter, which represented 24% of total refinancing volume.

According to a sample of survey figures being collected by NMN, some firms grew their mortgage servicing rights' portfolios by fourfold or more over the past 12 months.

Triad Guaranty's deficit-in-assets, the difference between policyholder obligations (both current and future) and the ability to pay them, is now $771 million, up $33 million from the first quarter.

The surge in Mortgage Partnership Finance lending has increased the Topeka Federal Home Loan Bank's mortgage portfolio to $5.55 billion, up from $4.57 billion in the second quarter of 2011.

Private equity money has been sniffing around mortgage servicing rights for about two years as well, but with not much to show for it.

Addressing Chicago’s distressed housing through eminent domain could hurt the market more than help it as it may harm homebuyers' ability to obtain credit.

• CFPB Disclosure Redesign • Product and Investor Data • International Mortgage Tech • Universal Lending Systems

The Sarasota, Fla., office of Academy Mortgage recently hired away three loan officers from Prospect Mortgage, which is based in California.

Key components of a quality assurance program include reviews of the work contractors complete, collecting outside data, analyzing results, and adjusting practices on those results.

Turns out that Florida regulator Kevin McCarty had an insurance policy force-placed on his condominium several years ago because of what he describes as a paperwork snafu. It took more than a year to correct the problem and get his money refunded, he says.

Total Mortgage Services said it will “temporarily” moderate its wholesale lending channel after getting hit with a “significant increase” in business in the wake of other firms exiting the business.

Fewer large banks are willing to purchase their loans, so the mortgage banks are throwing themselves into the arms of Ginnie Mae.

Cole Taylor Mortgage executed on its diversification strategy in the second quarter by adding seven branches from another lender, plus by buying mortgage servicing rights.

Breakwater successfully negotiated with the lender to reduce the loan payoff and provided the loan guarantees necessary to secure new long-term financing at a 5% interest rate.