Mortgages

Fannie and Freddie are developing enhanced and aligned strategies for facilitating short sales and deeds-in-lieu of foreclosure and deeds-for-lease in order to help more homeowners avoid foreclosure

With the numerous program guidelines, strategies and other challenges facing mortgage servicers, the ability to rapidly develop and deploy technology is crucial for current and future loss mitigation efforts, according to a panel at the National Mortgage News “Best Practices in Loss Mitigation” Conference in Dallas.

Most lenders have either developed an anti-money laundering policy or are in the process of doing so. What many have not thought about are some of the practical implications of AML compliance as it pertains to the actual business of selling loans to investors.

SunTrust Banks reported mortgage production income of $103 million for the second quarter, compared with $63 million in 1Q12 and a mere $4 million in 2Q11.

Treasury paid participating mortgage holders and investors $42 million in incentive payments for principal reductions totaling $4.68 billion as of April 30.

Cardinal Financial Corp. earned $10.2 million in the second quarter, with its mortgage banking division contributing net income of $4.4 million.

Correspondent One, which aims to be a major buyer of closed mortgages from nonbank lenders and others, has launched and is now in the process of closing some of its first transactions.

We all know that the Consumer Financial Protection Bureau is in business to help the little guy (the borrower, that is) but why isn’t it taking a close look at underwriting guideline ‘overlays’ being hoisted upon the industry by the megabanks?

It’s no secret that the North Dakota economy is booming – thanks to oil drilling – but home sales are rising along with the time it takes to get an appraisal.

Stonegate Mortgage Corp. has hired Flagstar veteran Paul Wyner as senior vice president/national sales manager in charge of third-party residential lending.

Patterns in the private student-lending industry are dangerously similar to those seen in the housing market prior to its collapse, according to a new study from the Consumer Financial Protection Bureau.

American Enterprise Institute resident fellow Ed Pinto—known for his harsh views on government intervention in housing—proposes targeted modifications for severely underwater borrowers who are current.

Home improvement spending could be in double-digit growth mode by as early as next year’s first quarter, according to the Joint Center for Housing Studies of Harvard University.

On July 17, a 26-count indictment was unsealed charging Eliseo Jara Jr., Sergio Jara, Antonio Perez Marcial, Lucia Yolanda Chavez, Arlene Jeanette Jara, Candace Shantel Gonzales, Joseph Shawn Chavez Jr., Melissa Rochelle Jara and Ricardo Fabian Salinas in a mortgage fraud conspiracy. The indictment was returned on July 12 by a federal grand jury in Fresno and the defendants were arrested at their residences on July 17.

To be successful in the mortgage business, you need to remain healthy.

For mortgage servicers, Basel III is a chief concern because it caps how much MSRs can count toward core capital.

It appears the nation’s residential servicers are doing a better job of processing mortgage payments.

Freddie Mac is hiking its origination forecast by $200 billion to $1.65 trillion for the year.

Sales of existing homes unexpectedly fell 5.4% in June after holding steady in April and May.

As we’ve reported before, private equity firms have been eyeing the mortgage market for the past two years – in particular MSRs. But here’s the catch: although there has been plenty of ‘talk,’ no household name PE firms (if there is such a thing) have taken the bait.