Thursday, 23 January, 2020

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Category: Mortgage Professional America

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American Financial Resources has announced that it now offers USDA renovation loans, which finance home purchases and provide buyers the opportunity to make needed repairs. The program enables eligible buyers in rural communities to combine their home loan with renovation costs in a single closing with a fixed interest rate. “USDA renovation allows borrowers the flexibility to purchase a home Read more…


Angel Oak Companies posted another record year in 2019, surpassing $17 billion in assets under management. The firm also completed a record six non-QM securitizations totaling approximately $3.1 billion, exceeding the 2018 volume by about $2 billion. “People want to invest with us because of our vertical integration, which allows us to control credit and grow thoughtfully,” said Sreeni Prabhu, Read more…


NerdWallet has recognized some of the leading mortgage lenders this year in its 2020 Best-Of Awards. The Bank of America and Citibank shared the title of the best mortgage lenders for first-time homebuyers. The banks made the list due to their affordable fees, online convenience, loan programs, and assistance options, as well as a variety of low-down-payment loan options that Read more…


Foreclosure activity fell to at least a 15-year low in 2019, according to a new study. The ATTOM Data Solutions Year-End 2019 U.S. Foreclosure Market Report found that foreclosure filings – including default notices, scheduled auctions and bank repossessions – were reported on 493,066 properties last year. That’s a 21% drop from 2018 and an 83% drop from a peak Read more…


Notarize and Stewart Title have renewed their partnership that will give Stewart’s direct offices and independent agents the ability to offer fully online and hybrid closings powered by Notarize. The companies first teamed up in 2017 for their first online closing. Since then, Stewart and Notarize have completed thousands of both online and hybrid closings. Stewart said that this partnership Read more…


Wells Fargo’s profit plummeted 55% in the fourth quarter as the bank set aside $1.5 billion for legal costs related to its ongoing scandals. The bank posted operational losses of $1.9 billion in Q4, partly to bolster reserved to cover pending litigation related to its fake-accounts scandal, according to a Reuters report. The bank has been cutting costs to shore Read more…


Home value growth in million-dollar cities has slowed down despite the addition of three more metros with average home values of $1 million or more, according to a recent Zillow analysis. Last year, seven cities, including Santa Ynez, Calif., Telluride, Colo., Forest Hills, Tenn., Sierra Madre, Calif., Mclean, VA., Moose, Wyo., and Redondo Beach, Calif. became $1 million cities. Despite Read more…


The Consumer Financial Protection Bureau has filed suit against several mortgage companies, student-loan debt-relief companies, and individuals for allegedly obtaining credit reports illegally, lying to consumers and charging at least $15 million in unlawful fees. The CFPB is suing mortgage lender Chou Team Realty, which does business as Monster Loans; an allegedly sham mortgage broker called Lend Tech Loans; and Read more…


Residential non-QM lender Sprout Mortgage has announced the appointment of Ron Krueger as senior vice president of correspondent lending. Krueger will be based in Southern California and will report to Shea Pallante, executive vice president at Sprout Mortgage. Prior to joining Sprout, Krueger served as vice president of client development for non-QM products at Deephaven Mortgage. He has also served Read more…


The governor of California is pushing for the creation of a state version of the Consumer Financial Protection Bureau. Gov. Gavin Newsom on Friday unveiled a California Consumer Financial Protection Law as part of his proposed 2020-21 state budget, according to a report by The Los Angeles Times. The proposed law would overhaul California’s existing Department of Business Oversight and Read more…


Modest home-price growth in the nation’s largest 100 housing markets will continue throughout 2020, according to Veros Real Estate Solutions. Data from the latest VeroFORECAST projected that the appreciation rate for residential real estate would jump 3.9% in 2020, slightly up from the 3.7% rate predicted in the first three quarters of 2019. “VeroFORECAST reveals an average increase of 3.9% Read more…


A Democratic lawmaker has slammed Wells Fargo for passing on the costs of its numerous scandals to third-party vendors. Last year, the lending giant pressured 14 of its IT vendors to return 2.5% of what they’d earned from the bank in 2018. The bank said it was requesting “voluntary rebates” from the vendors because they’d benefited from increased business as Read more…


Mortgage applications went down the week ending Jan. 3 from two weeks earlier, according to data from the Mortgage Bankers Association. The MBA’s Weekly Mortgage Applications Survey showed that mortgage loan application volume fell 1.5% on a seasonally adjusted basis and down 22% on an unadjusted basis. The refinance index dropped 8% from the two weeks prior but was 74% Read more…


Millennials are the primary home-seeking generation for more than half of the 50 largest US metro areas, and here’s where they might be thinking of purchasing a home. Minneapolis, Buffalo, NY, and San Jose are the cities where millennials make up the biggest share of purchase requests, according to a recent study by LendingTree. Around 56.2% of purchase requests in Read more…


Favorable mortgage-rate expectations and a growing percentage of consumers saying it’s a good time to purchase a home have driven home purchase sentiment near to its August survey high. Fannie Mae’s Home Purchase Sentiment Index (HPSI) edged up 0.2 points month over month and rose 8.2 points year over year to 91.7 in December. A 16-percentage-point spike in the share Read more…