Sunday, 08 December, 2019

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Category: Mortgage Professional America

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Applications for mortgages dipped week over week as refinances plummeted this week, according to the Mortgage Bankers Association. MBA’s Market Composite Index fell 9.2% on a seasonally adjusted basis from a week ago, including the Thanksgiving holiday. On an unadjusted basis, mortgage applications plunged 38% from last week. “US Treasury rates stayed flat last week, as uncertainty surrounding the UK Read more…


Carrington Mortgage Services (CMS) has announced the launch of Prime Advantage, a new non-agency product. Prime Advantage is the latest addition to CMS’s line of non-agency products offered through its loan origination channels, including wholesale, retail and correspondent lending. “Since the day I joined Carrington, our primary objective has always been to lead non-agency lending back into the marketplace,” said Read more…


Housing inventory will likely hit historic lows next year, driving a continued slowdown in the housing market, according to a forecast released today by Realtor.com. Despite some relief from new construction, moderating home prices and low interest rates, affordability will continue to be a struggle for first-time buyers and sellers will contend with slowing activity and flattening price growth, Realtor.com Read more…


Wells Fargo has announced the appointment of Scott Powell as chief operating officer, effective Dec. 9. In his new role, Powell will oversee regulatory execution and relations, enterprise shared services, and a range of operational functions across Wells Fargo. He will also serve on the company’s operating committee and report to Charlie Scharf, president and CEO of Wells Fargo. “I Read more…


Wells Fargo’s years-old scandals are still causing it trouble, with Raymond James downgrading the lending giant’s stock. The investment bank has downgraded its rating on Wells Fargo’s stock from “market perform” to “underperform”, according to a report by The Motley Fool. Raymond James said that the bank’s numerous scandals were the reason for the downgrade. In 2016, it was revealed Read more…


The founder and CEO of non-QM lender PCMA has been named an executive member of the Non-Prime Lending Council. John R. Lynch will join other senior executives from alternative lending institutions on the Five Star Institute’s Non-Prime Lending Council (NLC), which was performed to provide a platform for industry leaders to address challenges, promote growth, and encourage responsible lending practices Read more…


The risk and frequency of loan application defects, fraudulence, and misinterpretations in mortgage applications has continued to slide. The First American Loan Application Defect Index was 1.4% lower in October than in September. The index also plunged 13.9% year over year. First American Chief Economist Mark Fleming said that low mortgages rates might have caused the pressure on fraud risk Read more…


Loan limits for Fannie Mae and Freddie Mac will jump to more than half a million dollars in 2020, the Federal Housing Finance Agency has announced. According to the FHFA, the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac will be $510,400 in most of the US. That’s up from $484,350 in 2019. Read more…


Homes are now more affordable than they were a year ago as real house prices declined across the country, boosting house-buying power. The First American Real House Price Index (RHPI) fell 7.6% year over year but inched up 0.9% between August and September. Real house prices are now 18.8% less expensive than 19 years ago. “Two of the three key Read more…


Caliber Home Loans, Inc. announced that it originated $7.85 billion in October, a record for total one-month production and across nearly all production channels. In addition to record production, Caliber was the fastest growing mortgage company in the United States among the top 30 lenders between the second and third quarters of 2019, growing more than 70% in production as Read more…


The Federal Reserve isn’t likely to cut interest rates again any time soon, according to the minutes of its most recent policy meeting. In late October, the Fed cut its benchmark rate for the third time this year, lowering the rate to a range of 1.5% to 1.75%. Most members of the Federal Open Market Committee felt the three cuts Read more…


A California man is headed to federal prison for his role in a years-old mortgage scam that cost lenders more than $10 million and homeowners their homes and savings. Omar Anabo, 57, has been sentenced to three years in prison for conspiracy to make false statements on loan applications, according to US Attorney McGregor W. Scott. US District Judge Garland Read more…


loanDepot has announced the opening of a new operations site in Chandler, Ariz., marking the company’s continued growth within the state and across the country. The new operations center will be home to mortgage origination professionals such as loan processors, underwriters, and closers, who will support loanDepot’s wholesale, direct, and retail efforts. The company has appointed Andrew Hutcherson, vice president Read more…


Profits for independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks hit an almost seven-year high in the third quarter, according to a new report from the Mortgage Bankers Association. IMBs and mortgage subsidiaries of chartered banks reported a net gain of $1,924 on each loan they originated in Q3, up from $1,675 in the second quarter, according to Read more…


The pace of national rent growth accelerated as the supply of homes for sale dried up in October. Despite a slow monthly growth rate in the past three months, the Zillow Real Estate Market Report showed that the typical rent in the United States was 2.3% higher compared to October a year ago. The increase drove the median rent up Read more…