9.1 million U.S. residential properties were seriously underwater in the first quarter of 2014, according to RealtyTrac's U.S. Home Equity & Underwater Report. Seriously underwater properties, which are homes where the combined loan amount secured by the property is at least 25 percent higher than the property's estimated market value, represented 17 percent of all properties with a mortgage.
Read More »PNC Reports Q1 Income of $1.1 Billion
PNC Financial Services Group released its quarterly earnings, reporting a net income of $1.1 billion, or $1.82 per diluted common share. While net income was positive, it didn't reach as high as the fourth quarter of 2013, when net income was $1.1 billion or $1.87 per diluted common share.
Read More »United Wholesale Mortgage Launches Non-QM Program for Jumbo Loans
United Wholesale Mortgage (UWM), headquartered in Troy, Michigan, announced it has launched a new program called "Big & Easy Plus," designed for non-QM jumbo loans.
Read More »SoCal Home Sales Stuck at 6-Year Low
Southern California home sales quickened slightly in March compared to February but are far below average, according to a new report issued by DataQuick. The company reported that home sales were at the lowest levels for a March in six years.
Read More »Fay Servicing Welcomes New SVP
Fay Servicing, a residential mortgages servicer, announced the addition of Nancy Barthel to its executive team as SVP of operational risk. Her role will be to develop and strengthen the company's QA/QC programs, as well as managing risk across the organization.
Read More »Recent Ellie Mae Outage Not a Cyber-Attack
In a fortuitous reversal for Ellie Mae, the company announced that a previously reported outage stemming from a presumed cyber-attack was in fact "triggered by a confluence of factors involving network, hardware, software and demand for service."
Read More »HUD and Dubuque, Iowa Settle Allegations of Discrimination
The U.S. Department of Housing and Urban Development (HUD) announced an agreement with the city of Dubuque, Iowa, settling allegations that the city discriminated against African Americans. The agreement stemmed from allegations of discrimination in the administration of the city's Housing Choice Voucher Program.
Read More »NC State Banking Commission Appoints New Member
Matt Hunoval, founder of the Charlotte-based Hunoval Law firm, has been appointed by Governor Pat McCrory to serve as a member of North Carolina’s State Banking Commission.
Read More »Report: Bank Mergers Outpace Bank Failures
According to the Mortgage Graveyard report by Mortgage Daily, the number of mortgage-related failures has significantly declined this past year, and wholesale lenders are disappearing equally as quickly. However, mortgage mergers are on the rise.
Read More »Nevada Slowly Making Economic Comeback
It would appear that the Silver State is slowly making a comeback, according to a new report from the Wells Fargo Economics Group. Nevada, which posted the fastest year-to-year growth of any state, is battling back from the housing slump and severe recession.
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