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Author Archives: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.

JPMorgan Chase Reports Record Earnings for 2014; Wells Fargo Net Income Up 5 Percent

Two of the nation's largest mortgage lenders, JPMorgan Chase and Wells Fargo, reported year-over-year increases in their net incomes for 2014, according to the banks' respective earnings statements released on Wednesday. JPMorgan Chase reported a record net income of $21.8 billion for the full year of 2014, up from 2013's net income of $17.9 billion. The firm's earnings per share for 2014 was $5.29, which was also a record (for 2013, earnings per share was $4.35). Revenue experienced s slight decline, however, from $99.8 billion in 2013 down to $97.9 billion in 2014.

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Credit Union Group Opposes Revision to FHLBank Membership Requirements

NAFCU's complaint stems from a provision of the proposed rule that would require FHLB members and applicants to keep 1 percent of assets in home mortgage loans. Current members would also be required to hold at least 10 percent of assets in residential mortgage loans on an ongoing basis as opposed to just at the time of application, as the current rule requires.

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California Agency Seeks to Suspend Servicer’s Mortgage License

Losing California would be a big blow to Ocwen, which serviced more than 378,000 home loans in the state valued at $95 billion unpaid principal balance as of Q3 2014, according to MarketWatch. Shares for the company plummeted in early trading Tuesday, falling off by more than 33 percent before ticking back up slightly. With the latest news, Ocwen is off to a less than promising start to 2015 after concluding what was a rocky 2014

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Survey: Americans’ Attitude Mixed Toward Housing, Economy

Consumers' median earnings growth expectations were 2.5 percent for the year ahead in December, the New York Fed revealed. While that marks a step back from November's reading of 2.7 percent, it's still the second-highest reading since the start of that measure in July 2013.

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ARMCO Announces New COO

Florida-based Aces Risk Management (ARMCO), a provider of Web-based audit technology for the financial services industry, has tapped mortgage quality control expert Phil McCall to serve as COO.

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Unemployment Rate Drops to 5.6 Percent as Payrolls Increase by 252K

The U.S. unemployment rate slipped another 0.2 percentage points in December as employers introduced 252,000 new jobs. The Bureau of Labor Statistics (BLS) said Friday that the national unemployment rate was down to 5.6 percent by year-end 2014, bringing that number down to its lowest level since June 2008.

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Report: Falling Negative Equity Rate Nearing Single Digits

As home values rise and borrowers continue to gain equity, CoreLogic's analysis indicates that nearly 5.1 million properties are still upside-down on their mortgage. That figure represents about 10.3 percent of all residential properties with a mortgage compared to about 13.3 percent the year prior.

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