Four pools of loans valued at around $2 billion officially have a buyer.
Read More »ARMS Vs. FRMS—Which Loan Comes Out on Top?
CoreLogic analyzed the mortgage performance of different loan types and found which loan—the adjustable-rate mortgage or fixed-rate mortgage—has lower credit risk characteristics.
Read More »Sentencing Date Set for Former JPMorgan Loan Officer
Former senior loan officer at JPMorgan Chase & Co. admitted to a $33 million mortgage fraud scheme recently. A Florida federal judge accepted the plea and set the sentencing date for August 17. In exchange for shorter sentencing and other charges to be dropped, the $33 million will be paid in restitution.
Read More »The State of Household Debt and Homeownership in America
Household debt reached a peak of $12.7 trillion in Q3 2008. Following the peak, debt declined for several years until recently. The past three years have seen a gradual increase in debt, reaching $12.6 trillion by Q4 2016. Borrowers have shifted away from housing-related debt into student loan and auto debt.
Read More »The Week Ahead: Hope For Credit Growth
The Federal Reserve will release its February 2017 Consumer Credit survey. Previous studies have revealed that although ejection rates on credit applications declined, consumers still felt pessimistic. For example, February’s report revealed that consumers were 12.2 percent less likely to apply for a mortgage refinance than before.
Read More »Fraud in Loan Apps Up in February
More lenders in February saw defects in mortgage applications compared to January, according to a new report by First American Financial Corp. The firm’s chief economist cited rising interest rates as the likely culprit. As rates rise, more borrowers are seeking ARMs, which are inherently riskier and, thus, ripe for more misrepresentation.
Read More »Making Assignments in the Dark
The chain of title is the guy-wire that holds the home finance industry upright. Without some method to determine who owns a given parcel of real estate, it cannot be used as collateral for a loan. In cases where these loans go into default, a clear title is essential for a smooth foreclosure and REO process. Unfortunately, problems arise that cloud the title, increasing loss severity for investors.
Read More »Goldman Sachs Keeps Buying Fannie Mae Loans, Why?
The company recently purchased about 8,000 loans with unpaid balances of $1.4 billion from Fannie Mae.
Read More »Winning Bidders in Fannie Mae Non-Performing Loan Sale
The sale of these loans is intended to reduce the number of seriously-delinquent loans owned by Fannie Mae and to help stabilize neighborhoods and to help meet the portfolio reduction targets required under the Senior Preferred Stock Purchase Agreement with the United States Treasury.
Read More »Rocket Mortgage Sends Quicken to New Heights
With online lender Rocket Mortgage in tow, closings are at an all-time high for Quicken Loans.
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