Loan originators managed to overcome the slowdown that normally precedes a holiday week and pushed activity higher. Leading the way were purchase transactions and government-insured business. Loan pricing inquiries increased 3 percent from last week, lifting the U.S. Mortgage Market Index from and Mortgage Daily for the week ended May 24 to 264. Business was [...]
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Servicer Settlement Yields Over $80k in Relief Per Borrower
May 21st, 2013 
davidguide Report cards issued on two separate settlements with residential loan servicers indicate that borrowers have received more than $50 billion in relief. The bigger of the two settlements has yielded an average of more than $80,000 in benefits per borrower. A progress update in the national mortgage servicer settlement has been issued by Independent Settlement [...]
Posted in Business Loans 
Tags: $80k, borrower, Over, Relief, Servicer, settlement, Yields 
Comments OffFlagstar CEO Replaced After Less Than a Year
May 17th, 2013 davidguide After spending less than a year on the job, the president and chief executive officer of the eighth biggest residential lender has been replaced. In its third-quarter 2012 earnings report, Flagstar Bancorp Inc. disclosed that its board of directors had appointed Michael J. Tierney to serve as president and CEO of the bank-holding company and [...]
COFI Teetering Near Record Low
May 1st, 2013 davidguide The Cost of Funds Index fell to within a single basis point of its lowest level on record. Also improving was the yield on the one-year Treasury note. March’s COFI came in at 2 basis points lower than it did during February, according to data reported by the Federal Home Loan Bank System. The 11th [...]
Provident Pushes Servicing Portfolio Past $100 Billion
April 27th, 2013 davidguide While quarterly mortgage production slid at Provident Funding Associates LP, the lender added more employees and pushed its mortgage servicing portfolio past $100 billion. The Burlingame, Calif.-based company reported to Mortgage Daily that first-quarter mortgage originations totaled 28 percent less than in the fourth quarter of last year. Provident also didn’t improve on its first-quarter [...]
Further Improvement in Delinquency Rate
April 23rd, 2013 davidguide The number of U.S. mortgages that were at least a month past due or in foreclosure slipped just below 5 million last month from just over 5 million. Delinquency has declined for six straight months. As of March 31, there were 4,997,000 home loans that were at least 30 days delinquent or in the process [...]
Posted in Business Loans Tags: 5 million, delinquency rate, Foreclosure, home loans, mortgages Comments OffSunTrust Sees Best Quarter Since 2009
April 19th, 2013 davidguide Residential loan originations at SunTrust Banks Inc. climbed to the highest level since 2009. Delinquency was also better. Mortgage earnings, however, were lower. Home loan fundings amounted to 11 percent more during the first three months of 2013 than during the final three months of 2012 based on earnings data released Friday. First-quarter business was [...]
Posted in Business Loans Tags: final three months, first three months, residential loan originations, suntrust banks, suntrust banks inc Comments OffServicers Leaving Money on the Table
March 26th, 2013 davidguide Mortgage servicers, home lenders and residential loan investors are missing out on income they might otherwise capture when they liquidate real-estate-owned assets. Oil and gas companies have leases under entire communities. These leases allow horizontal drilling to recover natural gas and oil deposits. But while mortgage holders can benefit from lease income, many are foregoing [...]
Posted in Business Loans Tags: home lenders, horizontal drilling, lease income, mortgage holders, oil deposits Comments OffFlorida Town Hopes to Pick Up Hundreds of Jobs
March 22nd, 2013 davidguide Officials in Seminole County, Fla., are considering a proposal for a developer of mortgage risk analysis software to bring hundreds of jobs to a new center there. If the proposal for Digital Risk LLC is approved, the Orange County, Fla.-based firm would receive an incentive package worth as much as $600,000. But one county commissioner [...]
Posted in Business Loans Tags: county fla, digital risk, florida town, incentive package worth, risk analysis software Comments OffUnited Shore Adding Hundreds of Employees
March 18th, 2013 davidguide United Shore Financial Services LLC has already seen a rapid pace of growth, and plans are to continue expanding production and staffing. The Troy, Mich.-based firm says it has grown its wholesale lending business, United Wholesale Mortgage, from a top-50 wholesaler a few years ago to a top-five player today. Over the past two years, [...]
Posted in Business Loans Tags: employee headcount, rapid pace, services llc, subprime, wholesale mortgage Comments Off
