Originationnews reports the Mortgage Bankers Association (MBA) states origination profits per loan rose 15 percent in the third quarter over Q2, 2012 to $2,465 for each loan. The study zeroes in on small, independent mortgage banking firms, not any of the mega-banks. While costs have increased slightly, Bob Garrett of …
The World Property Channel reports China is backing the development of 20,500 homes in San Francisco to the tune of $1.7 billion, a development project at two former naval bases that will hire 5,000 over a six year period. Borrowing the money is Miami-based Lennar Corp.; terms were not disclosed. …
Notching the largest block of its own stock the company has ever bought, Warren Buffett’s Berkshire Hathaway (BRKA) bought 9,200 shares for $1.2 billion from the estate of a long-time shareholder. At $131,000 per share, it’s roughly 118 percent of the book value as of the end of the third …
In legislation passed this week by the House of Representatives, nationalmortgagenews says confidential information submitted by banks and thrifts to the Consumer Financial Protection Bureau (CFPB) will be protected, but nonbanks in some states are not included. Independent mortgage banks, payday lenders and finance companies are regulated by consumer agencies …
Confidentiality not Protected by Congressional Bill Read More
On the heels of a strong 2012, nationalmortgagenews reports Freddie Mac’s chief economist Frank Nothaft predicts single-family loans will decline about 15 percent in 2013 as refinancings recede and home purchases decrease. Noting many borrowers have already taken advantage of low rates this year, Freddie forecasts refinancings will account for …
As we reported here Sept. 5, 2012, residents of Hilltop Mobile Home Park in College Township, Penn. received notices the community was closing and they have to move by the end of February, 2013. CentreDaily reports a dozen people spoke at a College Township meeting in favor of keeping the …
Nonbank lenders are closely watching the progress of the loan officer compensation rule set to be released mid January, 2013 by the Consumer Financial Protection Bureau (CFPB) as it could have a large effect on their income. A key issue to watch, as originationnews tells MHProNews, is dual compensation where …
The FHA Emergency Fiscal Solvency Act (H.R. 4264), to insure solvency of the agency’s single-family insurance fund, passed the House 402-7 last Sept. and is awaiting action before the Senate Banking, Housing and Urban Affairs Committee. House Financial Services Committee Chairman Spencer Bachus sent a letter to Sen. Tim Johnson, …
Nationalmortgaenews tells MHProNews in a survey of 681 respondents by Carlisle & Gallagher (C&G) of Charlotte, NC in Sept., 48 percent would feel comfortable with a mortgage from PayPal, and 33 percent with WalMart. 81 percent are satisfied with banks, 56 percent are weary of the length of time required …
CNNMoney tells MHProNews Fannie Mae and Freddie Mac will suspend all bank repossessions the week before Christmas and will not continue evictions until Jan. 2, 2013. Said Terry Edwards, executive vice-president of Fannie Mae, “The holidays are a chance to be with loved ones and we want to relieve some …
American Banker reports the Senate Banking Committee, two years after implementing Dodd-Frank, will likely review the impact of the regulations on the marketplace to determine what may need to be altered. The agenda has not been set yet for the coming year because Committee Chairman Tim Johnson (D-S.D.) wants to …
Will the Senate Alter Dodd-Frank and CFPB Regulations? Read More
OriginationNews informs MHProNews at $1,642 a month Washington, D.C. has the highest mortgage payment, accounting for 31 percent of household income, according to Lending Tree. Hawaii ranked second with a monthly average payment of $1,536, and California was third at $1,446 a month. Both Hawaii’s and California’s payments represented 30 …
NationalMortgageNews reports residential delinquencies unexpectedly fell almost five percent in Oct. after spiking eight percent in Sept., according to Lender Processing Services (LPS). While the national delinquency rate at the end of Oct. hit 7.03 percent, delinquencies have fallen over seven percent since Oct. 2011. LPS says when late payments …
HousingWire tells MHProNews mortgage applications fell 2.2 percent for the week ending Nov. 16, according to the Mortgage Bankers Association (MBA). Meanwhile, the refinance index dropped three percent from the previous week as refinancing activity comprised 81 percent of all loan applications, the same number as the previous week. The …
OriginationNews tells MHProNews the average 30-year mortgage rate dropped to a new record low, 3.31% in Freddie Mac’s weekly survey. During the week ending Nov. 21 the 15-year mortgage rate also set a record, dropping to 2.63% from 2.65% the previous week. Shorter-term rates moved little or none, as the …
NationalMortgageNews tells MHProNews the delinquency rate for government-backed loans inched down third quarter 2012 over the second quarter, from 11.89 percent to 11.14 percent as of Sept. 30. The Mortgage Bankers Association (MBA) reports the rate a year ago was 12.09 percent. Federal Housing Administration (FHA) loans late 90 days …
OriginationNews says according to new figures compiled by the Mortgage Bankers Association (MBA), mortgage applications in New York and Connecticut shot up 60 percent for the week ending Nov. 9, while in New Jersey applications doubled. The first week of Hurricane Sandy apps dropped five percent nationwide, while they plunged …
HousingWire reports Raj Date, deputy director at the Consumer Financial Protection Bureau (CFPB) will be leaving his post next year. As industry expert and consumer advocate, Date was the acting director from the inception of the agency in July 2011 until Richard Cordray took over the position. Mortgage Bankers Association …
MHProNews has learned effective Jan. 2013 the Consumer Financial Protection Bureau (CFPB) will assume authority of the Fair Credit Reporting Act (FCRA) as it moves out of the Federal Trade Commission. The CFPB issued new regulations that delineate the form governing the conducting of a credit check by a prospective …
NNMoney reports the latest twist on Craigslist is people looking for co-signers on loans because they do not have good enough credit on their own. A would be borrower in Ohio is offering a tractor and a car as collateral for someone to co-sign a $5,000 personal loan. A student …
