Mortgage Daily, Aug. 9, 2017As the parent of PHH Mortgage continues to execute on its strategy to shrink its mortgage business, losses grew from a year earlier as originations and servicing were slashed.
Category: Top National News
Real Estate Crowdfunding Platforms Work to Find a Niche
National Real Estate Investor, Aug. 9, 2017–Beth Mattson-TeigWhile commercial real estate crowdfunding firms haven’t disrupted the market, the top players have worked to continue to raise capital and find ways to make their bets.
Here’s What the Fed’s Evans Thinks About the Economy and Interest Rates
Here’s what the Fed’s Evans thinks about the economy and interest ratesMarketWatch, Aug. 9, 2017–Greg RobbThe Fed can put off any discussion of another hike in short-term rates until December and at the moment, his support for another move even then is not a given, Chicago Fed President Charles Evans said Wednesday.
Drop in Rates Boosts Weekly Mortgage Applications 3 Percent
CNBC, Aug. 9, 2017–Diana OlickA drop in interest rates drove homeowners and homebuyers to the mortgage market last week. “Mortgage rates decreased last week, which led to the highest volume of refinance applications since mid-June,” said Mortgage Bankers Association Chief Economist Mike Fratantoni.
Mortgage Closings Just Took a Big Step Into the Digital Age
Wall Street Journal, Aug. 9, 2017–Robyn Friedman (subscription)Borrowers used to closing on a mortgage in a conference room surrounded by other parties to the transaction may soon be in for a pleasant surprise. The ink-free, paper-free, meeting-free remote mortgage closing is finally here.
Tighter Underwriting Drives Down Delinquencies in May
National Mortgage News, Aug. 9, 2017–Elina Tarkazikis The mortgage delinquency rate reached its lowest point in nearly a decade in May due to tighter underwriting, according to CoreLogic. Also improving mortgage performance were employment growth and rising home prices.
Mortgage Firms Acquired and Not Acquired
Mortgage Daily, Aug. 9, 2017–Sam GarciaWhile some mortgage acquisitions have recently closed, one fell through just hours before it was supposed to be consummated. One company that was set to close down is back in business.
Millennials and the Mortgage Process: Digital Natives Becoming Homebuyers
GoRion.com, Aug. 9, 2017–Sam Bourgi By numbers alone, millennials represent a huge opportunity for the mortgage industry. At the same time, they present unique challenges for lenders that have yet to make significant investments in technology.
Michigan Credit Union to Acquire Florida Bank
Mortgage Daily, Aug. 9, 2017–Laura LaydenThe Lake Michigan Credit Union has announced plans to acquire Naples, Florida-based Encore Bank.
PHH to pay $75M False Claims Act Settlement with DOJ
National Mortgage News, Aug. 8, 2017–Brad Finkelstein (subscription)PHH Corp. will pay the Justice Department $75 million to settle a False Claims Act investigation of its underwriting practices on mortgages insured by the Federal Housing Administration and Department of Veterans Affairs, as well as loans sold to Fannie Mae and Freddie Mac.