World Property Journal, Apr. 17, 2017–Michael GerrityAccording to the Mortgage Bankers Association’s Annual Mortgage Bankers Performance Report, independent mortgage banks and mortgage subsidiaries of chartered banks in the U.S. made an average profit of $1,346 on each loan they originated in 2016, up from $1,189 per loan in 2015.
Category: Top National News
Oops! What if Flood Insurance Lapses?
Mortgage Compliance Magazine, Apr. 17, 2017No matter how or why lenders have required flood insurance on a property, if the flood insurance lapses during the term of the covered loan, it’s a problem.
Using Old Technology Is One Way To Drive Away Mortgage Customers
Mortgage Orb, Apr. 17, 2017–Josh FriendToday’s consumers are technologically savvy and demand a digital mortgage experience. Increasingly, they expect faster response times, engaging connection and a streamlined process from their mortgage companies. Although these demands are forcing new technological innovations, many mortgage companies are still far behind in meeting these needs.
M&T Bank’s Profit Rises on Accounting Change, Margin Improvement
American Banker, Apr. 17, 2017–Andy Peters (subscription)M&T Bank, Buffalo, N.Y., reported double-digit growth in first-quarter profit thanks to a change in its tax treatment of compensation and improved profit margins.
Despite Adverse Conditions, California Home-Buying Season Off to a Good Start
HousingWire, Apr. 17, 2017–Brena SwansonWhile low housing inventory and slow wage growth are par for the course in California, the state pushed past those roadblocks to record a strong start to the year.
Trump to Nominate Quarles for Fed’s Top Regulatory Post, Source Says
Bloomberg, Apr. 17, 2017–Robert Schmidt; Jennifer JacobsPresident Donald Trump plans to nominate Randal Quarles, a senior Treasury official in the Bush administration, to be the Federal Reserve’s top banking regulator.
Commercial Mortgages: Debt Funds Seek to Fill a Void
Richmond (Va.) Times-Dispatch, Apr. 17, 2017–Andrew Little Debt funds–non-bank lenders formed with contributed equity from institutional investors–are seeking to fill the void left as bank lenders have dialed back their leverage levels.
2017, 2018 Home Purchase Lending Forecast Raised
Mortgage Daily, Apr. 17, 2017Fannie Mae revised up its estimates of 2016 refinances and 2017 purchase originations.
Weekly Mortgage Market Off as ARMs, Jumbos Soar
Mortgage Daily, Apr. 17, 2017An indication of upcoming originations, the U.S. Mortgage Market Index from Mortgage Daily and OpenClose, slipped 6 percent in the week ended April 14.
IPO for Parent of 3rd Biggest AMC
Buffalo News, Apr. 17, 2017–Johnathan D. EpsteinThe Canadian parent of mortgage appraisal management firm Solidifi, whose U.S. headquarters is on Seneca Street, Buffalo, New York, is going public on the Toronto Stock Exchange so it can access more capital to support its growth plans.