MortgageBlog_MortgageBlog

Bank Expands Mortgage Staffing Plans

Wed, 16 May 2012 09:16:08 +0000

Staffing at a mortgage center opened last year in Arizona was originally expected to reach a hundred. But that goal turned out to be too low for the bank that opened the center.

BBVA Compass announced in November 2011 plans to open a mortgage operations center in the Phoenix-suburb of Tempe, Ariz. At the time, the bank planned to staff the center with as many as 100 mortgage professionals.

But the Birmingham, Ala.-based financial institution has expanded its hiring goals for the desert town.

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LOS Provider Acquiring Servicing Tech Firm

Wed, 16 May 2012 09:16:07 +0000

A company that provides loan origination system technology to mid-tier lenders is acquiring the same company that it was once owned by.

LOS-provider Mortgage Builder announced Tuesday an agreement to acquire GCC Servicing Systems.

GCC’s G/Serv is a mortgage servicing software that is popular with mid-tier lenders, community banks and credit unions, according to the statement.

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Seasonal Slump for CRE Loan Originations

Wed, 16 May 2012 09:16:06 +0000

Compared to the final three months of last year, quarterly commercial mortgage originations fell an estimated $6 billion — though the decline was seasonal. Health care properties, industrial properties and agency originations saw the biggest declines. Volume was better, however, than a year earlier — with banks, retail properties and health care properties leading the way.

First-quarter commercial real estate production was down 12 percent from the fourth-quarter 2011. Fundings have declined between the fourth and first quarters each year since 2007.

Compared to a year earlier, though, business jumped 36 percent.

CRE Originations Off a Quarter The Mortgage Bankers Association reported that total commercial real estate...
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4 Months of Improvement in Serious Delinquency

Wed, 16 May 2012 09:16:05 +0000

First-mortgage delinquency improved for the fourth month in a row and stands at its lowest level since before the financial crisis. It’s a similar story for second liens.

The 90-day delinquency rate on first mortgages finished April 12 basis points lower than in March. It was the fourth consecutive month that 90-day delinquency improved and the lowest rate since July 2007.

Compared to April 2011, the rate of late payments on first mortgages was down 28 BPS.

No Improvement in FHA Delinquency for 8 Months In December, the Federal Housing Administration’s residential delinquency of at...
Serious Improvement in Serious Delinquency The rate of serious delinquency on residential loans tumbled during...
Across-the-Board Delinquency Improvement The rate of 90-day delinquency on U.S. first mortgages dropped...

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Quicken Correspondent Unit Reports Huge Growth

Wed, 16 May 2012 09:16:03 +0000

A relatively new division of Quicken Loans Inc. that provides production services to financial institutions is reporting "explosive growth." The unit is in heavy recruitment mode.

Quicken Loans Mortgage Services was launched in 2010 to provide mortgage fulfillment services to community banks and credit unions. The operation does the loan processing and completes the loan while enabling clients to continue being the point-of-contact and closing location.

In May 2011, the Charlotte, N.C., subsidiary expanded its offerings and began providing correspondent lending services, enabling banks and credit unions to close and fund the loans themselves with a subsequent sale to Quicken.

Correspondent Lender Reports Strong Growth Less than a year after launching a correspondent division, a...
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Mortgage Rates Hold Steady At All Time Lows

dlathan — Tue, 15 May 2012 20:53:53 +0000

Posted To: Mortgage Rate Watch

Mortgage Rates paused their recent trend of moderate improvement today to hold steady near all-time lows. Despite an abundance of domestic economic data out this morning, r ates continue to be indirectly fueled by political and economic turmoil in the Euro-zone. After failing to form a new government, Greece today announced it would hold new elections. Investors fear that those left in power will lead Greece to back-out of the austerity pledges required by the EU and IMF for recent bailout monies as well as Greece’s membership in the EU. If Greece stops receiving that money, they’re all but guaranteed to officially default (their recent debt-restructuring was already a default by some standards), and also all but guaranteed to be booted out of the European Union. If those things happen, investors…(read more)

Forward this article via email: Send a copy of this story to someone you know that may want to read it.

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Foreclosure Buying 101 Slideshow

Tue, 15 May 2012 09:16:11 +0000

About once a month I have the pleasure of hosting a webinar for RealtyTrac users called Foreclosure Buying 101. Here are the slides used in the webinar, along with a link to view a recording.

Source:Foreclosure Buying 101 Slideshow

Slideshow: Finding & Buying the Best Bank-Owned Bargains This slideshow from a webinar co-hosted by RealtyTrac and EXIT...
Slideshow: Why Isn't Real Estate Rebounding? RealtyTrac CEO James Saccacio shows how the real estate recovery...
Slideshow: 2012 Foreclosure Market Outlook This presentation outlines where foreclosures have been over the past...

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Quantum Leap for Nationstar

Tue, 15 May 2012 09:16:09 +0000

With the planned acquisition of assets from bankrupt Residential Capital LLC, Nationstar Mortgage Holdings Inc. expects to become one of the industry’s biggest non-bank mortgage firms.

ResCap and 27 affiliates disclosed Monday that voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code were filed Monday.

Lewisville, Texas-based Nationstar announced separately that it has signed a definitive agreement to acquire mortgage servicing and other assets from ResCap and its affiliates as a "stalking horse" bidder.

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Nationstar Rating Removed from Watch Fitch Ratings removed Nationstar Mortgage LLC’s primary servicer rating for...
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Stearns Reports Strong Production

Tue, 15 May 2012 09:16:08 +0000

Stearns Lending Inc. outperformed the industry as a whole during the first three months of this year and hopes to improve its market share further with the addition of a seasoned mortgage lending executive.

The Santa Ana, Calif.-based company reported that first-quarter originations were slightly better than the volume funded in the fourth-quarter 2011. The small improvement was better than the 6 percent decline experienced by the industry as a whole based on data maintained by Mortgage Daily.

Volume more than doubled from the first-quarter 2011.

Flagstar Reports Strong Originations Flagstar Bancorp reported that fourth-quarter home-loan production increased 47 percent...
Chase Reports Strong Business, Fewer Lates JPMorgan reported that third-quarter originations rose 25 percent from the...
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Mortgage Insurer Consolidating

Tue, 15 May 2012 09:16:07 +0000

A mortgage insurance company operating from North Carolina is being spun off and consolidated with its sister companies.

Republic Mortgage Insurance Co. was suspended as an approved mortgage insurer of Fannie Mae in July 2011. The Winston-Salem-based company stopped writing new policies in August 2011, and it was placed under the supervision of the North Carolina Insurance this past January.

Now, Republic’s parent company is planning to spinoff the company and some of its affiliates into a single firm.

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