Mortgage

Mortgage

Spike in FHA Delinquencies Shows President Trump Right to Suspend Last-Minute Obama Move

House Financial Services Committee Chairman Jeb Hensarling (R-TX) said today’s announcement that Federal Housing Administration mortgage delinquencies jumped at the end of 2016 shows President Trump made the right decision to suspend and review the outgoing Obama Administration’s lowering of FHA mortgage insurance premiums

Prepared Remarks of Dave Motley at MBA’s National Mortgage Servicing Conference and Expo 2017

Dave Motley, 2017 Mortgage Bankers Association (MBA) Chairman-Elect and President of Colonial Savings, F.A. and its divisions -- Colonial National Mortgage and CU Members Mortgage, today delivered the following remarks at MBA's National Mortgage Servicing Conference and Expo 2017 in Grapevine, Texas.

Mortgage Applications Decrease in Latest MBA Weekly Survey

Mortgage applications decreased 3.7 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending February 10, 2017.

Delinquencies Increase in Fourth Quarter from Ten-Year Lows, Foreclosure Starts Continue Decline in Latest...

The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 4.80 percent of all loans outstanding at the end of the fourth quarter of 2016. The delinquency rate was up 28 basis points from the previous quarter, and was three basis points higher than one year ago, according to the Mortgage Bankers Association's (MBA) National Delinquency Survey.

MBA Appoints Pete Carroll and Andy Crisenbery to MISMO Board of Directors

The Mortgage Bankers Association (MBA), parent corporation of the Mortgage Industry Standards Maintenance Organization (MISMO), appointed Pete Carroll, Executive Vice President at Quicken Loans, and Andy Crisenbery, Senior Vice President, Managing Director of eLending Solutions at Black Knight Financial Services, to the MISMO Board of Directors.

MBA Statement on Steven Mnuchin Being Confirmed as Treasury Secretary

Statement by MBA President & CEO David Stevens on the U.S. Senate approving the nomination of Steven Mnuchin to run the Department of Treasury

United States Resolves Civil Fraud Suit Against Melville-Based Mortgage Lender

Robert L. Capers, United States Attorney for the Eastern District of New York, Christina D. Scaringi, Special Agent in Charge, North East Region, Office of the Inspector General for the Department of Housing and Urban Development, and Jay N. Lerner, Inspector General for the Federal Deposit Insurance Corporation announced the settlement of claims against Franklin First Financial, Ltd., its Chief Executive Officer, Frederick Assini, its Chief Operating Officer, Christopher Bertman, and Andrew Dauro, a manager of the company.

Mortgage Applications Increase in Latest MBA Weekly Survey

Mortgage applications increased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending February 3, 2017.

Mortgage Credit Availability Increases in January

Mortgage credit availability increased in January according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae's AllRegs® Market Clarity® business information tool.
Ron Penir-OpesAdvisors

Opes Advisors named Top Purchase Lender in San Luis Obispo County for second consecutive...

Real Estate Market Reports named Opes Advisors as San Luis Obispo County’s leading purchase lender for 2016. The company handled a total of 282 home purchases and 201 refinances last year, placing it in the top spot among local lenders for the second consecutive year. More...

New RIHA Study Details Shifts in Rented vs. Owned Housing Stock

The Research Institute for Housing America (RIHA) today released a new study examining the shift of existing housing stock between owner-occupied and rental over time. The study was authored by Stuart S. Rosenthal, Maxwell Advisory Board Professor of Economics at Syracuse University

Mortgage Applications Decrease in Latest MBA Weekly Survey

Mortgage applications decreased 3.2 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending January 27, 2017.  The previous week's results included an adjustment for the MLK Day holiday

MBA Introduces GSE Reform Principles and Guardrails

The Mortgage Bankers Association (MBA) released a paper outlining its recommended approach for secondary mortgage market reform, with the objective of ending the conservatorship of Fannie Mae and Freddie Mac (the GSEs) and establishing a new, durable foundation for the secondary mortgage market. Specifically, this paper outlines a preferred end-state, the principles that should be incorporated in any future system, the key components and guardrails of the end-state, and emphasizes the need to ensure a smooth transition to a reformed secondary mortgage market

MISMO Extends Comment Period for Proposed Rent Roll Standards for Commercial Property

MISMO®, the Mortgage Industry Standards Maintenance Organization has extended the public comment period for the proposed data standard for the exchange of rent roll information on commercial property. The public comment period has been extended through Wednesday, March 15th, 2017.

MBA Statement on the Senate Banking Committee Approval of Dr. Ben Carson as HUD...

David H. Stevens, President & CEO of the Mortgage Bankers Association (MBA), released the following statement regarding the Senate Banking Committee's approval of Dr. Ben Carson as Secretary of the Department of Housing and Urban Development

MBA Statement on the Suspension of the MIP Reduction

David H. Stevens, President & CEO Mortgage Bankers Association, released the following statement regarding the Trump Administration's decision to suspend the recent reduction of the FHA mortgage insurance premium

Mortgage Applications Increase in Latest MBA Weekly Survey

Mortgage applications increased 0.8 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending January 13, 2017. The previous week's results included an adjustment for the New Year's holiday.

Credit Suisse Agrees to Pay $5.28 Billion in Connection with its Sale of Residential...

The Justice Department announced today a $5.28 billion settlement with Credit Suisse related to Credit Suisse’s conduct in the packaging, securitization, issuance, marketing and sale of residential mortgage-backed securities (RMBS) between 2005 and 2007. The resolution announced today requires Credit Suisse to pay $2.48 billion as a civil penalty under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA).
Liz Heitmann-OpesSantaBarbara

Opes Advisors relocates Santa Barbara office

Opes Advisors, a financial services firm with headquarters in Cupertino, California is relocating its Santa Barbara office to a more convenient location in the Presidio Avenue area of downtown at the end of this month. The innovative mortgage lending firm has been helping Santa Barbara-area residents achieve their dream of homeownership since 2014

Deutsche Bank Agrees to Pay $7.2 Billion for Misleading Investors in its Sale of...

The Justice Department, along with federal partners, announced today a $7.2 billion settlement with Deutsche Bank resolving federal civil claims that Deutsche Bank misled investors in the packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities (RMBS) between 2006 and 2007.  This $7.2 billion agreement represents the single largest RMBS resolution for the conduct of a single entity.  The settlement requires Deutsche Bank to pay a $3.1 billion civil penalty under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA).

December New Home Purchase Mortgage Applications Increase 2 Percent Year over Year

The Mortgage Bankers Association (MBA) Builder Applications Survey (BAS) data for December 2016 shows mortgage applications for new home purchases increased 2 percent relative to December 2015. Compared to November 2016, applications decreased by 14 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns.

Mortgage Applications Increase in Latest MBA Weekly Survey

Mortgage applications increased 5.8 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending January 6, 2017. The most recent week's results include an adjustment to account for the New Year's Day holiday, while the previous week's results were adjusted for the Christmas holiday.

Gene Lugat Appointed MAA Chairman for 2017-2018

The Mortgage Bankers Association (MBA) announced today that Gene Lugat, Executive Vice President of Eastern Division, National Industry and Political Relations, PrimeLending, Inc., has been appointed chairman of the Mortgage Action Alliance (MAA) for the 2017-2018 election cycle, by Rodrigo Lopez, CMB, MBA Chairman and Executive Chairman of NorthMarq Capital, and David Motley, MBA Chairman-Elect and President of Colonial Savings, F.A. and its divisions -- Colonial National Mortgage and CU Members Mortgage. Mr. Lugat will succeed Fowler Williams, CMB, who served as MAA Chairman for the 2015-2016 election cycle

Rick Arvielo Appointed Chairman of MORPAC for 2017-2018

The Mortgage Bankers Association (MBA) has announced that Rick Arvielo, CEO of New American Funding, was appointed chairman of the Mortgage Bankers Association Political Action Committee (MORPAC) for the 2017-2018 election cycle, by Rodrigo Lopez CMB, MBA chairman and Executive Chairman of NorthMarq Capital, and David Motley, MBA Chairman-Elect and President of Colonial Savings, F.A. and its divisions -- Colonial National Mortgage and CU Members Mortgage. Arvielo succeeds Jamie Korus who served as MORPAC Chairman for the 2015-2016 election cycle.

Mortgage Relief Defendant Banned from Debt Relief Business

Damian Kutzner, one of the operators of a mortgage relief scheme that bilked millions of dollars from financially distressed homeowners, has agreed to a court order banning him from the debt relief business

FHA TO REDUCE ANNUAL INSURANCE PREMIUMS ON MOST MORTGAGES

As the nation’s housing market continues to improve, U.S. Housing and Urban Development Secretary Julián Castro today announced the Federal Housing Administration (FHA) will reduce the annual premiums most borrowers will pay by a quarter of a percent.  FHA’s new premium rates are projected to save new FHA-insured homeowners an average of $500 this year

MBA Statement on FHA Mortgage Insurance Premium Reduction

David H. Stevens, President & CEO, Mortgage Bankers Association, released the following statement today regarding HUD's decision to reduce Mortgage Insurance Premiums for FHA single family loans

FHA Mortgage Insurance Premium Reduction a Fresh Start, Says NAR President Brown

Lower costs are coming for homebuyers seeking a Federal Housing Administration -insured mortgage. FHA announced today that they are cutting annual premiums for mortgage insurance from 0.85 percent to 0.60 percent, a move the National Association of Realtors® said breathes new life into the program.

Statement from NAHB Chairman Ed Brady on FHA’s Decision to Lower Premiums

Ed Brady, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Bloomington, Ill., today issued the following statement regarding the announcement by the Federal Housing Administration (FHA) that it will reduce its annual mortgage insurance premiums

Survey: Commercial and Multifamily Originators Expect Strong, Steady Market in 2017

Commercial and multifamily mortgage lending is expected to increase in 2017, as lenders' appetites to place new loans and borrowers' appetites to borrow both remain strong, according to a new Mortgage Bankers Association survey of the top commercial and multifamily mortgage origination firms. Nearly two-thirds (63 percent) of the top firms expect originations to increase in 2017, with one-quarter (26 percent) expecting an increase of 5 percent or more. A full half (50 percent) expect their own firm's originations to increase by 5 percent or more

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CONSTRUCTION FIRMS GETTING SQUEEZED BY INCREASING MATERIALS & LABOR COSTS AND...

Construction Officials Caution That Cost of Infrastructure, Other Construction Projects Will Increase if New “Buy America” Provisions, Punitive Tariffs or Limitations on Canadian Lumber Are Put in Place

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Eric Wohl

Phillips Edison Sells Five Shopping Centers Totaling 583,000 SF

Hanley Investment Group, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that in separate transactions Hanley Investment Group's Executive Vice President Eric Wohl served as advisor in bringing the buyer and seller together in the sale of five shopping centers owned by Cincinnati, Ohio-based firm Phillips Edison & Company, one of the nation’s largest owners and managers of grocery-anchored shopping centers. The buyer was Albanese Cormier Holdings, a commercial real estate investment company based in Beaumont, Texas