There are currently more buyers for retail origination platforms than there are entities available for sale, according to Strategic Mortgage Finance Group. Stratmor helped advise First Priority Financial last year as the lender was being acquired by Caliber Home Loans. First Priority had more than 370 employees with branches in California, Oregon, Washington, Idaho and Iowa. Terms of the transaction weren’t disclosed. “This deal, along with several other transactions in the Stratmor pipeline, now enable...
A data management and analytics firm is offering a service that can identify a lender’s existing borrowers who “need” an offer for a cash-out refinance. Altair Customer Intelligence said it offers lenders a number of ways to retain existing borrowers. While cash-out refinance activity is well below the levels seen before the financial crisis, many borrowers have built up equity in their homes in recent years, making cash-outs an option. Steve Ferrell, ?inbound marketing manager at Altair, said...
Retail banks and mortgage lenders have enjoyed a pretty good run of consistently improving customer satisfaction and loyalty over the last five years, but they could blow it if they’re not careful by exerting excessive sales pressure on borrowers, a new report by market research company J.D. Power suggests. In response to the recent fraudulent account creation scandal at Wells Fargo, J.D. Power decided to take a closer look at how this development affected retail bank customers across the U.S. and to get a better sense of the phenomenon of cross-selling. The survey found...
Homeowners over the age of 65 rarely use their mortgages to access their home equity, according to a new study by the Urban Institute and Fannie Mae. Even as a large number of seniors reported concerns about finances during retirement, Fannie noted that just 6 percent of older adult homeowners are interested in tapping their home equity. Relatively few seniors use FHA reverse mortgages, closed-end seconds, home-equity lines of credit and cash-out refinances to tap built-up home equity. One reason seniors hesitate...
According to an Inside Mortgage Finance analysis, Fannie and Freddie have passed along some $9.6 billion of MBS fees under the provisions of the 2011 Temporary Payroll Tax Cut Continuation Act.
Earlier this year, the CFPB brought a $3.5 million enforcement action against Prospect Mortgage, accusing the firm of illegal kickbacks for referrals from two real estate brokers…
Early on, after the lender was sued, Quicken even threatened to leave the FHA program but never did and instead has dominated the FHA “direct” lending market…
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