The U.S. Supreme Court this week heard oral arguments on whether a second-lien lender is secured when a borrower with an underwater first lien declares Chapter 7 bankruptcy. SCOTUS in 1992 ruled that a creditor is protected when a partially underwater mortgage goes into bankruptcy. In most cases, the courts have said second-lien creditors are secured as well, even if there isn’t enough value to pay off the first lien. …
Home-equity lending gained modest momentum during the fourth quarter of 2014, although the outstanding supply of second-lien mortgage debt continued its seven-year decline. Mortgage lenders originated an estimated $21 billion of home-equity loans, including home-equity lines of credit and closed-end second mortgages, during the fourth quarter. That was up 5.0 percent from the third quarter and brought full-year production ... [Includes one data chart]
CFPB General Counsel Meredith Fuchs showed little sympathy for lenders worried about TRID's start date, referencing the rule's long implementation period.
The headline might sound promising, but keep in mind that during the housing boom of 2003 to 2007, the industry averaged nearly $340 billion a year in home-equity originations.
Real estate agents prefer to work with lenders that have a local presence, but call-center operations have improved their reputations among agents, according to new research by Campbell Surveys, based on a national survey sponsored by Inside Mortgage Finance Publications. “Survey results show that Quicken Loans’ call-center model can be an accepted alternative to the local branch/local loan officer model, at least for some homebuyers and real estate agents ...
With the first quarter coming to a close, the mortgage mergers and acquisitions market shifted into high gear this week as Ocwen Financial stepped up its auction of agency servicing rights and new revelations surfaced that RoundPoint Mortgage was almost sold, but the deal hit a snag over pricing. According to investment banking officials familiar with the RoundPoint situation, a buyer backed away from the transaction because the servicer’s owner, Tavistock Group ...
RSS