An Illinois-based mortgage company will pay $1.2 million in restitution to consumers after a state investigation found a company’s branch manager defrauded consumers. Diamond Residential Mortgage Corp., Lake Forest, IL, recently settled with Illinois Attorney General Lisa Madigan and the Illinois Department of Financial and Professional Regulation, resolving a mortgage fraud allegation. Diamond’s Springfield branch manager, Chris Schaller ...
More needs to be done to incorporate affordable rental units into all geographic areas, according to Freddie Mac, which released a series of white papers last week focusing on the underserved multifamily housing markets. The GSE is publishing a total of eight papers as part of its duty-to-serve initiative to bring the issue of affordable apartments to the forefront. One of the papers explored how state housing finance agencies help guide low-income housing tax credit investment to high-income ...
PrimeLending is churning through loan originators, recruiting strong candidates and letting go of “non-performers” as lenders battle for purchase mortgages. In recent months, the retail lender owned by PlainsCapital Bank hired about 250 LOs and released about 200 others, according to Alan White, chairman of PlainsCapital Bank and co-CEO and vice chairman of Hilltop Holdings, which owns the bank. “We’ve been able to upgrade our staff,” he said during Hilltop’s earnings call ...
First Horizon National Corp. is seeing strong profits from its warehouse lending efforts. Loans to mortgage companies are the bank holding company’s most profitable lending business, according to officials at First Horizon. Warehouse lending is completed through the company’s banking subsidiary, First Tennessee. As of the end of the second quarter, First Tennessee had $3.0 billion in warehouse lending commitments, according to Inside Mortgage Finance. BJ Losch, an executive ...
The credit window for Fannie Mae and Freddie Mac single-family mortgages opened a little wider during the third quarter of 2018 as competition intensified in the primary market. A new Inside Mortgage Trends analysis of mortgage-backed securities issued by the government-sponsored enterprises during the third quarter revealed modest increases in the shares of purchase mortgages with low credit scores, although trends in loan-to-value ratios were mixed ... [Includes two data charts]
Cash-out refinancing is on the rise again, driven by rising interest rates and strong home-price appreciation, but there is no cause for alarm, according to the Urban Institute. Using Freddie Mac’s quarterly numbers on the refi market, UI found that the share of refi loans where borrowers tapped into their home equity has reached 77 percent of total refis in the second quarter of 2018. That was the market’s highest point since 2008, just as housing valuations began to tank ...
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