Banks and thrifts reported a 10.3 percent increase in mortgage repurchases and indemnifications during the fourth quarter of 2014 compared with the previous quarter, according to an Inside Mortgage Trends analysis of call-report data. Despite the late-year uptick, 2014 still ranked as the most benign for the industry since banks began reporting repurchases in 2008. Institutions repurchased or made indemnifications totaling just $4.25 billion ... [Includes one data chart]
First Horizon announced on Thursday that its regional bank agreed to a $212.5 million settlement with the Department of Justice and the Department of Housing and Urban Development. The settlement relates to First Tennessee Bank’s underwriting and origination of FHA-insured mortgages from 2006 through 2008.
Mortgage brokers played an increasingly important role in the conventional conforming market during the first quarter of 2015, according to a new Inside Mortgage Trends analysis of mortgage-backed securities issued by Fannie Mae and Freddie Mac. Mortgage brokers were responsible for $23.8 billion of single-family mortgages securitized by the two government-sponsored enterprises during the first three months of this year. That was up 16.0 percent ... [Includes two data charts]
The CFPB brought an enforcement action against RMK Financial Corp., a California-based mortgage lender, for allegedly using deceptive mortgage advertising practices, including ads that led consumers to believe that the company was affiliated with the U.S. government.
The Department of Veterans Affairs will continue removing barriers to delivering home-loan benefits to veterans and service members in 2015, focusing more on further improvements in appraisal and servicing.
George Mason University real estate professor Anthony Sanders, a former head of asset-backed and mortgage-backed securities research at Deutsche Bank, took issue this week with a recent report from the Urban Institute which suggested that residential mortgage credit is still too tight because there are 4 million fewer mortgages originated this year than in 2001, before the housing bubble.
Strong purchase lending to military personnel and first-time homebuyers allowed Navy Federal Credit Union to exceed the $1 billion mark in March, the best month in the credit union’s history.
Carrington Mortgage Services announced on Tuesday that it will offer the FHA 203k Full loan program through its national wholesale lending division, which should be especially attractive for first-time homebuyers purchasing a “fixer-upper.”
Despite the drought, a Fannie spokesman issued a statement saying, “Bank of America continues to be an important seller-servicer for Fannie Mae, including servicing a sizable book of loans that we own.”
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