Now that Arch Mortgage Insurance is the largest player in the MI space – thanks to its yearend purchase of United Guaranty Corp. – it has no intention of taking it easy. In a recent interview with Inside Mortgage Trends, company CEO of Global Mortgage Insurance and Reinsurance Andrew Rippert touched on future growth, including plans for further expansion into international markets, increasing the firm’s coverage into more non-agency loans, and reinsuring its mortgage risk to ...
There are sharp differences in compensation structures for loan originators who work out of retail branches and those in the consumer-direct business, according to Strategic Mortgage Finance Group. Stratmor, an advisory firm, recently released details from its most recent “compensation connection” survey, covering compensation in 2015. The results focused on traditional retail LOs and consumer-direct LOs who tend to focus on call-center/online originations. Retail LOs were found to ...
Fannie Mae and Freddie Mac are getting more business in loans with lower credit scores and higher loan-to-value ratios, a new Inside Mortgage Trends analysis reveals. Some 22.08 percent of purchase mortgages securitized by the two government-sponsored enterprises in the first quarter of this year had credit scores ranging from 620 to 699. That was up from 21.46 percent in the fourth quarter of last year, and it represented the highest ... [Includes two data charts]
State regulators filed a complaint last week seeking to prevent the Office of the Comptroller of the Currency from creating a national charter for nonbank financial technology companies. The charter would preempt state laws, eliminating a “patchwork” of compliance issues for marketplace lenders and other fintech companies. “If the OCC is allowed to proceed with the creation of a special-purpose nonbank charter, it will set a dangerous precedent that any federal agency can ...
Lack of basic information and knowledge about the application process and concern about rising interest rates are reasons why most homeowners are reluctant to take out home-equity lines of credit to meet their financial needs, according to a study by mortgage solutions provider Digital Risk. A company survey of 1,038 homeowners found that 21 percent have no clue what a HELOC is, while 45 percent did not even know how to apply for one. Sixty-five percent said they ...
Democrats unsuccessfully pushed amendments that would try to keep President Trump, anyone in his administration or any of his businesses from benefitting from any provision in H.R. 10.
The Supreme Court of the United States this week ruled in favor of Miami in a case involving losses the city claimed were related to “predatory mortgages.” The ultimate impact of the ruling remains unclear, as the lawsuits will proceed in a lower court, potentially fizzling out or leading to a plethora of similar claims. In Bank of America v. City of Miami, BofA and Wells Fargo challenged lawsuits brought under the Fair Housing Act. The city alleged that discriminatory conduct by the banks in their origination of predatory mortgages before the financial crisis led to a disproportionate number of foreclosures and vacancies in majority-minority neighborhoods. Miami said the loans and foreclosures impaired the city’s effort to assure racial integration, diminished its property-tax revenue and increased demand for police, fire and other municipal services. In a 5-3 ruling supported by the Supreme Court’s more liberal-leaning justices, the court determined...
RSS