The purchase-mortgage market is beginning to kick into gear, according to an exclusive Inside Mortgage Trends analysis of agency mortgage-backed securities issuance through the first five months of 2017. Collectively, Fannie Mae, Freddie Mac and Ginnie Mae securitized $268.36 billion of single-family purchase mortgages from January through May. That was up 10.5 percent from the same period in 2016. Purchase-mortgage volume has ... [Includes one data chart]
An increasing number of mortgage lenders have eased up on their underwriting standards recently and are likely to continue doing so in the months ahead in order to counter cooling consumer demand for residential financing, according to a new survey from government-sponsored enterprise Fannie Mae. Decreased housing affordability and loan profitability, coupled with increased competition, are driving the expansion of the credit box. Lenders also cited reduced ...
An “excess” servicing deal tied to $117.0 billion of mortgage servicing rights between New Residential Investment Corp. and Ocwen Financial appears to be dragging on longer than expected, causing anxiety in some circles. The transaction – which changes the fees paid to Ocwen resulting in a short-term (gross) gain of $425 million – was unveiled on May 1 and has yet to close. Piper Jaffray analyst Kevin Barker and his team write in a recent report that the deal was slated to be ...
A number of factors beyond offering mortgages with low interest rates can help boost customer satisfaction, said Strategic Mortgage Finance Group. Officials at the advisory firm suggest that communication with borrowers can help reduce complaints. Garth Graham, a senior partner at Stratmor and head of its marketing strategy and execution practice, said lenders can gain market share by using seven practices to improve borrower satisfaction. His advice was based on ...
Nationstar Mortgage has moved its offshore call centers back to the U.S. to improve service to customers, particularly those who prefer to deal with domestic company representatives. The Dallas-based nonbank described the move as part of its two-year plan to become more customer-centric and provide more personalized service to its more than 3 million customers. The shift starts with rebranding, which appears designed to create the impression that the customer is dealing with ...
loanDepot would like to see more digital closings, according to Dominick Marchetti, the firm’s chief technology officer. The loanDepot official said there has been very little use of e-closings since he first witnessed one over a decade ago in 2002. “It’s fairly disappointing, actually,” Marchetti said, adding that fewer than 100 digital mortgages are closed per month. Only 1,600 of the nation’s 3,800 counties are equipped to handle digital closings, he added. The slow adoption rate ...
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