Lenders operating in the consumer-direct channel have a distinct opportunity to use technology to improve the mortgage experience for borrowers, according to findings from the Strategic Mortgage Finance Group. Garth Graham, a senior partner at the firm more commonly referred to as Stratmor, detailed the findings in a new publication from the mortgage-industry consulting firm. The Stratmor executive suggested that consumer-direct lenders should work with technology that ...
Unemployment and negative equity have a large influence on a household’s decision to default on their mortgage, but a study by a team of government economists and academics has found that most financially distressed households manage to keep current on their loan. Another surprising finding by the study “Can’t Pay or Won’t Pay? Unemployment, Negative Equity, and Strategic Default” is that strategic defaulters are few and rare despite the publicity they get ...
Underwater borrowers are regaining equity, student loan debt is increasing, and FHA may be losing revenue due to decreasing recovery rates, according to the latest report from Black Knight Financial Services. Data as of the end of May 2016 indicate that 425,000 underwater borrowers are breathing easier as usable equity rose by $260 billion in the first quarter of 2016, thanks to improving housing prices, the report said. This translates into a 6 percent increase in ...
When origination volume begins growing rapidly, as it appears to have in the second quarter, lenders often ramp up their third-party origination platforms rather than beef up their retail production capacity. According to a new Inside Mortgage Trends analysis of agency mortgage-backed securities data, Fannie Mae, Freddie Mac and Ginnie Mae securitized $156.23 billion of TPO loans during the second quarter, a 32.2 percent increase over the previous ... [Includes one data chart]
"Liquidity provides the grease that allows capital markets to operate freely," said Rodrigo Lopez, chairman-elect of the Mortgage Bankers Association. "We are currently experiencing a lack of liquidity, not a lack of cash."
Black Knight Financial Services reported net earnings for the second quarter of 2016 of $11.40 million compared with net earnings of $0.30 million in the previous quarter.
Smaller banks and nonbanks are rallying behind legislation recently introduced to relieve community mortgage lenders from some of the scrutiny placed on larger banks. Rep. Roger Williams, R-TX, authored H.R. 5907, the Community Mortgage Lenders Regulatory Act of 2016, and emphasized that community mortgage lenders engaged in traditional mortgage lending were not responsible for the recent mortgage crisis. Scott Olson, director of the Community Home Lenders Association, told...
Officials at Wells Fargo said that in the first month of offering the non-FHA yourFirstMortgage, applications for more than $1.0 billion in production were received.
Officials at BofA have a positive outlook for originations, with the bank’s first-mortgage production pipeline at higher levels at the end of the second quarter.
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