The ailing Ditech Financial signaled in a new SEC filing that it will no longer file public reports on its quarterly and monthly results. The move comes days before bids are due on the franchise.
Mortgage applications surge in the days before the Fed meets to set interest rates, according to a study that looked at confidential data from HMDA. Applications fall by an even larger amount after the meetings.
Mortgages with low credit scores and higher loan-to-value ratios accounted for a larger share of Fannie/Freddie purchase business in the first quarter. But the industry is hardly in a race to the bottom despite slumping volume and tight margins.
Ditech is once again operating under Chapter 11 bankruptcy protection. But its problems, like a top subservicing client wanting out, are accelerating. Can the firm's advisors sell the shop before it's too late?
A new report from Moody's offers a glimpse at the financials of four private nonbanks: Freedom Mortgage, Provident Funding Associates, Quicken Loans and Stearns Holdings. Combined, core profit was down sharply at the four firms in 2018.
China’s residential mortgage-backed securities industry, which is younger and smaller than the U.S. RMBS market, has grown rapidly over the last few years, according to a new report from Moody’s Investor Service. Spurred by a growing mortgage market, China securitized an estimated $87 billion of residential loans in 2018. Though modest compared to the U.S. annual production, it was a record year for China, having tripled from the previous year’s total issuance and even surpassing ...
The Department of Labor in March proposed a new threshold for overtime eligibility. The proposal leaves untouched standards that have been in place since 2010, which make mortgage loan officers eligible for overtime pay. Currently, certain employees that make at least $455 per week ($23,600 per year) are exempt from overtime pay, which is paid at 1.5 times the employee’s regular rate of pay when working more than 40 hours a week. The DOL proposed increasing the overtime ...
More states are joining the chorus of calls to enforce consumer laws more rigorously, as the Consumer Financial Protection Bureau shows signs of reducing its oversight responsibility. So far, at least four states have created state watchdog agencies akin to the CFPB. The Pennsylvania Attorney General’s Office in July 2017 established a consumer financial protection unit, which focuses on mortgage issues, debt collection, payday lending and auto financing. Roughly 15 of its 25 attorneys ...
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