Mortgage originations for black and Hispanic borrowers rose significantly faster in 2016 than among whites, according to a new Inside Mortgage Finance analysis of recently-released Home Mortgage Disclosure Act data. The HMDA report reveals that a total of $1.956 trillion of home loans were originated last year, an 18.5 percent increase over the 2015 total. Most observers believe that HMDA undercounts total mortgage originations by about 5 percent ... [Includes one data chart]
LoanDepot more than doubled its ARM originations in that span, and large increases were also seen at Wells Fargo, Bank of America Home Loans, First Republic Bank and MUFG…
Social Finance, a former fintech darling, has been through the ringer of late: cofounder, CEO and “brain” Michael Cagney resigned midmonth amid sexual harassment allegations and other top executives have departed as well, raising questions about the company’s direction – and future. SoFi, as it’s known, was a “disruptor” of sorts in the financial services arena, refinancing student loans made to millennials at cheaper rates and then securitizing the paper. Over the past 18 months, the privately held startup has been...
Mortgage bankers will now have until June 25, 2018, to adopt new margin requirements under Financial Industry Regulatory Authority Rule 4210, instead of the previous date of Dec. 15, 2017, after the self-regulatory organization opted to give the industry six more months of lead time. Last week, FINRA announced it was filing the proposed extension with the Securities and Exchange Commission, which has to sign off on it. But given the non-controversial, industry-supported nature of the proposal, the SEC’s blessing is considered a formality. According to a summary by the Mortgage Bankers Association, the amendments institute...
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