Although Associated denies that any such lending discrimination took place, it agreed to commit almost $200 million in new loans to “targeted” areas...
The conventional-conforming sector led the mortgage market’s surge in production volume during the first quarter of 2015, according to a new Inside Mortgage Finance ranking and analysis. Lenders originated an estimated $207 billion of conventional-conforming mortgages during the first three months of this year, an 18.3 percent increase from the fourth quarter of 2014. The conventional-conforming sector accounted for 57.5 percent of the $360 billion in overall mortgage originations during the period. The $360 billion is a revision of our initial estimate and does not include home-equity lending. The government and jumbo markets were...[Includes two data tables]
Warehouse banks increased their commitment levels to $40 billion at the end of the first quarter, a 14.3 percent sequential gain and a sign that all is well in residential originations, at least for now. Not only did warehouse providers benefit from stronger originations in early 2015, their business was boosted by the fact that nonbanks continue to gain origination market share. Compared to the same quarter a year ago, commitments are up a mouth-watering 42.9 percent, according to exclusive survey figures compiled by Inside Mortgage Finance. Then again, at $360 billion, the first quarter of 2015 was...[Includes one data table]
Separate lawsuits against major banks were dismissed last week, providing some insight on how lenders and servicers can defend against claims brought by consumer advocates under the False Claims Act and allegations of redlining and reverse redlining. In 2013, Advocates for Basic Legal Equality alleged that U.S. Bank’s servicing practices violated the FCA. U.S. District Court Judge Jack Zouhary dismissed the lawsuit, noting that the claims were barred by the “public disclosure doctrine.” Larry Platt, a partner at the law firm of K&L Gates, said...
RSS