The nation’s megabanks reported fairly strong mortgage earnings during the second quarter thanks to a jump in new originations, robust servicing revenue and expense cuts. If the results reported by Wells Fargo, JPMorgan Chase, Bank of America and Citigroup are any indication, the industry may be rebounding from a rough stretch in late 2013 and early 2014. But the first quarter of this year was so bad – and originations so weak – that lenders had no place to go but up. Larry Charbonneau, a warehouse lending analyst, said...
Ocwen's consumer council will consider issues such as principal reduction loan modifications, reducing urban blight, helping minorities and improving language access to borrowers with limited English proficiency.
Mortgage firms are concerned they may be sanctioned or penalized if they make a mistake, but the FHA at this time likely will not take any action because the system is so new.
“If the cap is 2.75 percent, it doesn’t leave much, but you have to keep in mind that the lender is building ‘everything else’ into the note rate,” said Marc Savitt.