During December, the Cost of Funds Index declined 27 basis points, from October, the Federal Home Loan Bank of San Francisco reported. The decline follow a 66 BPS rise between November and October. Compared to December 2008, COFI was down 93 BPS.Read more…
Fannie Mae reported that new business acquisitions during 2009 were 30 percent higher than in 2008. Fourth-quarter volume was 53 percent higher than a year earlier, Fannie said. Looking at just December activity, business was up 69 percent from November and 49 percent better than December 2008.Read more…
In December 2004, Countrywide Financial Corp. agreed to a deal with the State of Texas to add 7,500 mortgage employees in the state. Shortly after its July 2008 acquisition of Countrywide, Bank of America Corp. confirmed that it planned to maintain the agreement with Texas. Now BoA is refunding money it received under the agreement [...]
In November 2009, Wells Fargo Bank, N.A., retook its place as the No. 1 reverse mortgage lender, according to data reported by Reverse Market Insight. In October, MetLife Bank stole the title from Wells. But prior to October — Wells had consistently been the biggest reverse mortgage lender.Read more…
Residential delinquency of at least 90 days during the fourth-quarter 2009 was up 59 basis points from the third quarter, Regions Financial Corp. reported. Home-equity delinquency rose was up 15 BPS. But massive losses at Regions eased during the latest period.Read more…
USA Mortgage reported that volume shot up 106 percent between 2008 and last year. The surge left final 2009 production above $1 billion. In the statement, USA Mortgage’s president and chief executive officer attributed the growth to a “hard-working, talented and customer-focused team.”Read more…
FORTUNE magazine released its 2010 list of the 100 best companies to work. The ranking reflects the results of a 57-question survey. The highest-ranking mortgage-related firm on FORTUNE’s list was Johnson Financial Group — which came in at No. 22.Read more…
In a recent mortgagee letter, the U.S. Department of Housing and Urban Development said that no outstanding or unpaid obligations in connection with a home-equity conversion mortgage transaction are allowed to remain except those tied to repairs to the property or permitted mortgage servicing charges. Another letter from HUD provided guidance for counselors and lenders [...]
Suspicious Activity Reports tied to mortgage fraud increased just 1 percent between the first half of 2008 and the first half of 2009, data from the Financial Crimes Enforcement Network indicated. FinCEN is a division of the U.S. Department of the Treasury. The latest activity contrasts a 39 pecent increase between 2007 and 2008.Read more…
During 2009, retail volume at Quicken Loans Inc. increased 108 percent from 2008, according to data from the company. Fourth-quarter 2009 residential production by retail originators increased 48 percent from the third quarter. But business more than doubled from the fourth quarter a year earlier.Read more…
