Tag Archives: loans

The Federal Reserve will release its February 2017 Consumer Credit survey. Previous studies have revealed that although ejection rates on credit applications declined, consumers still felt pessimistic. For example, February’s report revealed that consumers were 12.2 percent less likely to apply for a mortgage refinance than before.

More lenders in February saw defects in mortgage applications compared to January, according to a new report by First American Financial Corp. The firm’s chief economist cited rising interest rates as the likely culprit. As rates rise, more borrowers are seeking ARMs, which are inherently riskier and, thus, ripe for more misrepresentation.

The chain of title is the guy-wire that holds the home finance industry upright. Without some method to determine who owns a given parcel of real estate, it cannot be used as collateral for a loan. In cases where these loans go into default, a clear title is essential for a smooth foreclosure and REO process. Unfortunately, problems arise that cloud the title, increasing loss severity for investors.

The company recently purchased about 8,000 loans with unpaid balances of $1.4 billion from Fannie Mae.

The sale of these loans is intended to reduce the number of seriously-delinquent loans owned by Fannie Mae and to help stabilize neighborhoods and to help meet the portfolio reduction targets required under the Senior Preferred Stock Purchase Agreement with the United States Treasury.

With online lender Rocket Mortgage in tow, closings are at an all-time high for Quicken Loans.

Statistics show that purchase lending during Q4 2016 hit its highest level since 2006, with total delinquencies reduced to 4.25 percent.

Legal, regulatory, and compliance defects dropped to a 12 month low, according to a recent report backed by Fannie Mae data.

The FHFA reported increased interest rates alongside decreasing loan amounts.

Fannie Mae plans to continue offering its traditional CIRT transactions that cover existing loans in its portfolio.