Nonbank mortgage jobs show slight increase with first rise in 12 months
In April, the Bureau of Labor Statistics reported that nondepository payrolls in the housing finance industry stopped falling and increased slightly from the previous month, reports National Mortgage News. This uptick, albeit tiny, ends 12...
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UBS to shut down US mortgage trading
UBS Group AG is shutting down a business in its US mortgage unit that focuses on “to-be-announced” trading. The business involves forward sales of these securities. UBS has reportedly been moving toward a new business strategy focused…
Companies accuse EPM of not paying rent
According to reports, two property companies have filed rent-related lawsuits against Equity Prime Mortgage LLC. The lawsuits were filed in Florida and Missouri. Landlords have accused EPM of not paying rent for office spaces…
Fitch puts Fannie & Freddie on negative ratings watch
Fitch Ratings has put Fannie Mae’s and Freddie Mac’s credit ratings on Rating Watch Negative (RWN). This means they’re on warning for a possible downgrade. Fitch took this action after placing the U.S. on RWN, a warning that the country’s…
Lender shopping could save borrowers $100 or more per month
Price dispersion (when different sellers price the same goods at different prices), in mortgages “is often around 50 basis points” of the APR, the study found. In today’s market, that can add up to a difference of $100 per month for a $300,000 loan…
Non-prime mortgage lender/servicer fined $4.25M for cybersecurity violations, including vendor management
OneMain Financial Group has been ordered to pay a $4.25 million penalty to New York State for alleged violations of the state’s Cybersecurity Requirements for Financial Services Companies, 23 N.Y.C.R.R. Part 500 (“Reg 500”)…
PacWest sells residential business-purpose lender to Roc360
PacWest Bancorp has sold its residential business-purpose business mortgage lender, Civic Financial Services, to Roc360, a real estate lending firm. Civic specializes in providing lending for residential real estate investors….
Average monthly mortgage payment goes up for 4th straight month
The median payment that buyers applied for increased from $2,093 to $2,112 in March, according to the MBA’s Purchase Application Payment Index. A year ago, the same index calculated the median payment to be $1,889. This marks an 11.8% jump from April 2022…
Colonial Savings to leave mortgage business
Another financial institution is getting out of mortgage originations. Texas-based Colonial Savings, F.A. announced that it would stop its mortgage origination business effective July 31, 2023. It cited “changing market dynamics and…
Credit cardholder confidence inches up in May
Credit cardholders’ are feeling slightly more confident they can pay their full credit card balances this month. This is the first uptick seen in cardholder confidence after three months of no change, according to…
Planet Financial Group launches commercial servicing division
The division will offer automated payment processing, financial tracking, investor reporting, collateral tracking, delinquency and collection management, and more. Planet has been managing commercial assets since 2007…
Mortgage application volume falls nearly 5%
Purchase applications fell 4% from the week before, and are 30% below numbers from this time last year. Refinance applications dropped 5% from the previous week and are 44% lower than the same week in 2022…
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Nonbank mortgage jobs show slight increase with first rise in 12 months
In April, the Bureau of Labor Statistics reported that nondepository payrolls in the housing finance industry stopped falling and increased slightly from the previous month, reports National Mortgage News. This uptick, albeit tiny, ends 12...
UBS to shut down US mortgage trading
UBS Group AG is shutting down a business in its US mortgage unit that focuses on “to-be-announced” trading. The business involves forward sales of these securities. UBS has reportedly been moving toward a new business strategy focused…
Companies accuse EPM of not paying rent
According to reports, two property companies have filed rent-related lawsuits against Equity Prime Mortgage LLC. The lawsuits were filed in Florida and Missouri. Landlords have accused EPM of not paying rent for office spaces…
Fitch puts Fannie & Freddie on negative ratings watch
Fitch Ratings has put Fannie Mae’s and Freddie Mac’s credit ratings on Rating Watch Negative (RWN). This means they’re on warning for a possible downgrade. Fitch took this action after placing the U.S. on RWN, a warning that the country’s…
Lender shopping could save borrowers $100 or more per month
Price dispersion (when different sellers price the same goods at different prices), in mortgages “is often around 50 basis points” of the APR, the study found. In today’s market, that can add up to a difference of $100 per month for a $300,000 loan…
Non-prime mortgage lender/servicer fined $4.25M for cybersecurity violations, including vendor management
OneMain Financial Group has been ordered to pay a $4.25 million penalty to New York State for alleged violations of the state’s Cybersecurity Requirements for Financial Services Companies, 23 N.Y.C.R.R. Part 500 (“Reg 500”)…
PacWest sells residential business-purpose lender to Roc360
PacWest Bancorp has sold its residential business-purpose business mortgage lender, Civic Financial Services, to Roc360, a real estate lending firm. Civic specializes in providing lending for residential real estate investors….
Average monthly mortgage payment goes up for 4th straight month
The median payment that buyers applied for increased from $2,093 to $2,112 in March, according to the MBA’s Purchase Application Payment Index. A year ago, the same index calculated the median payment to be $1,889. This marks an 11.8% jump from April 2022…
Colonial Savings to leave mortgage business
Another financial institution is getting out of mortgage originations. Texas-based Colonial Savings, F.A. announced that it would stop its mortgage origination business effective July 31, 2023. It cited “changing market dynamics and…
Credit cardholder confidence inches up in May
Credit cardholders’ are feeling slightly more confident they can pay their full credit card balances this month. This is the first uptick seen in cardholder confidence after three months of no change, according to…
Planet Financial Group launches commercial servicing division
The division will offer automated payment processing, financial tracking, investor reporting, collateral tracking, delinquency and collection management, and more. Planet has been managing commercial assets since 2007…
Mortgage application volume falls nearly 5%
Purchase applications fell 4% from the week before, and are 30% below numbers from this time last year. Refinance applications dropped 5% from the previous week and are 44% lower than the same week in 2022…
