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The Evolving Landscape of Mortgage Lending: Navigating New Challenges and Opportunities Explore recent trends in mortgage lending, including the rise of digital platforms, green mortgages, and the impact of regulatory changes.
Lending (1509)
TIAA Bank Eliminating Retail Lending Via Branch Network
TIAA Bank plans to eliminate the branch-based retail home-lending business—and concentrate on originating home mortgage loans through existing digital mortgage capabilities. “We understand that borrowers today need fast, convenient and cost-effective solutions,” said Blake Wilson, chairman and chief executive officer of TIAA Bank. “The changes we’re making will enable us to deliver [caption id="attachment_10244" align="alignleft"… Read more...
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S&P-Experian: Credit Default Rates Stable in January 2019
The composite S&P/Experian Consumer Credit Default Indices rate rose one basis point from last month to 0.90 percent. The bank card default rate rose eight basis points to 3.42%. The auto-loan default rate fell four basis points to 0.99%. The first mortgage default rate was two-basis points higher at 0.69%. The indices represent a comprehensive… Read more...
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MISMO Unveils Remote Online Notarization Standards
MISMO has released remote online notarizations standards for a 60-day public comment period—in a bid to ensure lenders avoid the inefficiency of dozens of state-level protocols. The aim is for the standards to face a rigorous review from organizations and industry participants—that demonstrates the standards are ready for broad use across the mortgage industry. Once… Read more...
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Pentagon Federal, Black Knight Ink Deal for Servicing, Default Services
Pentagon Federal Credit Union, the second largest credit union in the U.S., has inked a deal for the MSP loan servicing system, default solutions and other applications from Black Knight. The MSP system encompasses all aspects of servicing--from loan boarding to default-- for first mortgages and home-equity loans and lines of credit. Used to service… Read more...
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Housing Inventory: Increased 6.4% Year Over Year, Establishing a Record
A sixth consecutive month of declining home sales in January contributed to the largest year-over-year inventory increase in at least 10 years, according to the RE/MAX National Housing Report. While year-over-year home sales dropped 11 percent, extending a streak that began in August, inventory grew year-over-year by an average of 6.4 percent across the report's… Read more...
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Arch Reported $121M Net Income
Arch Capital Group Ltd. reported net income of $126.1 million, or $0.31 per share, a 5.9% annualized return on average equity, compared to $203.5 million, or $0.49 per share, for the 2017 fourth quarter. Pre-tax current accident year catastrophic losses, net of reinsurance and reinstatement premiums were $118.2 million, primarily related to Hurricane Michael and… Read more...
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Mortgage Exec Pleads Guilty to $8.9M Fraud
In federal court in Central Islip, N.Y., Edward E. Bohm, president of sales and an undisclosed owner of Long Island mortgage lender Vanguard Funding LLC, pleaded guilty to conspiring to commit wire and bank fraud. The plea related to the illegal diversion of over $8.9 million of warehouse loans that the lender had obtained to… Read more...
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HomeStreet to Sell Loan Centers, MSA Holdings
Homestreet Inc. has retained Keefe, Bruyette & Woods to seek buyers to acquire its stand-alone home loan centers . Also, the Company has retained MountainView Transaction Advisory LLC to seek buyers for the majority of its single-family mortgage servicing rights principally related to loans originated by those home loan centers and personnel. These moves could… Read more...
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Commerce Home Mortgage Is Now a Member of FHLB
Commerce Home Mortgage LLC has become a member of the Federal Home Loan Bank of San Francisco. In addition, it is one of the few independent mortgage companies that is approved with Fannie Mae, Freddie Mac, Ginnie Mae, and has been certified as a community development financial institution. Membership in the FHLB system offers many… Read more...
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Stewart, Fidelity 'Disagree' with New York Regulator’s Disapproval Notice on Merger
Stewart Information Services Corp. has reported consolidated pretax income of $19.7 million in the fourth quarter of 2018, compared to $17.5 million in the same period a year earlier. The title business generated pretax income of $29.5 million in the fourth quarter of 2018, compared to $27.0 million in the same period a year earlier.… Read more...
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