Tag Archives: Lenders & Servicers

Struggling borrowers in need of alternative home loan modifications are getting a helping hand from a Texas-based mortgage lender and servicer. Homeward Residential, Inc., has rolled out a new program for consumers who are unable to qualify for modification options through federal initiatives.

Private and public construction spending fell off in July, shy of initial estimates, with private nonresidential spending worse for the wear if trends persist, analysts say. Analysts with IHS Insight shared their concerns on Tuesday with commentary detailing the latest spending numbers from the Census Bureau. According to the report, construction spending declined by 0.9 percent in July, while spending went up 9.3 percent year-over-year. Public construction declined by 0.4 percent.

For the fourth consecutive quarter, the mortgage industry posted a net gain in jobs, according to Mortgage Daily├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Second Quarter 2012 Mortgage Employment Index. However, the net gain reported in the second quarter is well under the gain reported for the first quarter of the year. According to the report, 1,335 jobs were added to the mortgage industry in the second quarter, down from 2,969 added in the first quarter but up from a net loss of 464 jobs a year ago. The net gain is the result of 5,580 hirings and 4,245 layoffs in the sector over the second quarter.

Home prices in July saw the biggest nationwide year-over-year increase since August 2006, CoreLogic reported Tuesday. According to the company's July Home Price Index (HPI), home prices-including distressed sales-increased year-over-year by 3.8 percent in July. On a month-over-month basis, prices increased 1.3 percent from June. July marked the fifth consecutive increase in home prices on both a monthly and yearly basis. Only 23 metro areas fell year-over-year.

Mortgage rates held steady above record lows this week, as the debt crisis in Europe threatened to upend an increasingly more favorable economic climate. Zillow reported that the 30-year fixed-rate mortgage hovered old lows at 3.36 percent, only after dipping from 3.39 percent last week. Interest rates for 15-year home loans currently average 2.73 percent, while those for 5-year and 1-year adjustable-rate mortgages stay near 2.35 percent. The debt crisis in Europe continues to feed uncertainty for investors interested in stability.

A home with a very dubious history has hit the market in Ocklawaha, Florida. The former residence of Kate "Ma" Barker - she's the mother of famous gangsters, the Barker brothers - has been listed for $1 million. The property, which Barker was renting under an assumed name at the time, was the site of her demise in 1935 when she was shot by police following a four-hour standoff.

The Consumer Financial Protection Bureau recently unveiled several recent changes of guard for senior personnel. The bureau said in a release on Tuesday that Kelly Thompson Cochran, Chris Lipsett, Stephen van Meter, and Delicia Reynold Hand would move into senior roles. Cochran will transition from her role as deputy assistant director into a new office as acting assistant director for regulations. Van Meter will take up a new position as deputy general counsel, a change from his past role as assistant general counsel for policy with the CFPB.

Independent mortgage bankers and originators saw their profits rise over the second quarter, according to the Mortgage Bankers Association. The trade group released a statement on Thursday that found independent mortgage banks and subsidiaries clinching $2,152 on average for every loan from the second quarter. That's an increase from $1,654 per loan from the quarter before. Net production income shot up by 107 basis points, a leap from 82 basis points from the first quarter.

The slowing pace of workouts hasn├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ót stopped CMBS special servicer volume from falling, Fitch Ratings reported. According to Fitch├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós weekly U.S. CMBS Market Trends newsletter, the balance of loans in special servicing as of June 30 was $80.5 billion, a drop from $83.1 billion at the end of 2011 and $85.6 billion in June 2011. This news comes despite a slowdown in resolutions in the year├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós first half, with 1,242 loans resolved in that time (compared to 1,556 in the first half of 2011).

Illinois has decided to set aside part of its funds from the national mortgage settlement to provide free legal assistance for Chicago area homeowners, Illinois Attorney General Lisa Madigan announced earlier this week. About $4.7 million from the national foreclosure settlement funds will go to the Legal Assistance Foundation. LAF will use the funds to reach out to distressed homeowners and provide services to keep struggling owners in their home. The funds will also help LAF work with the courts to improve the Cook County Foreclosure Mediation Program and support its staff.