Tag Archives: Processing

Construction spending rose 0.6 percent in September to its highest level since 2009, the Census Bureau reported Thursday. Spending during the month was estimated at a seasonally adjusted annual rate of $851.6 billion, up from the revised August estimated of $846.2 billion. Private residential construction posted a 2.8 percent gain from August. That improvement was mostly driven by single-family building, which rose 3.9 percent as low mortgage rates spurred increased demand for new homes.

The U.S. government is violating the terms of the national mortgage settlement with its lawsuit against Wells Fargo, attorneys for the bank argue. In a motion filed in a U.S. District Court, attorney Douglas Baruch says the settlement "wiped the slate clean for Wells Fargo in terms of facing any further liability to the United States (except in carefully crafted, narrow circumstances) for a wide range of Wells Fargo conduct relating to the bank's Federal Housing Administration (FHA) mortgage loan portfolio, among other areas."

Last week's jobs report contained some good news with the bad, but analysts doubt there's enough to influence the presidential election.

Veterans United Home Loans earned a coveted spot on Great Place to Work's list of the best small and medium workplaces for 2012, the company announced.

Consumer confidence rose in October to its highest level this year, according to a survey released by The Conference Board.

After aggressively pursuing opportunities to grow, Ocwen Financial Corporation (Ocwen) reported an increase earnings in the third quarter of 2012. The mortgage servicer reported a net income of $51.4 million, or $0.37 per share in Q3 2012, a sharp increase of more than $30 million from the same quarter a year ago. Revenue soared even higher in Q3, spiking 90 percent from last year to $232.7 million. Ocwen says the figures for revenue and income from operations were record-setting numbers.

The mortgage market may be the largest market for consumer finance, but the sector lacks a comprehensive national database, according to the Federal Housing Finance Agency (FHFA) and Consumer Financial Protection Bureau (CFPB). This is why the federal agencies are coming together to create a national mortgage database.

Cetip, a private asset clearinghouse based in Brazil, will partner with technology provider FNC. Through the partnership, Oxford, Mississippi-based FNC, Inc. will apply its technology solutions to the Brazilian mortgage industry.

A survey released by the Federal Reserve shows slight easing of standards and strengthened demand for home loans.

Document and compliance software developer DocMagic, Inc., announced it has successfully customized and integrated its loan origination and package compliance solutions for the benefit of the more than 200 correspondent bank customers of Winona, Minnesota's Merchants Bank.