Servicing

FHA pushing to provide foreclosure relief to Puerto Rico, Virgin Islands hurricane victims

Extends foreclosure moratorium deadline one last time
The foreclosure moratorium for 2017 hurricane victims in Puerto Rico and the U.S. Virgin Islands whose mortgages are guaranteed by the Federal Housing Administration was due to end this week, but the FHA announced Thursday that it is extending the foreclosure freeze again – for the last time. But that’s not all.
Read More

Goodbye refi: Rising interest rates all but erase refinance demand

Purchase loans now make up nearly 75% of all mortgages
While mortgage interest rates dipped ever so slightly in the last week, they’ve been trending up for the majority of this year. And it appears that the consistent rise in interest rates this year has all but dried up refinance demand. Is it time to say goodbye to refis for a while? It certainly looks that way.
Read More

Fannie Mae begins 8th sale of re-performing loans

Continues effort to reduce mortgage portfolio size
Fannie Mae announced Tuesday it began marketing its eighth re-performing loan sale as part of its ongoing effort to reduce its retained mortgage portfolio. This latest sale consists of about 18,400 loans with an unpaid principal balance of about $3.59 billion.
Read More

Americans now have more debt than ever before

Mortgage debt hits highest level in 9 years
Thanks to increases in mortgage, auto loan, and credit card debt, Americans now have more debt than ever. In fact, mortgage debt now rests at $9 trillion. It’s the first time that mortgage debt has reached the $9 trillion threshold since the second quarter of 2009.
Read More

Executive Conversation: Patrick Burns on reinventing the title company

Spruce's proprietary software platform leverages intelligent automation
Executive Conversations is a HousingWire web series that profiles powerful people in the financial industry, highlighting the operations and the people that make this sector tick. In the latest installment, we sit down with Patrick Burns, CEO of Spruce, to talk about how they’ve reinvented what it means to be a title company.
Read More

Federal Reserve fines Citigroup $8.6 million for mortgage document issues

Employees allegedly signed documents without knowing what was in them
A major U.S. bank is being fined over sloppy mortgage documentation practices and no, it’s not Wells Fargo. The Federal Reserve announced Friday that it fined CitiGroup $8.6 million over the “deficient execution and notarization of certain mortgage-related affidavits” by its subsidiary CitiFinancial.
Read More

Canary in the coal mine? Impac mortgage originations plummet in second quarter

Originations fall 42% from last year thanks to rising rates
Mortgage interest rates may have fallen ever so slightly in the last week, but on the whole, they’re on the way up and have been for quite some time. And the rising interest rate environment is hitting one lender quite hard. Impac Mortgage, which also operates CashCall Mortgage, revealed late Wednesday that its mortgage originations plummeted in the second quarter.
Read More