J.D. Power released its 2016 U.S. Primary Mortgage Servicer Satisfaction Study, revealing that servicers who invest strategically in the customer experience can not only recapture that investment, but also increase profits and raise customer satisfaction. (more…)
Pending home sales were up slightly in June due to a lack of inventory and affordability constraints, according to the latest report from the National Association of Realtors®.
The NAR said sales increased by only 0.2% to 111.0 in June from 110.8 in May, and is now 1.0% higher than June 2015 (109.9). The regions of the country that saw home sales increase were the Northeast and Midwest, but were offset by drops in sales in both the South and West.
The Consumer Financial Protection Bureau (CFPB) released its monthly report of consumer complaints today with a highlight on credit cards. A total of 930,700 complaints were received on various consumer financial products across the U.S. as of July 1, 2016.
The financial product or service with the most complaints was debt collection. The top three companies that received the most complaints from February through April 2016, were credit reporting companies Equifax, Experian, and TransUnion. (more…)
The Mortgage Bankers Association’s (MBA) released its weekly survey this morning for the week ending July 22, 2016, showing mortgage applications had went down 11.2% from the previous week.
Purchase applications were at there lowest level since February 2016, with a decrease of 3% from one week earlier. Refinances also dropped 15%, representing 61.1% of total applications from 64.2% the previous week. Adjustable-rate mortgage (ARM) applications were down as well with 4.7% of total applications. (more…)
The National Association of Home Builders (NAHB) released its latest report today, showing sales of newly built, single-family homes was up 3.5% in June. New home sales rose 9.3% in the second quarter of 2016 from the first quarter. (more…)
The U.S. Department of the Treasury issued a joint white paper today with the U.S. Department of Housing and Urban Development (HUD), and the Federal Housing Finance Agency (FHFA), that is designed to serve as a mortgage servicer guide for future loss mitigation programs.
In the beginning of the financial crisis, mortgage servicers were ill equipped to deal with the massive amount of struggling homeowners who were contacting them for mortgage assistance. The influx of people caused mortgage servicers to be overwhelmed and many mistakes had hampered their loss mitigation programs. (more…)
A southern California man was sentenced this week to 9 years in federal prison for being the ringleader of a massive loan modification scam that ripped off more than 1,000 struggling homeowners across the nation.
Aria Maleki, 33, of Santa Ana, California, was sentenced by U.S. District Judge Stefan R. Underhill for his crimes in Bridgeport, Connecticut. (more…)
A Pennsylvania man who was the co-owner of a mortgage firm and several title companies was charged Friday for his role in a $13 million dollar bank fraud scheme, according to the United States Department of Justice (USDOJ).
George Barnard, 45, of Newtown Square, was charged with 24 counts of wire fraud, four counts of bank fraud, and three counts of filing a false tax return, announced U.S. Attorney Zane David Memeger. (more…)
The National Association of Home Builders (NAHB) said yesterday that housing starts across the nation were up in June by 4.8% to a seasonally adjusted annual rate of 1.19 million units. Permits issued to builders had risen 1.5% to a seasonally adjusted annual rate of 1.15 million. (more…)
WASHINGTON, D.C. – The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for June 2016, shows mortgage applications for new home purchases decreased by 0.2 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns. (more…)
Percentage of Subprime Mortgage Loan Originations Remains Consistent, as Volume Continues to Increase
Equifax Inc., a global information solutions provider released today its May 2016 National Consumer Credit Trends Report, which shows among other findings, that total mortgage volume increased in Q1 2016, compared to opening quarters in previous years.
Total new accounts and year-over-year increases for the first quarter of 2016, include: (more…)
WASHINGTON – House Financial Services Committee Chairman, Jeb Hensarling (R-TX) delivered the following opening statement at a hearing with Housing and Urban Development Secretary, Julian Castro about sudden policy changes the Secretary is making to the sale of nonperforming loans insured by the government: (more…)
Six Defendants Indicted on 135 Felony Counts For Scam That Cost Vulnerable Homeowners $4 Million
SAN DIEGO – Attorney General Kamala D. Harris announced that six individuals were indicted and arrested on 135 felony charges for operating a mortgage fraud scheme throughout Southern California and the Inland Empire, preying on homeowners facing foreclosure. The case is being prosecuted by attorneys in the Attorney General’s Mortgage Fraud Strike Force, created by Harris in 2011 to prosecute mortgage fraud at every step of the process. (more…)
WASHINGTON, D.C. – Mortgage applications increased 7.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 8, 2016. This week’s results included an adjustment for the Fourth of July holiday. (more…)
WASHINGTON, D.C. – Mortgage credit availability decreased in June, according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool. (more…)