Loans originated last year are the best-performing mortgage loans on record, according to the November Mortgage Monitor released Tuesday by Black Knight Financial Services (formerly Lender Processing Services). The Monitor also found a significant increase in non-agency loans, a sign that the market might be ready for more risk. Non-agency, first-lien, prime, jumbo loans have increased 75 percent over the year in November, according to Black Knight.
Read More »Mortgage Banking Suffers at Wells, JPMorgan
This season's bank releases kicked off Tuesday with dual quarterly earnings reports from JPMorgan Chase and Wells Fargo--and as projected, weakened origination figures took their toll. JPMorgan's fourth-quarter income came to nearly $5.3 billion, a recovery from the third quarter's losses but a weak showing compared to the prior year's $5.7 billion. Meanwhile, Wells Fargo reported fourth-quarter profits of $5.6 billion, a 10 percent improvement over the same quarter last year.
Read More »Churchill Mortgage Recruits Compliance Trainer
To address concerns related to January's wave of regulations and ensure potential homebuyers still receive the service they're looking for, Churchill Mortgage has recruited a new full-time compliance trainer: Seth Trimble.
Read More »MBA Dials Back 2014 Origination Forecasts
Citing declines in application activity and increases in interest rates, the Mortgage Bankers Association (MBA) is lowering its forecast for origination volumes in 2014, the group announced.
Read More »ValuTrac Appoints VP of Sales
ValuTrac, a software solutions company catering to the appraisal management and mortgage lending industry, hired Hank Pruett as VP of sales. Pruett has nearly 25 years of experience in appraisal management, title issues, and client relations and is knowledgeable in all types of appraisals, both residential and commercial.
Read More »CFPB Director: Newly Implemented Rules Take Industry ‘Back to Basics’
CFPB Director Richard Cordray spoke to an audience in Phoenix, Arizona, to praise what he called the bureau's "back to basics" approach for the mortgage market.
Read More »Credit Plus Expands Debt Verification Offerings
Credit Plus, a mortgage information company with headquarters in Maryland, announced it has expanded its Undisclosed Debt Verifications service to offer updates from all three credit bureaus.
Read More »Will Fourth-Quarter Earnings Meet Expectations?
According to a market report from FBR Capital Markets, bank stocks managed to outperform compared to many others. FBR says the improvement stemmed from rising investor expectations in response to interest rates moving higher and the economy showing signs of improvement. "However," FBR says, "we believe most banks will not be able to live up to these expectations as loan growth remains weak, pressures on margins still exist, and mortgage banking results should remain relatively poor."
Read More »Wingspan Portfolio Advisors Appoints 30-Year Veteran as COO
Wingspan Portfolio Advisors, a diversified mortgage services company headquartered in Texas, named longtime industry expert Arleen Scavone to the newly created post of COO.
Read More »Churchill Mortgage Builds on West Coast Presence with California Office
Churchill Mortgage's West Coast presence continues to expand with the opening of a new office in Orange, California, the company announced.
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