Tag Archives: Lenders & Servicers

According to a release from Citi, the bank will pay Freddie Mac $395 million, all of which is covered by its existing mortgage repurchase reserves as of the end of Q2. The agreement covers claims for breaches of representations and warranties on 3.7 million loans sold between 2000 and 2012. Jane Fraser, CEO of CitiMortgage, said the agreement "marks another important milestone in successfully resolving Citi's remaining legacy mortgage issues."

Freddie Mac's mortgage portfolio shrank in August at the fastest rate so far this year. The portfolio contracted at a rate of 5.0 percent, turning down further from July's -1.7 percent growth rate.

Carrington Charitable Foundation (CCF), the philanthropic branch of the Carrington Family of Companies, announced its 3rd Annual Golf Classic to be held October 14 in Newport Coast, California.

The summer is over and with it the end of re-runs of (some of) our favorite shows. Still, there├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós one more re-run we have to endure, but with a new twist: Republicans in Congress balking at increasing the debt ceiling and threatening a government shutdown when the federal fiscal year ends October 1--unless (and this is the twist) legislation passed by the Congress and signed into law by the President is tweaked, modified, changed, delayed, or otherwise abandoned.

Mortgage rates continued their climb in August, according to the Federal Housing Finance Agency (FHFA).

Mortech, a Zillow business providing mortgage technology software for bankers and secondary market teams, announced that Tom Erickson has been promoted to the position of mortgage industry and compliance specialist.

A study from Zillow finds three out of 10 Americans are still unable to get in on today's improving market as mortgage availability remains tight.

Robert Fulton has joined LenderLive Network as SVP of secondary and capital markets for the company's Correspondent Lending unit.

Despite efforts to shore up its insurance fund, the Federal Housing Administration (FHA) is likely to seek a Treasury draw of nearly $1 billion to help cover losses from bad loans. "Sources familiar with the matter" told Reuters Wednesday the agency may need to take a bailout for the first time in its history. While no definitive numbers were given, the White House predicted in its budget earlier this year that FHA may need up to $943 million.

According to Freddie Mac's Primary Mortgage Market Survey, the average interest rate for a 30-year fixed-rate mortgage (FRM) was 4.32 percent (0.7 point) for the week ending September 26, down to the lowest level since the week ending July 25. A year ago, the 30-year FRM averaged 3.40 percent. Declines were just as drastic in Bankrate.com's weekly national survey. The site reported a drop of nearly 20 basis points for the 30-year fixed, which ended the week at 4.47 percent.