How did Wells Fargo and Bank of America’s mortgage businesses perform in the third quarter?

Housing Wire

The bank originated $62 billion in home loans during the third quarter, up 5% from $59 billion in the prior quarter. In the third quarter of 2019, Wells Fargo originated $58 billion in mortgages. Though rival Bank of America posted a $2.1 Wells Fargo Mortgage

Banks 238

Mr. Cooper, U.S. Bank and PNC Bank settle DOJ servicing case

Housing Wire

Bank and PNC Bank. “The failure of mortgage servicers to comply with those requirements compromises the integrity of the bankruptcy system and the ability of homeowners to receive a fresh start,” said Cliff White, the director of DOJ’s U.S.

Banks 209
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Flagstar Bank to back trio of mortgage-tech startups

Housing Wire

Flagstar Bank and the FinTech Consortium revealed that fintech startups Home Lending Pal , Stavvy and Real Key are the latest initiates to the companies’ ongoing MortgageTech Accelerator program. The post Flagstar Bank to back trio of mortgage-tech startups appeared first on HousingWire.

Banks 175

US Bank Mortgage Review for 2020

The Morgtage Report

Review of US Bank Mortgage showing how the company compares to other top lenders for mortgage rates, service, complaints, and loan products.

Banks 77

People movers: Gateway First Bank, Promontory MortgagePath and Mortgage Solutions Financial

Housing Wire

Gateway First Bank officially named Scott Gesell CEO and general counsel after serving as CEO on an interim basis since April 3. Most recently, he served as vice president of operations at Mortgage Solutions Financial where he helped the company break multiple sales records.

Banks 159

Bank of Canada’s Mortgage Buying Is A Quarter The Size of New Mortgage Credit

Better Dwelling

Canada’s central bank is using billions to flood the mortgage market with cheap money. Bank of Canada (BoC) data shows a big mortgage bond buying spree since the beginning of the pandemic. Canada Bank of Canada Canadian Mortgages Canadian Real Estate Prices

Banks 104

Bank of Canada Pumping Billions Into Mortgage Liquidity To Prop Up Real Estate

Better Dwelling

Canada’s central bank is desperately trying to prop up real estate markets with liquidity. Bank of Canada (BoC) has been injecting billions into Canada Mortgage Bonds (CMBs). Canada Bank of Canada Canadian Mortgages Canadian Real Estate Prices

Banks 96

A Canadian Bank Already Sees Expired Mortgage Payment Deferrals Turn Delinquent

Better Dwelling

Royal Bank of Canada (RBC) data shows the number of expired payment deferrals the bank is carrying. The post A Canadian Bank Already Sees Expired Mortgage Payment Deferrals Turn Delinquent appeared first on Better Dwelling.

Banks 109

Bank of Canada Ended The Mortgage Program That Inflated Prices… Kind of

Better Dwelling

Canada’s central bank is still buying tens of million of mortgage bonds. Bank of Canada (BoC) data shows the balance of Canada Mortgage Bonds (CMBs) they hold, increased this week. Canada Canadian Debt Canadian Mortgages Canadian Real Estate Prices

Banks 107

Canada’s Big Six Banks Report Over 500,000 Mortgages On Payment Deferral

Better Dwelling

Canadian banks are starting to see mortgage payment deferrals expire, and households resume payments. Canada’s Big Six banks reported Q3 earnings last week, which ended on July 31, 2020. Mortgages on payment deferrals have dropped by nearly a fifth in the latest quarter.

Banks 113

Prepare for the rise in mortgage rates

Housing Wire

As the calendar flipped to 2021, it didn’t take long for the rise in mortgage rates. Just two weeks into the new year, Freddie Mac reported that mortgage rates climbed 14 basis points to 2.79% , a dramatic contrast to 2020, a year in which mortgage rates set record lows 16 times.

Alongside rising yields, mortgage rates increase to 2.79%

Housing Wire

The average mortgage rate for a 30-year fixed loan rose from its previous record low by 14 basis points this week to 2.79%, according to Freddie Mac ’s Primary Mortgage Market Survey. This marks the first time mortgage rates have risen in almost two months.

Tech Rundown: Black Knight, Blend and Evolve Mortgage

Housing Wire

With 2020 finally coming to a close, several companies wrapped up this unprecedented year for housing with some brand-new mortgage tech for 2021. Today’s secondary mortgage market is one marked by intense volatility and fierce competition,” said Happ.

Mortgage rates decline this week

Housing Wire

mortgage rate for a 30-year fixed loan is 2.88% this week, falling from last week’s 2.9% , Freddie Mac said in a report on Thursday. The average fixed rate for a 15-year mortgage was 2.36%, falling from last week’s 2.4% The average U.S.

Wells Fargo continues to cede mortgage market share

Housing Wire

Wells Fargo , the second-biggest mortgage lender in the nation, continued to cede market share to nonbank rivals in the fourth quarter of 2020. decline from the prior quarter , when the bank originated $61.6 billion in mortgages. billion in residential mortgages, a 12.5%

This Week’s Top Stories: Canadian Banks Forecast Falling Real Estate Prices, and Mortgage Defaults Rise

Better Dwelling

Canadian Real Estate RBC’s “Worst Case” For Canadian Real Estate Is A Price Drop Of Nearly 30% Canada’s largest bank’s risk scenarios show a larger downside than upside for real estate. Top Stories Canadian Debt Canadian Mortgages Canadian Real Estate Prices

Banks 83

JPMorgan Chase’s mortgage business getting back to normal

Housing Wire

JPMorgan Chase doesn’t see mortgage defaults worsening in the second half of 2020. In its earnings presentation on Tuesday , the nation’s largest bank by assets said it had actually pared back its $15 billion in loan-loss reserves by $569 million in the third quarter.

Better.com’s Vishal Garg talks the future of banking, tech stacks and a customer-friendly IPO

Housing Wire

” The one-on-one conversation with Azevedo touched upon the structure of Better’s strategic partnerships , the future of retail banking , how COVID-19 has changed the fundamentals of business, and the proper integration of a tech stack.

Banks 152

JPMorgan Chase has a plan to increase purchase mortgage business

Housing Wire

In April, with the coronavirus pandemic raging across the country, leaders at JPMorgan Chase made the call: the bank was going to significantly tighten mortgage lending standards. The lender also amped up its push toward digital mortgages.

Canada’s Banking Regulator Begins Phasing Out Special Mortgage Payment Deferrals

Better Dwelling

Canadian banks are going to make it a little more difficult to get a break from your mortgage. Previously, due to the pandemic, the regulator had allowed banks to avoid classifying payment deferrals as non-performing loans. […].

Banks 89

How record-low mortgage rates changed everything in 2020

Housing Wire

While the United States may not have been prepared to combat a deadly virus, a quick and robust response from the Federal Reserve , along with changing consumer preferences, created a perfect storm that resulted in a record year for the housing and mortgage industries.

Canada’s Big Six Banks Have 69,000 Mortgages Left On Payment Deferral

Better Dwelling

The Great Canadian Mortgage Payment Relief experiment is coming to an end. Regulatory filings for the Big Six show the majority of mortgage payment deferrals expired in Q4. The post Canada’s Big Six Banks Have 69,000 Mortgages Left On Payment Deferral appeared first on Better Dwelling.

Banks 71

Ginnie Mae will ban LIBOR-based mortgages

Housing Wire

Ginnie Mae , the government-owned corporation that securitizes loans backed by the Veterans Administration and the Federal Housing Administration , said it won’t accept adjustable-rate mortgages benchmarked to the London Interbank Offer Rate, or LIBOR, starting in January.

400,000 mortgage borrowers are “needlessly delinquent”

Housing Wire

There are about 400,000 mortgage borrowers “needlessly delinquent” as a result of the COVID-19 pandemic who did not use available forbearance options, according to a report from the Urban Institute. The post 400,000 mortgage borrowers are “needlessly delinquent” appeared first on HousingWire.

Mortgage rates break record again, down to 2.72%

Housing Wire

mortgage rate for a 30-year fixed loan fell this week to 2.72%, Freddie Mac said in a report on Thursday – the lowest rate in the survey’s near 50-year history. The average fixed rate for a 15-year mortgage also fell by 6 basis points to 2.28%. Presented by: VRM Mortgage Services.

Canada’s Largest Bank Says It’s Putting “Greater Weight” On Home Price Declines

Better Dwelling

Canada’s largest bank doubled down on their real estate forecast this week. Royal Bank of Canada (RBC) held its quarterly earnings call, and the bank shared how they are prepared for the next few quarters. Canada Canadian Debt Canadian Mortgages Canadian Real Estate Prices

Banks 95

This Week’s Top Stories: Bank of Canada Floods The Market With Cheap Mortgages, And Condo Owners Rush To Sell

Better Dwelling

Canadian Real Estate Bank Of Canada’s Mortgage Buying Is A Quarter The Size Of New Mortgage Credit Canada’s central bank kicked into action during the pandemic… by flooding the mortgage market with cheap cash.

Banks 87

Bank of Canada Ending Pandemic Program That Helped Real Estate Prices Surge

Better Dwelling

On the day Canadian home sales and prices hit record highs, the central bank announces an end to the program partially responsible for the surge. The Bank of Canada (BoC) flooded the market with cheap mortgage credit in March.

Banks 114

Mortgage forbearances drop 22% from May peak

Housing Wire

homeowners with mortgages in forbearance this week, down 22% from May’s peak of 4.7 Measured as a share of all mortgages, 7% of home loans are in forbearance, down from 7.1% The forbearance share for mortgages held in bank portfolios or in private-label bonds is 7.4%, down from 7.5%.

This Week’s Top Stories: Bank of Canada Sends Home Sales Soaring, While Mortgage Defaults Rise In Toronto and Vancouver

Better Dwelling

Canadian Real Estate Toronto And Vancouver See Mortgage Delinquencies Rise To Highest Level Since 2016 Canadian mortgage delinquencies are flat, but it’s a little more interesting by city. Top Stories Canadian Debt Canadian Mortgages Canadian Real Estate Prices

Banks 64

Mortgages in forbearance fall across all loan types

Housing Wire

forbearance rate measuring the share of mortgages with suspended payments fell seven basis points to 5.83% last week, according to the Mortgage Bankers Association. of all borrowers had made their mortgage payment, up from 86.7% The U.S.

Loans 280

Canadian Real Estate Prices Seen Peaking In Q2, According To Another Big Six Bank

Better Dwelling

Canadian real estate prices are in for the reverse of last year, according to a Big Six bank. The post Canadian Real Estate Prices Seen Peaking In Q2, According To Another Big Six Bank appeared first on Better Dwelling.

Banks 83

2021 means new challenges for mortgage lending

Housing Wire

As we think about coming out of this first month of the year, we’ve quickly realized this year is going to be anything but planned or what we in the mortgage lending industry are used to. The post 2021 means new challenges for mortgage lending appeared first on HousingWire.

Mortgage rates hit another record low this week

Housing Wire

mortgage rate for a 30-year fixed loan fell to 2.8% The average fixed rate for a 15-year mortgage was 2.33%, falling from last week’s 2.35%. Mortgage rates today are on average more than a full percentage point lower than rates over the last five years.”. The average U.S.

Fixed-rate mortgages favoured by first-timers; hybrid mortgage introduced

REM Online

The original post can be found at the following URL: Fixed-rate mortgages favoured by first-timers; hybrid mortgage introduced. A recent survey by BMO says 57 per cent of homeowners are planning to opt for a fixed-rate mortgage.