The Georgia Department of Banking and Finance said it obtained superior court orders authorizing it to take possession of two banks in the state. The Washington Department of Financial Institutions closed down a bank in that state. In addition, Merit Mortgage Services has advised its loan correspondents of its decision to exit the mortgage business. [...]
The average 30-year fixed-rate mortgage was down for the fifth straight week, according to Freddie Mac’s latest Primary Mortgage Market Survey . It was the lowest level of the entire year for the 30-year. But Freddie said that the one-year Treasury-indexed adjustable-rate mortgage averaged 4 basis points more this week than in the previous survey. [...]
Nationstar Mortgage LLC plans an initial public offering. The details were disclosed in filings with the Securities and Exchange Commission. The filings were made as part of the 17-year-old company’s planned $400 million IPO and its planned exchange of $250 million in notes. View full post on Mortgage Stories
Overall new mortgage inquiries rose 3 percent this week based on the latest U.S. Mortgage Market Index from Mortech Inc. and MortgageDaily.com . Lifting this week’s activity were refinances. The Refinance MMI climbed to 116 from 106 seven days prior. View full post on Mortgage Stories
A coalition of religious leaders called N.C. United Power plan to demonstrate outside Bank of America Corp.’s annual meeting. At issue are 4,500 faulty mortgage documents found in one North Carolina county by the register of deeds. “If you have 4,500 documents in Guilford County, we believe there are hundreds of thousands around North Carolina [...]
A 15 percent jump in refinance inquiries from last week was noted in the Mortgage Market Index . Refinance share rose to 47 percent from 45 percent. This week’s share reflected a 34 percent rate-term share and a 13 percent cashout share. View full post on Mortgage Stories
Bank of America Corp. has notified New York officials that it will lay off 34 employees in the state. The move is being made amid declining loan production. BofA previously announced that it planned to eliminate more than 1,500 home loan positions around the country. View full post on Mortgage Stories
A new trial will be sought by former employees against Quicken Loans Inc., Nichols Kaster PLLP said in March following a jury verdict in favor of Quicken. California’s Second District Court of Appeals affirmed a lower court’s decision to award a former employee substantially less than she was seeking from Fidelity Capital Mortgage Brokers. A [...]
Mortgage insurance policies written in February were the lowest on record based on an analysis of Mortgage Insurance Companies of America data back to 2000. But the trade group said its members reported a gain for March. Last month’s volume worked out to over 18,000 policies issued for more than $4 billion. View full post [...]
A Federal Trade Commission report to Congress discussed the consumer protection agency’s study on credit report accuracy. Mortech Inc. said that an instant-access, credit-reporting-agency connectivity portal has been created for it clients. Survey results reported by Mortgage Marval indicated that the national average credit score was 735. View full post on Mortgage Stories
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