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Mortgage Industry News for the Mortgage Industry



Last Build Date: Fri 19 Jan 2018 21:50 GMT

 



Caliber Home Loans Originations Increase in 2017

Fri 19 Jan 2018 21:50 GMT

Despite annual declines already reported by several of the nation's biggest mortgage originators, Caliber Home Loans Inc. experienced an increase. Servicing has also expanded.

As part of the Mortgage Daily Fourth Quarter 2017 Mortgage Origination Survey, Caliber reported that it serviced 526,455 loans with an aggregate unpaid principal balance of $121.317 billion.

The Irving, Texas-based mortgage banking firm's servicing portfolio expanded from 498,030 loans for $114.202 billion three months earlier and 403,751 loans for $91.065 billion one year earlier.





Former Employee Sues Wells Fargo Over Firing

Fri 19 Jan 2018 19:34 GMT

A former Wells Fargo & Co. mortgage banker in Beverly Hills, California, has sued the company alleging he was unjustly fired for his actions in the rate-lock scandal.

The federal lawsuit was filed this week in Los Angeles by David Eghbali, who had been one of the bank's top loan originators before he was fired in 2015.

But Eghbali, himself, had previously settled with the Consumer Financial Protection Bureau allegations he shifted fees between borrowers in order to close more loans.





Quicken Loans Founder to Never Settle FHA Lawsuit

Fri 19 Jan 2018 19:06 GMT

The billionaire founder of Quicken Loans Inc. has vowed that the company will never settle a lawsuit alleging fraud on government-insured mortgages. A hearing in the case was held Thursday.

Back in 2015, the Department of Justice and the Detroit-based online lender began a litigation battle over alleged practices on loans insured by the Federal Housing Administration.

According to the government, Quicken represented that certain FHA-insured loans had been underwritten with due diligence and were eligible for FHA insurance when, in fact, they weren't.





Acting CFPB Director Requests $0 Funding for CFPB

Fri 19 Jan 2018 18:56 GMT

Last year's estimated refinance production has been raised, while the purchase-money estimate was lowered. Forecasts for both categories were lifted for this year and next year.

Single-family loan oriThe acting director of the Consumer Financial Protection Bureau has requested no funding for the consumer watchdog agency in his first quarterly funding request.

In a letter Wednesday to Federal Reserve Board Chair Janet Yellen, CFPB Acting Director Mick Mulvaney said, " the bureau is requesting $0."

The letter continued, "I have been assured that the funds currently in the bureau fund are sufficient for the bureau to carry out its statutory mandates for the next fiscal quarter.





Annual Mortgage Originations Down at SunTrust

Fri 19 Jan 2018 17:37 GMT

Residential loan originations were lower last year at SunTrust Banks Inc., while mortgage delinquency turned sharply higher. The servicing portfolio, however, expanded.

Atlanta-based SunTrust revealed in its fourth-quarter 2017 earnings report that income before the provision for income taxes was $668 million during the period.

Earnings were slightly better than the $660 million earned a year prior. But income at the bank-holding company declined from $765 million the prior quarter.