Residential Mortgage

Mortgage ‘QC Bowl’ Extended To March 4

Orb Staff
Orb Staff on Feb 09, 2016

The Super Bowl is over, but mortgage quality control (QC) experts can still compete in the mortgage “QC Bowl.” Becky Walzak, president and owner of mortgage consultancy rjbWalzak Consulting and executive vice president for mortgage compliance and risk management solutions [Read More]

ValuAmerica Now Integrated With FHA’s EAD Portal

Orb Staff
Orb Staff on Feb 08, 2016

ValuAmerica, a national title agency, appraisal management company (AMC) and technology provider, is now integrated with the Federal Housing Administration’s (FHA) Electronic Appraisal Delivery (EAD) portal, which allows FHA-approved lenders and their designated third-party service providers to electronically transmit appraisal [Read More]

Equifax: Subprime Origination Volume Increased Steadily Through Q3 2015

Orb Staff
Orb Staff on Feb 08, 2016

First mortgage originations for subprime borrowers increased steadily from January 2015 to October 2015, according to the latest Equifax National Consumer Credit Trends Report. During that same period, more than 312,000 new mortgages were originated, totaling $50.7 billion. This represents [Read More]

Black Knight: Cash-Out Refis Hit Highest Share Since 2008

Orb Staff
Orb Staff on Feb 08, 2016

Thanks to low interest rates, nearly 300,000 cash-out refinances were originated in the third quarter of 2015, marking six consecutive quarters of rising cash-out refi volumes, according to Black Knight Financial Services’ most recent Mortgage Monitor report. What’s more, roughly [Read More]

Capital Markets Cooperative And National MI Form Strategic Partnership

Orb Staff
Orb Staff on Feb 05, 2016

Capital Markets Cooperative (CMC), a nationwide alliance of mortgage bankers, has selected National Mortgage Insurance Corp. (National MI), a subsidiary of NMI Holdings Inc., as a preferred provider of private mortgage insurance. The sales teams of National MI and CMC [Read More]

Rising Home Prices Were A Good Thing For Sellers In 2015

Orb Staff
Orb Staff on Feb 05, 2016

Thanks to a significant increase in home prices in most areas of the U.S., home sellers in 2015 realized an average price gain since purchase of 11%, or $20,378, according to RealtyTrac’s Year-End 2015 U.S. Home Sales Report. That’s the [Read More]

MBA: Mortgage Credit Availability Decreased In January

Orb Staff
Orb Staff on Feb 05, 2016

Mortgage credit availability decreased in January, according to the Mortgage Bankers Association’s (MBA) Mortgage Credit Availability Index (MCAI). The MCAI fell 0.4% compared with December to reach an index score of 123.8. Credit for conforming loans saw the greatest tightening [Read More]

Chronos Solutions Acquires Commerce Title

Orb Staff
Orb Staff on Feb 04, 2016

Chronos Solutions, a national real estate financial services provider, has acquired Commerce Title and Closing Services from parent company, Ten-X. The deal – the terms of which were not disclosed – will significantly enhance Chronos’ presence in the California title [Read More]

Mortgage Lender PRMI Expands Its Presence In Utah

Orb Staff
Orb Staff on Feb 04, 2016

National mortgage lender Primary Residential Mortgage Inc. (PRMI) is strengthening its presence in its home state of Utah with the opening of a new branch located in Orem. The new branch – the lender’s 14th in the state – will [Read More]

Freddie Mac: Mortgage Rates Move Lower; Will Refinance Holdouts Capitalize?

Orb Staff
Orb Staff on Feb 04, 2016

Mortgage rates fell further during the week ended Feb. 4, with the average rate for a 30-year fixed-rate mortgage (FRM) reaching 3.72%, down from 3.79% the week prior, according to Freddie Mac’s Primary Mortgage Market Survey. A year ago at [Read More]

Wells Fargo To Pay $1.2B To Settle Claims It Bungled FHA-Backed Mortgages

Orb Staff
Orb Staff on Feb 04, 2016

Wells Fargo will pay $1.2 billion to settle a complaint brought by the U.S. Department of Justice (DOJ) that it engaged in sloppy underwriting practices on loans backed by the Federal Housing Administration (FHA) and then sold those loans on [Read More]

CoreLogic: U.S. Home Prices Rose 0.8% In December

Orb Staff
Orb Staff on Feb 03, 2016

U.S. home prices increased 0.8% in December compared with November and increased 6.3% compared with December 2014, according to CoreLogic’s home price index. Currently, the firm is forecasting that home prices will increase 0.2% from December 2015 to January 2016 [Read More]

Fannie, Freddie Update Reps And Warrants With New Independent Review Process

Orb Staff
Orb Staff on Feb 03, 2016

Under the new program, mortgage lenders can submit unresolved loan level disputes to a neutral third-party arbitrator after the appeal and escalation processes have been exhausted.

MBA: Mortgage Application Volume Fell 2.6%

Orb Staff
Orb Staff on Feb 03, 2016

After increasing dramatically during the previous three weeks, mortgage application volume decreased 2.6% for the week ended Jan. 29, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. The previous week, the MBA adjusted its index to account [Read More]

First Tennessee Bank To Pay $1.9 Million To Resolve Fair Housing Complaint

Orb Staff
Orb Staff on Feb 01, 2016

Bank accused of denying loan applications from African-American and Hispanic borrowers at disproportionate rates.