Residential Mortgage

FOMC: June Rate Hike Likely If Economy Keeps Improving

Orb Staff
Orb Staff on May 18, 2016

During its most recent meeting in April, the Federal Open Market Committee (FOMC) voted to take no action on short-term interest rates, leaving them in the range of 0.25% to 0.50% for now – however, minutes from the meeting suggest [Read More]

FHA Seeks To Further Strengthen Its Reverse Mortgage Program

Orb Staff
Orb Staff on May 18, 2016

The Federal Housing Administration (FHA) is seeking feedback on a set of proposed measures that will further strengthen its Home Equity Conversion Mortgage (HECM) program, including making certain that required HECM counseling occurs before a mortgage contract is signed; requiring [Read More]

Concord Mortgage Group Using ReverseVision For Its HECM Program

Orb Staff
Orb Staff on May 18, 2016

Concord Mortgage Group, a full-service mortgage banker serving the needs of home buyers throughout the state of Ohio and beyond, is now using ReverseVision‘s RV Exchange solution to originate home equity conversion mortgages (HECMs), also known as reverse mortgages, to [Read More]

OpenClose Partners With MCT To Streamline Loan Sales

Orb Staff
Orb Staff on May 18, 2016

Loan origination system (LOS) provider OpenClose has teamed up with Mortgage Capital Trading Inc. (MCT) to develop a solution that normalizes and extracts a lender’s committed loan sale and purchase advice data to be uploaded directly into OpenClose’s LenderAssist LOS, [Read More]

RealtyTrac: Mortgage Refinances Down 20% Year Over Year In Q1

Orb Staff
Orb Staff on May 18, 2016

About 1.4 million residential mortgages (purchases and refinances) were originated in the U.S. in the first quarter of this year – a decrease of 12% compared with the fourth quarter of 2015 and a decrease of 8% compared with the first [Read More]

MBA: Mortgage Application Volume Dipped As Rates Stayed Flat

Orb Staff
Orb Staff on May 18, 2016

Total mortgage application volume decreased 1.6% during the week ended May 13, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. Applications for refinances increased 1% from the previous week, while applications for purchases decreased 6%. On an [Read More]

MBA: Applications For New Homes Fell 11% In April

Orb Staff
Orb Staff on May 17, 2016

Applications for new home purchases decreased 11% on an unadjusted basis in April compared with March, according to the Mortgage Bankers Association’s (MBA) Builder Application Survey. “The index decline in April is more than likely a result of both February and [Read More]

Proposed Rule Would Prohibit Incentive-Based Bonuses At Covered Financial Institutions

Orb Staff
Orb Staff on May 17, 2016

Six regulatory bodies, including the Federal Housing Finance Agency (FHFA), are seeking comment on a proposal that would prohibit incentive-based bonuses for top executives at all covered financial institutions with assets over $1 billion. The six regulators say recent research [Read More]

Housing Starts Took Healthy Jump Of 6.6% In April

Orb Staff
Orb Staff on May 17, 2016

Housing starts in April were at a seasonally adjusted annual rate of 1.172 million, an increase of 6.6% compared with the revised March estimate of 1.099 million but a decrease of 1.7% compared with the April 2015 rate of 1.192 [Read More]

MiMutual Mortgage Hires John G. Stevens As VP Of Business Development

Orb Staff
Orb Staff on May 17, 2016

John G. Stevens has joined MiMutual Mortgage, the national retail channel for Michigan Mutual Inc., as national vice president of business development. Stevens has more than 12 years of experience in the mortgage industry. Previously, he was with Mountain West [Read More]

FNC: Home Prices Climbed 1.0% In March

Orb Staff
Orb Staff on May 17, 2016

U.S. home prices took a significant jump in March, increasing 1.0% on a seasonally adjusted basis compared with February, according to FNC’s Residential Price Index (RPI). Following tepid growth throughout the fall and winter months, it was the fastest monthly [Read More]

Fannie Mae Offloads More NPLs

Orb Staff
Orb Staff on May 17, 2016

Goldman Sachs (MTGLQ Investors LP) is the winning bidder on four pools of nonperforming loans (NPLs) recently auctioned by Fannie Mae – its fifth NPL sale. The four pools include a total of approximately 7,900 loans totaling $1.48 billion in [Read More]

Black Knight Acquires eLynx

Orb Staff
Orb Staff on May 16, 2016

Black Knight Financial Services, a Fidelity National Financial company, is acquiring eLynx, a provider of document and data solutions for the mortgage industry, for an undisclosed sum. The deal gives Black Knight additional capabilities in terms of being able to [Read More]

Genworth MI Rolls Out New Underwriting Platform

Orb Staff
Orb Staff on May 16, 2016

Genworth Mortgage Insurance (Genworth MI) has rolled out a new enterprise underwriting platform called “GENie.” The new platform is designed to streamline operations and enhance underwriter productivity by automating many of the processes that have traditionally been done manually, such as [Read More]

Resitrader Seeing Strong Adoption Of Its Whole Loan Trading Platform

Orb Staff
Orb Staff on May 16, 2016

Resitrader reports that its whole loan trading platform recently passed the $500 million mark in loans traded. What’s more, the company now has more than three-dozen participants trading regularly on the system. “We think our timing was right, and the [Read More]

First Guaranty Mortgage Appoints New Regional Sales Manager

Orb Staff
Orb Staff on May 16, 2016

First Guaranty Mortgage Corp. (FGMC), a provider of residential mortgage lending services, has added Van Evans as regional sales manager in the company’s correspondent division. According to FGMC, Evans has 17 years of industry experience. Prior to joining the company, [Read More]

M&T Bank Settles With HUD For $64 Million

Orb Staff
Orb Staff on May 16, 2016

M&T Bank will pay $64 million to settle allegations that hundreds of Federal Housing Administration (FHA)-backed mortgages which the bank originated from 2006 to 2011 contained significant underwriting errors, leading to severe losses when borrowers went into default during the [Read More]

NAR: Existing-Home Sales On Track For Best Year Since 2006

Orb Staff
Orb Staff on May 13, 2016

Existing-home sales were at a seasonally adjusted annual rate of 5.29 million as of the end of the first quarter – slightly higher than the annual pace of 5.26 million recorded at the end of the first quarter in 2015, [Read More]

DocMagic Rolls Out New Automated Due Diligence Solution For TRID

Orb Staff
Orb Staff on May 12, 2016

DocMagic, which offers loan document preparation, compliance, e-sign and e-delivery solutions for the mortgage industry, has introduced a new automated due diligence solution for investors and correspondent lenders. Dubbed “eQC,” the new solution combines proof of compliance with the Consumer [Read More]

Freddie Mac: Mortgage Rates Hit New Low For The Year

Orb Staff
Orb Staff on May 12, 2016

Fixed mortgage rates hit yet another low for the year during the week ended May 12, according to Freddie Mac’s Primary Mortgage Market Survey. The average rate for a 30-year, fixed-rate mortgage (FRM) was 3.57%, down from 3.61% the previous [Read More]