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Home | News (page 5)

Michele McCoy Joins OrangeGrid as VP

OrangeGrid, a California-based provider of configurable business process workflow solutions to the financial services industry, announced that Michele McCoy has joined as VP of business development. McCoy brings over 30 years’ experience in financial services industry to the OrangeGrid team, along with a proven track record of success driving long-term organizational growth following key leadership positions with Fifth Third Bank, Bank One, National City, and Citigroup.

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Orlans PC Expands Across U.S.

Recently, Linda and Alison Orlans launched Orlans PC, the second largest Women’s Business Enterprise National Council certified women-owned law firm in the U.S. Linda Orlans will serve as Executive Chair, and Alison Orlans will assume the role of President and CEO.

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Weltman, Weinberg & Reis Defends Against CFPB Allegation

The Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Weltman, Weinberg & Reis, a debt collection law firm, claiming the firm falsely represented in millions of collection letters that attorneys were involved in collecting the debt. Weltman, Weinberg & Reis responded to the allegations, and states that it has cooperated fully with the CFPB.

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Ocwen MSR Block May Soon Be Lifted

According to the latest Consent Order from the New York Department of Financial Services, Ocwen may be one its way to once again acquiring mortgage servicing rights. The financial institution has been blocked from doing so for more than three years, since NYDFS began investigating its portfolio in February 2014. Ocwen is one of the country’s largest non-bank lenders.

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Mortgage Defaults Climb Slightly

mortgage default rates are up one basis point from February to .75 percent, a one-year high. Year-over-year, the mortgage default rate dropped from .77 percent, while the bank card default rate increased year over year. Of the five major cities covered by the S&P/Experian Consumer Credit Default Indices (New York, Chicago, Dallas, Los Angeles, and Miami), New York and Chicago posted month-over-month increases in the Index level, while Dallas, Los Angeles, and Miami posted month-over-month decreases in defaults.

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GSEs Expand Credit Box, Take More Lending Risk

A new index shows the GSEs are expanding their credit boxes and taking more risk, making it easier for consumers to get a mortgage loan. Government, portfolio, and private-label security channels are not expanding the box, however, and are actually decreasing the amount of risk they take in lending. Though overall mortgage credit availability is largely stable, there is still much room to expand the credit box—particularly in these more stringent markets.

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Housing Starts Fall While Permits Rise

Single-family starts fell six percent in March, to an annual rate of 821,000 from February’s rate of 875,000, which was the fastest monthly rate since the Great Recession. However, single-family permits posted the third largest annual pace since the recession. Permits in March grew 3.6 percent to 1.26 million from February’s 1.216 million, and grew year-over-year by 17 percent.

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Bank of America Net Income Up in Q1

Q1 was good to Bank of America, which posted a 40 percent increase in overall net income. Loan revenues, too, were up, as was consumer and global banking. But total mortgage was down compared to a year ago, as were average loans and leases.

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Fed Banks Predict Slowing GDP Growth

Two federal banks are forecasting a slowdown in GDP growth this quarter, with the Atlanta Fed predicting it to hit its lowest point in three years. The drop is a result of reduced consumer spending, the Fed reported. Predicted GDP growth has decreased significantly since the start of the year.

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Barney Frank: CFPB Elimination Would be Unpopular

According to former Representative Barney Frank (D-Mass), the elimination of the Consumer Financial Protection Bureau would be “very unpopular.” Rather than eliminate the bureau, he hopes that for legislation will be introduced to make minor changes to Dodd-Frank "that make it easier for the smaller and middle-sized banks without weakening the rules against great losses that people can't deal with."

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