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Updated: 53 min 4 sec ago
"The forecast for the residential mortgage servicer, residential vendor, and residential prime mortgage servicer rankings is 'Unfavorable,'" Morningstar said. "Morningstar believes that continuing regulatory scrutiny could have further negative consequences for OFC’s residential mortgage servicing business."
Nonbank lending continues to fill the gap for borrowers rejected by other banks, even as concerns about nonbanks persist.
Mortgage rates moved away from last week’s yearly lows and slightly increased across the board, with the 30-year, fixed-rate mortgage averaging 3.98% for the week ended Oct. 30.
Although initial jobless claims ticked up by 3,000 filings to 287,000 for the week ended Oct. 25, levels still remain at historic lows.
The national economy slowed significantly from the second quarter in the first initial GDP estimate for the third quarter, with gains driven by military spending offsetting a slowdown in consumer spending and inventory investment.
Radian Group reported net income for the quarter ended September 30, 2014, of $153.6 million, or $0.67 per diluted share.
The companies are calling the report a first for the real estate industry, because it combines industry data, proprietary company transactional data and publicly available Google Trends data to predict market trends as they are occurring, instead of waiting weeks to see the findings of other benchmark studies.
Ocwen Financial missed analyst expectations by more than a dollar per share, posting a pretax loss of $75.3 million or $0.58 per share compared to a profit of $60.6 million and $0.39 one year ago as the company books a $100 million pretax charge for a potential settlement with the New York Department of Financial Services.
Fidelity’s third-quarter revenue of $1.7 billion equaled its second-quarter revenue, which also came in at $1.7 billion, and was also up from $1.6 billion in the second quarter of 2013.
Trulia’s total revenue for the third quarter of 2014 was $67.1 million, up 67% year-over-year. Total subscribers as of Sept. 30 were approximately 77,900, an increase from approximately 74,000 as of June 30.
Ocwen Financial was nearly scuppered last week after the New York Department of Financial Services sent an open letter alleging it was backdating letters to borrowers, but the firm got a boost Wednesday afternoon on rumors reported initially by Bloomberg that it may settle the matter for about $40 million.
The market expected the announcement of the end of quantitative easing Wednesday, putting an end to a more than two-year-old asset purchase program. Now the market is left to adjust for where the next step could potentially be.
More than 40 California organizations join with the California Reinvestment Coalition in calling on the Consumer Financial Protection Bureau to strengthen the Home Mortgage Disclosure Act through greater transparency.
It’s over. The Federal Open Market Committee officially decided to conclude its two-year-old asset purchase program this month due to the substantial improvement in the outlook for the labor market and strength in the broader economy. The Zero Interest Rate Policy, on the other hand, remains in full effect.
Reading the New York Times is a great intellectual exercise because you get to read news articles and say to yourself, “Hmm. That’s interesting. I wonder if it’s true?” Today in the financial section, though, was an opinion piece on mortgage financing that had me instead asking, “Do you even English, New York Times?”
“Following such a successful first year and a half of lending, originating loans in approximately 20 states and rapid expansion of the operations, we decided that the time was right to carefully transition the company to a new capital partner that wanted to aggressively scale the business,” Hilco Real Estate CEO Neil Aaronson said.
The Federal Open Market Committee meeting minutes are just minutes away from being revealed, potentially announcing the end to Quantitative Easing. Former Federal Reserve Chairman Alan Greenspan said he doesn’t think the Fed can unwind years of extraordinary stimulus without causing turmoil in financial markets.
The mystery buyer behind the purchase of more than 6,000 Detroit foreclosed homes was revealed on Tuesday. Here are his plans for what he hopes to do with it.
Fannie Mae is partnering with JPMorgan to launch a new risk-sharing vehicle, J.P. Morgan Madison Avenue Securities Trust. The first offering in the series checks in at $989 million, but there are differences from Fannie’s previous risk-sharing offerings.
Not only is the student debt crisis a threat to housing, but it also shows no sign of easing. In fact, it will probably get worse before it gets better, according to one data field.