The delinquency rate of home equity lines of credit fell for the second consecutive quarter and missed payments on closed-end home equity loans fell in the first quarter for the first time in two years, according to an American Bankers Association survey.
Wells Fargo & Co. late Wednesday said it would shutter all of its 638 consumer finance stores and cease production of nonprime mortgage loans that went into the unit’s portfolio.
The Federal Housing Administration is closely monitoring all fees charged by mortgage brokers and other third-party originators who are sponsored by FHA-approved lenders, agency officials said during an unusual industry conference call this week.
The mortgage companies shed only 700 full-time employees in May despite a gloomy third quarter outlook for originations and home sales.
J. I. Kislak Mortgage, the Miami-based company is re-entering the residential mortgage space and it is taking a two-pronged approach to the business.
The House of Representatives has passed the Dodd-Frank Wall Street Reform by a 229-198 vote, but the sweeping regulatory reform bill still has to clear a 60-vote hurdle in the Senate before it becomes law.
The Senate has passed two bills, one to re-start the National Flood Insurance Program and the other to extend the closing deadline for the homebuyers tax credit.
