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Navigating the Unchartered Waters: Rising Interest Rates in Mortgage Lending Explore how rising interest rates are affecting mortgage lending and homebuyer affordability in the current market.
Lending (1495)
Columbia Financial Reports Increased Income in Q3
Columbia Financial Inc. reported net income of $10.8 million, or $0.10 per basic and diluted share, for the three months ended Sept. 30, 2018, compared to net income of $1.5 million for the three months ended Sept. 30, 2017. The Sept. 30, 2018 quarterly earnings reflect increased tax expense of $2.2 million as a result… Read more...
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13% Delinquency Spike No Cause for Concern
Mortgage delinquencies reported a double-digit increase,13 percent, but it’s just a temporary blip, and delinquencies will continue to decline. “This is a blip, not a long-term trend. The industry is heading into a seasonal rise in the fall, and a drop in the spring. The increase was not credit driven,” said Andy Walden, director of… Read more...
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Fidelity Reports 3Q Revenue of $2.1B
Fidelity National Financial Inc. has reported total revenue of around $2.1 billion in the third quarter compared with $2.0 billion in the third quarter of 2017. And, over all, the third quarter average title fee per file was $2,623, an 11% increase compared to the third quarter of 2017. Fidelity National provides title insurance and… Read more...
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Wages Up 3.5%, ADP Reports
Wages increased for most workers, and that's good news for the mortgage industry. Wages for U.S. workers grew 3.5 percent over the last year, increasing the average wage level by $0.95 to $27.81 an hour, according to the Workforce Vitality Report from the ADP Research Institute. The growth, accelerating to 3.5 percent annual as of … Read more...
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Lake Michigan Implements Black Knight’s MSP
Lake Michigan Credit Union has completed the implementation of MSP, the loan servicing system from Black Knight. The solution encompasses all aspects of servicing--from loan boarding to when the loan is paid off--for first mortgages and home equity loans and lines of credit. MSP is used to service 34 million active loans and was designed… Read more...
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Rates Hit Borrowers’ Purchasing Power
The rise in mortgage rates has forced borrowers into less expensive homes—as purchasing power drops. A homebuyer with a monthly housing budget of $2,500 a month and a 20 percent down payment could afford to purchase a home for as much as $473,750 at the beginning of the year when 30-year mortgage rates were averaging… Read more...
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Trio Unveils UltraFICO Score
Experian, FICO and Finicity have developed a new credit score—UltraFICO Score, which leverages account aggregation technology and distribution capability from Experian and Finicity to help consumers improve access to credit by tapping into consumer-contributed data, such as checking, savings and money market account data, that reflects responsible financial management activity. A consumer grants permission to… Read more...
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SunTrust Reports Increased Earnings
SunTrust Banks Inc. has reported net income of $726 million, or $1.56 per average common diluted share. The results include $0.14 per share the result of tax reform as well as the consolidation of SunTrust Mortgage into SunTrust Bank, which was completed in the third quarter. Diluted earnings per share increased 5%, sequentially, and 47%… Read more...
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Corelogic Delivers Digitized Verification Tools
Corelogic is automating some what it considers the most manual, time consuming and expensive underwriting processes—through a single interface—AutomatIQ Borrower. It’s a comprehensive underwriting solution designed to help lenders streamline workflows by digitizing, standardizing and automating borrower analysis and verification. Corelogics has placed all of the borrower verification tools together into one interface. Clients will… Read more...
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Open Doors Names It Award Winners
The Mortgage Bankers Association names the recipients of the MBA Opens Doors Foundation annual awards, which recognize those who have made lasting contributions to advance the Foundation's mission of providing mortgage and rental assistance grants to parents and guardians caring for a critically ill or injured child. The Foundation presented its annual Community Champion Award… Read more...
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