The Supreme Court has declined to review a challenge to retroactive interpretation of a New York law that applies a new statute of limitations to foreclosures. The high court turned down without explanation a petition for a writ of certiorari in the case US Bank National Association, Trustee v. Cassandra Fox, marking the end of […]
Supreme Court rejects petition on New York foreclosure law Read More »
Last week ended with mortgage rates dropping to their best levels since September 17th. Over the weekend, the underlying bond market maintained the gains seen on Friday afternoon, thus allowing most lenders to set rates at least as low as they were at that time. The average lender is actually just slightly lower today, thus
Mortgage Rates Maintain Last Week’s Gains Read More »
Amidst a credit score war, Experian has thrown the latest punch. The data and technology company will now offer VantageScore 4.0, a credit scoring model, for free to its mortgage clients in the United States. “Experian is dedicated to fostering a more competitive mortgage landscape, creating a safer and sounder market, and expanding access to
Experian to offer VantageScore 4.0 for free Read More »
Bottom line: Wells Fargo’s third quarter profit jumped 9%, eclipsing analysts’ expectations by a wide margin. Expert quote: “Wages have kept up with inflation for many folks, and we continue to see unemployment be quite low historically,” Chief Financial Officer Mike Santomassimo said. Forward look: Wells Fargo increased its target for return on tangible common
Wells Fargo’s earnings aided by consumers, capital markets Read More »
Key insight: Citi is turning a corner on profitability, CEO Jane Fraser said. Forward look: The company plans to disclose future profitability metrics in May. Expert quote: “The best part is, there is much more upside ahead,” Fraser said. UPDATE: This article includes comments made during Citigroup’s earnings call as well as commentary from a
Citi’s makeover shows results, with more upside ahead: CEO Read More »
Mortgage-related securities could experience performance issues as the White House moves to furlough and potentially cut some staff amid a congressional budget impasse, an analysis by Kroll Bond Rating Agency shows. KBRA’s assessment of Congressional Budget Office, Federal Reserve Bank of St. Louis, private-label securities and credit-risk transfer data finds concentrations exist most notably in
Mortgage risks tied to federal furloughs flagged by KBRA Read More »
Doug Lebda, the founder, chairman and chief executive officer of financial services marketplace LendingTree, died over the weekend in an all-terrain vehicle accident, according to the company. He was 55. Lebda established LendingTree in 1996 after experiencing a lack of transparency and confusing process while obtaining a mortgage. His goal was to simplify financial decisions
How late fintech pioneer Doug Lebda built LendingTree Read More »
Bloomberg News Key Insight: Federal Reserve Chair Jerome Powell reflected on the Fed’s aggressive asset purchases during the pandemic, noting that it may have been an overreaction. Expert quote: “With the clarity of hindsight, we could have — and perhaps should have — stopped asset purchases sooner,” said Fed Chair Powell. What’s at stake: The
Powell acknowledges Fed could have ended Covid-era QE sooner Read More »
The latest refi boomlet sustained its momentum that showed up in late summer, with rate drops driving a noticeable spike in September lock volume, according to Optimal Blue. Rate locks jumped 28.2% from August to September, the product-pricing engine platform said in its latest market advantage report, and drove its monthly market index to a
Lower rates fuel big September refi spike Read More »
Bilt Rewards, best known for offering renters rewards points for paying on time, plans to do the same for mortgages through a partnership with United Wholesale Mortgage LLC, its first tie-up with a home lender. Bilt, which more than tripled its valuation in July to $10.8 billion, will allow homeowners with new or existing mortgages from
Startup that turns rents to rewards points expands to mortgages Read More »