PRMI Exec Makes Transition From Another Industry

A division president for Primary Residential Mortgage Inc. previously left his career in electronics for the mortgage industry and now oversees home lending in several states.

Radley Brooks was working in Kansas City for Best Buy and moving up the chain, eventually becoming a store manager for the electronics firm in Colorado.

But working in the retail industry, especially during the holidays, cut into Brooks’ family time. So he asked his step mother, a real estate broker, about opportunities in real estate.

Source: Mortgage Daily

5-Month High for Weekly Rate-Term Refis

The share of prospective borrowers who sought to refinance their existing mortgages jumped to the highest weekly level in five months. What’s unusual is that the share of adjustable-rate mortgages also swelled.

Overall new mortgage business, as measured by the Mortgage Daily U.S. Mortgage Market Index for the week ended Aug. 17, retreated 4 percent from one week earlier. No seasonal adjustments are made to the MMI.

Activity, which is determined through average per-user rate-lock volume reported by OpenClose, sank compared to the same week in 2017 — plummeting by 23 percent.

Source: Mortgage Daily

Hirings Planned for CoreLogic's Appraisal Unit

CoreLogic Inc. held a ribbon-cutting ceremony this week in Oklahoma City to tout its new presence in the state. Hirings are planned for the location.

The Irvine, California-based firm gained a foothold in Oklahoma City last year when it acquired Mercury Network and a la mode technologies. More than 200 employees came with the purchase.

CoreLogic, which reports headcount of more than 7,000 people, held a ribbon-cutting ceremony on Thursday. In attendance was its chief executive officer, Frank Martell.

Source: Mortgage Daily

Facebook Accused of Enabling Housing Discrimination

A complaint filed against Facebook alleges that the social media giant gives its housing-related advertisers control over who sees their ads — leading to discrimination.

On Friday, the Department of Housing and Urban Development announced that it has filed a complaint against the rapidly growing Menlo Park, California-based company.

According to HUD, Facebook’s advertising platform enables landlords and home sellers to discriminate in their targeting of renters and home buyers — a violation of the Fair Housing Act.

Source: Mortgage Daily

No Mortgage Firms Among 100 Fastest Growing

Although there were several real estate companies on the list of this year’s 100 fastest-growing firms, there were no mortgage-related firms and very few financial services businesses.

The Inc. 5000 is an annual ranking of the fastest-growing private U.S. companies. Organizations that make the list had the greatest three-year revenue growth.

At the top of the 2018 ranking was SwanLeap, a software company for the logistics industry that helps businesses plan and execute shipments of all kinds.

Source: Mortgage Daily

MSRs For Sale on Small GSE Portfolio

An auction is being held for the servicing on a very small portfolio of government-sponsored enterprise mortgages. The portfolio is concentrated in the eastern half of the country.

Bids are being sought for mortgage-servicing rights on 504 residential loans that had an aggregate unpaid principal balance of $0.105 billion as of the end of last month.

Most of the loans, 86 percent, are Fannie Mae A/A mortgages. Another 10 percent are Fannie Mae ARC transactions, while just 5 percent are Freddie Mac MBS loans.

Source: Mortgage Daily

Ditech Plans 100s of SD Layoffs as Office Closes

Hundreds of layoffs planned next year in South Dakota by Ditech Financial LLC will push the number of layoffs over the prior couple of years at the struggling company past 1,300.

Ditech said in a written statement to Mortgage Daily that it has been conducting a thorough evaluation process to determine which locations to shudder.

According to the Fort Washington, Pennsylvania-based company, deciding which locations should remain open is based on those that will best accommodate long-term business requirements and customer needs.

Source: Mortgage Daily

2018-2019 Home Lending Outlook Cut By $26 Billion

The forecasted volume of residential loans to be originated this year and next year has been reduced by $26 billion. Home purchase financing took the biggest hit.

Third-quarter 2018 mortgage production by all U.S. originators is expected to reach $442 billion. U.S. The outlook includes refinances and loans to finance a home purchase.

Originations are then expected to fall to $404 billion in the final-three months of this year and decline further, to $339 billion, in the first-three months of next year.

Source: Mortgage Daily

New Low for GSE Refinances

Monthly refinances of government-sponsored enterprise loans sank to the lowest level on recent record. Refinances of Federal Home Loan Mortgage Corp. loans suffered most.

During June, primary mortgage originators refinanced 90,856 residential loans backed by the Federal National Mortgage Association and Freddie Mac.

Based on a Mortgage Daily analysis of the oldest available refinance data reported by the Federal Housing Finance Agency back to 2011, it was the fewest GSE refinances on record.

Source: Mortgage Daily

NewDay Takes LO Training to New Level

Recruiting for loan originators at NewDay USA is focused on recent college graduates, while training for the license exam is done through an in-house program.

Instead of cramming prospective originators into a hotel room for days at a time to learn the material from third parties like its peers, NewDay has created its own training program.

Through its NewDay University, the Fulton, Maryland-based firm teaches the material in-house with its own instructors, its own textbook and its own classes.

Source: Mortgage Daily