Mortgage Originations Up at loanDepot

While many of its peers saw residential loan production weaken during the final quarter of last year, loanDepot LLC reported a healthy gain in new business.

From the period that began on Oct. 1, 2016, and concluded at year-end 2016, the Foothill Ranch, California-based firm originated $11.584 billion in home loans.

Those details, as well as other operational metrics, were provided as part of the the Mortgage Daily Fourth Quarter 2016 Mortgage Origination Survey.

Source: Mortgage Daily

Dramatic Increase in Arch M.I.'s Book of Business

With the recent completion of a major acquisition, Arch Mortgage Insurance Co.’s book of business skyrocketed and delinquency deteriorated.

Arch Capital Group LTD, the parent of the mortgage insurer, disclosed in its fourth-quarter 2015 earnings report pre-tax income of $83 million.

Profits sank from the $317 million that was generated in the previous three-month period but improved from $39 million one year previous.

Source: Mortgage Daily

Mortgage VP, SVP and EVP Appointments

Among a host of recent appointments at mortgage banking firms are a pair of regional vice presidents and variety of other home-lending executives.

On Feb. 7, American Pacific Mortgage Corp. announced that Michael Pankow was promoted to executive vice president of national production.

Pankow previously was general manager for nearly 10 years at Big Valley Mortgage, a subsidiary of Roseville, California-based American Pacific.

Source: Mortgage Daily

Large Northeast Credit Union Fails

A federally insured credit union that is operating in the Empire State with nearly $2 billion in assets has gone belly up.

Melrose Credit Union is comprised of 23,462 members. It’s most-recent call report indicated that assets were $1.78 billion.

On Friday, the New York State Department of Financial Services seized control of the Briarwood, New York, institution.

Source: Mortgage Daily

Best LendingTree Network Mortgage Lenders

Residential finance firms that participate in the LendingTree network have been rated by their customers, an the results are in.

Insight Loans landed in the top spot of the LendingTree Q4 2016 Top Mortgage Lenders top customer-rated network lenders.

Lenders were ranked based on a five-star quality review system that rates the customer experience as determined by LendingTree users.

Source: Mortgage Daily

Mortgage Disparity Between Operating Systems

In what appears to be a case of disparate impact, users of Windows and Android operating systems pay higher mortgage rates than Apple users.

Average offered 30-year fixed interest rates were 3.93 percent for Macintosh users — lower than for users of any other operating system.

The competitive rate reflects top credit ratings for Macintosh customers, who have an average credit score of 722 — the highest of any group.

Source: Mortgage Daily

$1.3 Billion in Ginnie MSRs Up for Auction

A successful bidder will pick up mortgage servicing rights on over $1.3 billion in Ginnie Mae loans with a 10 percent concentration in Florida.

Up for auction are MSRs on 6,328 Ginnie Mae mortgages. As of Jan. 31, 2017, the loans had an aggregate principal balance of $1.352 billion.

The weighted-average original term as of the end of last month was 352 months, while the remaining term worked out to 347 months.

Source: Mortgage Daily

New Mortgage Business Up 2nd Consecutive Week

For the second week in a row, new residential lending activity accelerated, with government business out front during the most-recent seven-day period.

The U.S. Mortgage Market Index from OpenClose and Mortgage Daily was 150 in the week ended Feb. 10. No seasonal adjustments are made to the MMI.

Compared to the previous week, the index — an indication of upcoming loan originations based on OpenClose rate-lock volume — moved 12 percent higher.

Source: Mortgage Daily

New CEO at Quicken Loans

An insider has been named to head up Quicken Loans Inc.’s management team. A domino effect impacted three high-profile executives.

Bill Emerson started his career at the Detroit-based residential lender in 1993. His first job at the online lender was mortgage banker.

Emerson, who is a Quicken investor, ran several business units before ascending to the role of chief executive officer in February 2002.

Source: Mortgage Daily

BofA Operates Automated Branch Network

Automated bank branches have become a reality at Bank of America Corp., enabling customers to video chat with employees at other locations.

In Minneapolis, a completely automated office is operated by the Charlotte, North Carolina-based organization. Another operates in Denver.

In all, BofA is currently testing three automated branches, which are a quarter of the size of a typical branch. It’s a new market for the financial institution.

Source: Mortgage Daily