By Jeff Lazerson | | PUBLISHED: April 25, 2019 at 11:08 am | UPDATED: April 25, 2019 at 11:46 am What’s up with mortgage rates? Jeff Lazerson of Mortgage Grader in Laguna Niguel gives us his take. Rate news summary From Freddie Mac’s weekly survey: The 30-year averaged 4.20%, up 3 basis points from last week. The 15-year fixed rate averaged 3.64%, up 2 basis points from last week. The Mortgage Bankers Association reported a 7.3% percent decrease in loan application volume from the previous week. Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conforming $484,350 loan, last year’s payment was $108 higher than this week’s payment of $2,369. What I see: Locally, well-qualified borrowers can get the following fixed-rate mortgages at zero points: A 15-year FHA (up to $431,250 in the Inland Empire, up to $484,350 in Los Angeles and Orange Counties) at 3.375%, a 30-year FHA at 3.50%, a 15-year conventional at 3.50%, a 30-year … [Read more...] about Mortgage competition banned at Laguna Woods co-ops
Mortgage servicer advances
(Reuters) - JPMorgan Chase & Co chief executive Jamie Dimon on Thursday called for reforms to U.S. public policy on education, infrastructure and mortgages to repair what he called the “fraying” American dream. FILE PHOTO: A J.P. Morgan logo is seen in New York City, U.S., January 10, 2017. REUTERS/Stephanie Keith/File Photo “Governments must be better and more effective - we cannot succeed without their help,” Dimon wrote UPDATE 1-India govt may direct state banks on debt resolution - finmin source - Reuters in his 50-page annual letter, a third of which was devoted to his argument. “The rest of us could do a better job, too.” As head of the largest U.S. bank, Dimon has frequently used the letter to promote his views on public policy and corporate responsibility. On Thursday, he highlighted 11 problems he said are impeding U.S. growth and opportunities. U.S. schools are failing to prepare students for professional-level jobs, he said, … [Read more...] about JPMorgan’s Dimon urges infrastructure, mortgage reform to spur U.S….
Challenger banks One Savings Bank and Charter Court Financial Services Group are in final talks over a potential £1.6bn merger, the firms have confirmed. The companies said they are in advanced discussions regarding an all-share combination, which would see One Savings Bank chief executive Andy Golding become the boss of the combined group. Read more: Leading challenger banks in advanced talks about £1.6bn merger If the deal is completed One Savings Bank shareholders would own around 55 per cent of the combined company, and Charter Court shareholders would hold around 45 per cent. In a statement the banks said the merger would create a leading UK specialist mortgage lender and establish a retail-wholesale funding platform. Read more: German digital banking challenger N26 is expanding to Brazil One Savings has long been tipped to lead consolidation in the challenger bank sector under the leadership of Golding. Activist investor Elliott Advisors is the largest shareholder in … [Read more...] about One Savings Bank and Charter Court Financial Services Group confirm £1.6bn merger talks
For IBM, the sale is part of Big Blue's strategy of selling off non-core assets to focus on its security, cloud and cognitive computing businesses. "IBM acquired Seterus in the wake of the 2008 financial crisis to help a client manage a portfolio of distressed loans," said Jay Bellissimo, general manager of cognitive process transformation for IBM Global Business Services, in a statement. "The time is now right to divest this business, which is no longer core to IBM's portfolio, to a mortgage servicing specialist whose domain expertise and scale can further advance this business."In a regulatory filing, IBM said Seterus generated over $200 million in revenue in 2018, though at a lower gross margin than the rest of the global business services unit. It also noted that Seterus revenue has been declining. Mr. Cooper expects to fund the acquisition with financing on the mortgage servicing rights and cash. The deal is targeted to close by the end of March, pending regulatory … [Read more...] about Mr. Cooper buys IBM mortgage platform that brought in $200 million last year
By Jeff Lazerson | | PUBLISHED: January 3, 2019 at 10:51 am | UPDATED: January 3, 2019 at 10:51 am What’s up with mortgage rates? Jeff Lazerson of Mortgage Grader in Laguna Niguel gives us his take. Rate news summary From Freddie Mac’s weekly survey: Down 2 basis points from last week and, for the first time in four months, the 15-year fixed rate is under 4 percent, averaging 3.99 percent. The 30-year fixed rate improved to 4.55 percent, down 4 basis point from last week. The Mortgage Bankers Association reported an almost 10 percent drop in mortgage application volume from two weeks earlier. Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conforming $484,350 loan, last year’s payment was $159 lower than this week’s payment of $2,457. What I see: Locally, well-qualified borrowers can get the following fixed rate mortgages at a 0-point cost: 15-year FHA at 3.50 percent; 30-year FHA at 3.75 percent; 15-year conventional 3.75 … [Read more...] about Will new mortgage regulators in D.C. keep your home safe?