Arizona Mortgage News
Arizona Mortgage news is updated daily.
Mixed Results at PHH
Second-quarter loan production was $10.8 billion at PHH Corp., according to second-quarter earnings data. Fundings improved from the first quarter. The mortgage production unit had a second-quarter loss of $18 million, worsening from the prior quarter and the prior year. Delinquency increased to 2.7 percent.
Firms Fined More Than $300k Over Ads
Linden Home Loans and its two owners entered into to a consent order with Washington's Department of Financial Institutions. The mortgage broker agreed to pay a $75,000 fine over allegations it advertised a 1 percent loan with no fees but actually never provided such a product. Another firm, Assurity Financial Services, and its owners also agreed to a consent order to pay a $250,000 fine. The Colorado-based firm was accused of sending deceptive advertisements by mail.
States With Highest, Lowest Closing Costs
Bankrate.com announced its 2008 ranking of closing cost by state. New York came in as the most expensive area to close a loan. The state with the lowest closing costs was North Carolina.
Wachovia Servicer Rating Upgraded
Standard & Poor's Ratings Services announced that it raised Wachovia Mortgage FSB's mortgage loan servicer rating. The rating was increased to strong from above average. The outlook is stable.
2007 Vintage Performance Far Worse Than Prior Years
Delinquency of at least 60 days on Alt-A loans backing residential mortgage-backed securities issued during 2007 and seasoned 12 months was 9 percent, according to data provided by LoanPerformance to MortgageDaily.com. Alt-A issuances from 2006 had a 5 percent delinquency rate at 12 months seasoning. For prime jumbo loans, the 2007 vintage saw 1.6 percent 60-day delinquency at 12 months' seasoning, LoanPerformance reported. That was more than double the delinquency rate jumbo issuances from 2006 saw after 12 months.
