It has been nearly four years since secondary activity at the Federal Home Loan Mortgage Corp. was as slow as it was last month. Delinquency, meanwhile, dipped.
In its Monthly Volume Summary: February 2018, McLean, Virginia-based Freddie Mac reported a total mortgage portfolio of $2.0994 trillion.
The Feb. 28 book of business was comprised of an $0.2467 trillion investment portfolio and $1.8527 trillion in outstanding mortgage-related securities and guarantees.
The sale of more than $34 million in government-sponsored enterprise-backed residential loans that are not performing has closed. The loans are secured by Florida properties.
Winning bidders have been announced for a portfolio of 182 Fannie Mae mortgages with a collective outstanding unpaid principal balance of $34.25 million.
The non-performing loans are broken up into two pools; one of the pools has an Orlando, Florida, concentration, while the second pool is concentrated in Tampa, Florida.
The first issuance of residential mortgage-backed securities solely backed by loans that were originated by loanDepot LLC is in the works.
Mello Mortgage Capital Acceptance 2018-MTG1 consist of 453 residential loans with a collective unpaid principle balance of $300 million.
All of the mortgages, which are primarily 30-year, first-lien loans, were originated by Foothill, Ranch, California-based loanDepot.
A settlement has been reached with a reverse mortgage lender that allowed someone to sign loan documents even though he didn’t have the authority to do so.MetLife Home Loans LLC previously underwrote and closed a home-equity conversion mortgage. The son of the borrower used a power of attorney to sign the loan.
A company that purportedly invests in real estate notes has agreed to settle charges that it misled investors and used the capital raised for purposes other than promised.
McKinley Mortgage Co. LLC is an investment advisory firm in the business of raising capital from investors for the acquisition of deeds of trusts on real property.
The capital was placed into Alaska Financial Company III LLC, and promissory notes were issued by the fund with promises of returns between 6 percent and 8.25 percent.
A sharp weekly increase in prospective loans to finance a home purchase to the highest level in six months drove new mortgage business to the highest level in more than four months. Conventional business was the best it’s been in nine months.
A 14 percent rise from the preceding week was recorded for the Mortgage Daily U.S. Mortgage Market Index for the seven days that concluded on March 23. No seasonal adjustments are made to the index.
The MMI, which provides market watchers with a peak into upcoming mortgage originations based on average per-user rate lock activity by clients of OpenClose, was down, however, 6 percent from the same week last year.
In the latest ranking of mortgage lenders and servicers, non-bank lenders gave up market share last year as overall mortgage originations turned lower on a quarterly and annual basis.
During the fourth-quarter 2017, home lenders originated an estimated $502 billion in new U.S. mortgages, according to data compiled by Mortgage Daily.
Business was modestly lower than $510 billion in the prior three-month period. An even bigger decline was recorded versus the upwardly revised $577 billion in the final quarter of 2016.
The rate of late payments on securitized commercial real estate loans declined last month, though there was deterioration on apartment and retail property loans.
On loans that are part of commercial mortgage-backed securities, the rate of 60-day delinquency came to 5.74 percent as of Feb. 28.
CMBS loan performance has improved compared to one month earlier, when the 60-day rate worked out to 5.81 percent.
Even though there was little change in national new home sales, sales sank in the West and soared in the Northeast. The inventory of new homes for sale reached a 9-year high.
On a preliminary basis, the sale of 51,000 new single-family homes were completed during February. Including prior-month sales, there have been 98,000 new home sold this year.
Making adjustments for seasonal factors, the annual rate of new home sales worked out to 618,000 last month, off less than a percent from the upwardly revised level for January.
Earnings at independent mortgage servicers deteriorated as loans serviced per employee moved lower. Small servicers were hurt the most.
Fourth-quarter 2017 servicing income at independent mortgage servicers and mortgage banking subsidiaries of chartered banks was one basis point.
Servicer earnings sank from the previous three-month period, when they were 5 BPS. Income plunged from 21 BPS in the final quarter of 2016.