Tag Archive: finance

Annual Originations Slip at Finance of America

Mortgage production last year was down slightly at Finance of America Holdings LLC. Also lower was the servicing portfolio and headcount.

As of the end of 2017, the Horsham, Pennsylvania-based business serviced 10,920 single-family loans with an aggregate unpaid principal balance of $2.039 billion.

Finance of America reported the details, as well as other operational data, as part of the Mortgage Daily Fourth Quarter 2017 Mortgage Origination Survey.


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From:: Financing

Fannie Raises Estimate of 2017 US Refinances

Economists at Fannie Mae have elevated their estimate of refinance production last year at the nation’s primary mortgage originators. Even the purchase estimate was nudged higher.

During just first quarter of this year, the secondary lender predicts that overall loan originations, including purchases and refinances, will total $366 billion.

Aggregate national production is then expected to jump to $483 billion during the following three months before retreating to $466 billion in the third quarter.


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From:: Financing

Mortgage Market Index Down, Record Cashout Share

With government activity leading the way, new mortgage business turned lower last week. The proportion of people extracting home equity, meanwhile, widened to its broadest share on record.

In the seven days that concluded on Jan. 19, the U.S. Mortgage Market Index from Mortgage Daily, a barometer of upcoming loan closings based rate-lock activity at OpenClose, was 111.

The index, which is not adjusted to reflect seasonal factors, descended 8 percent from the preceding seven-day period. Compared to the same seven days last year, the index fell 9 percent.


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From:: Financing

Caliber Home Loans Originations Increase in 2017

Despite annual declines already reported by several of the nation’s biggest mortgage originators, Caliber Home Loans Inc. experienced an increase. Servicing has also expanded.

As part of the Mortgage Daily Fourth Quarter 2017 Mortgage Origination Survey, Caliber reported that it serviced 526,455 loans with an aggregate unpaid principal balance of $121.317 billion.

The Irving, Texas-based mortgage banking firm’s servicing portfolio expanded from 498,030 loans for $114.202 billion three months earlier and 403,751 loans for $91.065 billion one year earlier.


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From:: Financing

Former Employee Sues Wells Fargo Over Firing

A former Wells Fargo & Co. mortgage banker in Beverly Hills, California, has sued the company alleging he was unjustly fired for his actions in the rate-lock scandal.

The federal lawsuit was filed this week in Los Angeles by David Eghbali, who had been one of the bank’s top loan originators before he was fired in 2015.

But Eghbali, himself, had previously settled with the Consumer Financial Protection Bureau allegations he shifted fees between borrowers in order to close more loans.


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From:: Financing

Annual Mortgage Originations Down at SunTrust

Residential loan originations were lower last year at SunTrust Banks Inc., while mortgage delinquency turned sharply higher. The servicing portfolio, however, expanded.

Atlanta-based SunTrust revealed in its fourth-quarter 2017 earnings report that income before the provision for income taxes was $668 million during the period.

Earnings were slightly better than the $660 million earned a year prior. But income at the bank-holding company declined from $765 million the prior quarter.


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From:: Financing

Mortgage Rates Higher Again, To Continue Rising

The latest reading on mortgage rates is that they continued deteriorating on both a weekly and monthly basis. Short- and long-term forecasts have further escalation ahead for fixed rates.

On all residential loans that closed during December, thirty-year note rates averaged 4.28 percent. The rate climbed 4 basis points from the prior month — when they were also higher — and 23 BPS from a year prior.

Rates most recently averaged 4.32 percent on conventional mortgages, 4.31 percent on loans insured by the Federal Housing Administration and 4.05 percent on loans guaranteed by the Department of Veterans Affairs.


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From:: Financing

2017 Refi Estimate Lifted, Purchase Cut

Last year’s estimated refinance production has been raised, while the purchase-money estimate was lowered. Forecasts for both categories were lifted for this year and next year.

Single-family loan originations by all lenders, including refinances and purchases, during the first-three months of 2018 are expected to come in at $335 billion.

Home lending is then expected to jump to $495 billion in the second quarter then ascend further — to $500 billion — during the following three months.


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From:: Financing

MGIC’s New Business Down, Delinquency Up

New business during the final-three months of last year declined at MGIC Investment Corp., while delinquency rose. The book of business grew.

Fourth-quarter 2017 earnings data released Thursday by the Milwaukee-based organization indicate income before taxes came in at $245 million.

Income improved from the final quarter of 2016, when the total was $162 million. Earnings also ascended from the preceding quarter, when they were reported at $184 million.


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From:: Financing

Mortgage Earnings, Servicing Down at BBT

A quarter-over-quarter rise in home lending was reported by BBT Corp. But mortgage earnings and servicing were down, while all three metrics were lower on a year-over-year basis.

The Winston-Salem, North Carolina-based bank-holding company earned $876 million before income taxes, according to its fourth-quarter 2017 earnings report.

Income retreated from the same three months in 2016, when the total was $930 million, and the preceding three months, when BBT earned $942 million.


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From:: Financing