Tag: finance

Compared to a year ago, more borrowers locked in rates on their home loans this holiday week. A slowdown in refinance activity continued, with rate-term transaction share at its most narrow point on record. Government business also saw a big decline.

A more than 7 percent decrease from last week was recorded for the Mortgage Daily U.S. Mortgage Market Index for the seven days that ended on Feb. 23. The drop was insignificant given that the week included Presidents Day.

The index increased 6 percent from the same-seven days last year. No adjustments are made for seasonal factors to the MMI, which is based on average per-user rate-lock volume by OpenClose clients.

---

…read more

From:: Financing

Compared to a year ago, more borrowers locked in rates on their home loans this holiday week. A slowdown in refinance activity continued, with rate-term transaction share at its most narrow point on record. Government business also saw a big decline.

A more than 7 percent decrease from last week was recorded for the Mortgage Daily U.S. Mortgage Market Index for the seven days that ended on Feb. 23. The drop was insignificant given that the week included Presidents Day.

The index increased 6 percent from the same-seven days last year. No adjustments are made for seasonal factors to the MMI, which is based on average per-user rate-lock volume by OpenClose clients.

---

…read more

From:: Financing

Mortgage rates increased on a weekly and monthly basis to the highest level since 2014, and more ascension is expected. Rising rates are driving more borrowers into adjustable-rate mortgages.

Average 30-year note rates on single-family loans that were closed during January 2018 were 4.33 percent, according to Ellie Mae Inc.’s January 2018 Origination Insight Report.

Rates have risen for three consecutive months and stand at their highest level since May 2017. Thirty-year note rates were 4.28 percent the prior month and 4.31 percent a year prior.

---

…read more

From:: Financing

Changes to the reporting of public records on credit bureaus last year have begun to yield improvements to credit scores for some consumers.

The National Consumer Assistance Plan was launched in March 2015 by the three major credit repositories — Equifax, Experian and TransUnion.

Behind the development of the plan was a settlement between the three credit bureaus and attorneys general from more than 30 states.

---

…read more

From:: Financing

The president of a state mortgage trade group has apologized to Quicken Loans Inc. for statements he was quoted as making for a news story about discrimination.

In the article, which was published by Michigan Radio, data from The Center for Investigative Reporting) and the Associated Press was cited pointing to ongoing mortgage discrimination against blacks and Hispanics.

According to the data, a pattern of greater denial rates for people of color than for their white counterparts was found in the conventional mortgage market.

---

…read more

From:: Financing

A clarification has been issued by the Internal Revenue Service about the deductibility of interest that is paid on home-equity and junior-lien products.

The Tax Cuts and Jobs Act of 2017 was approved by Congress and signed into law last year by President Donald Trump and enacted on Dec. 22.

Under the law, joint taxpayers can deduct interest on home loans up to $750,000. Married taxpayers filing separately can each deduct interest on loans up to $375,000.

---

…read more

From:: Financing

The chief executive officer of the company formerly known as Walter Investment Management Corp. has left, and an interim replacement has been named from within the company.

A news release Tuesday indicated that Anthony N. Renzi has left the CEO position at Ditech Holding Corp., the new name of Walter Investment since emerging from bankruptcy on Feb. 9.

The departure of Renzi, who joined Walter Investment in 2016, was first disclosed earlier this month when the Fort Washington, Pennsylvania-based lender was still in the midst of its chapter 11 bankruptcy.

---

…read more

From:: Financing

Bids are being accepted for an offering of mortgage servicing rights on nearly $2 billion in agency residential loans. The deal has a three-state concentration.

In all, MSRs on 10,350 agency residential loans that had an aggregate unpaid principal balance of $1.925 billion as of Jan. 31 are being auctioned.

Fannie Mae loans account for $0.131 billion of the total, Freddie Mac mortgages make up less than $0.001 billion and Ginnie Mae loans represent the bulk of the offering: $1.794 billion.

---

…read more

From:: Financing

Five mortgage-related companies were rated among the country’s 100-best employers by their workforce. The top-rated mortgage firm has made the list each of the last 15 years.

The best employer among all U.S. industries for 2018 was salesforce.com, where 94 percent of the more than 17,000 employees say the workplace is great.

San Francisco-based salesforce’s employees also say it is committed to learning and innovating — keen to try new things, and always ready to support new ideas.

---

…read more

From:: Financing

The collective balance of residential loans outstanding increased in the final quarter of last year, while mortgage delinquency fell to the lowest level since the recession.

There were 53.2 million single-family loans outstanding as of the fourth-quarter 2017 that had an aggregate unpaid principal balance of approximately $10.732 billion.

America’s book of mortgage business grew from the preceding three-month period, when 52.7 million loans were outstanding for $10.509 billion.

---

…read more

From:: Financing