Foreclosures | Mortgages | Financing
Impac Mortgage Holdings Inc. has generated more than $50 million in cash from a common stock offering that will be used to expand and securitize.
The Irvine, California-based non-bank mortgage banker disclosed Tuesday that it sold $56 million in a registered direct offering.
Among the investors of the common shares were existing shareholders Talkot Capital LLC and certain entities affiliated with Richard or Todd Pickup.
From:: Financing
Agency mortgages that were kicked back by aggregators have come on the market for investors looking to purchase them at a discount.
The offering includes four conventional, insured and uninsured government loans with an aggregate unpaid principal balance of $2.3 million.
Although the mortgages have been underwritten to agency guidelines, they have all been kicked back by loan aggregators.
From:: Financing
Buyers looking to pick up mortgage servicing rights on more than $300 million in agency loans with a Michigan concentration can make bids on a new offering.
MSRs are being offered on 1,879 Fannie Mae, Freddie Mac and Ginnie Mae loans with an aggregate unpaid principal balance of $326 billion as of March 31.
Single-family properties that are located in Michigan secure 37 percent of the mortgages included in the transaction. No other state has a double-digit share.
From:: Financing
A slight increase in the number of people applying to refinance their mortgages wasn’t enough to offset a decline in applications for a purchase-money loan.
A seasonally adjusted 2 percent decline from one week previous was recorded for the Market Composite Index for the week that ended on April 14.
Even foregoing any seasonal adjustments, the index — a measure of retail residential loan application volume — was still down 2 percent from the prior week.
From:: Financing
Multifamily activity drove up the rate of building permits last month, while one-unit properties lifted the rate of completed construction.
Permits for the construction of 111,900 privately owned housing units were issued during March, leaping from just 84,800 permits a month earlier.
A substantial gain was additionally made compared to the same month last year, when there were 97,700 permits handed out by in permit-issuing places.
From:: Financing
The current quarter and the following three months are likely to see solid production of loans to finance the acquisition of single-family properties.
Secondary market giant Freddie Mac expects industry-wide mortgage production to come in at $443 billion in the second quarter then dip to $432 billion three months later.
But business is expected to significantly slow during the final-three months of this year, when home-lending activity is expected to total $335 billion.
From:: Financing
Past-due payments on first mortgages rose last month for the fourth month in a row. Also deteriorating was the serious delinquency rate on second mortgages.
Ninety-day delinquency on consumer credit products was 0.94 percent in March, according to the Composite Consumer Credit Default Index.
The index — which reflects performance on first and second mortgages, bank cards and auto loans — was also reported at 0.94 percent as of February.
From:: Financing
Pre-tax earnings were up on a quarter-over-quarter and year-over-year basis at Bank of America Corp., though not at its mortgage business.
During the first-three months of this year, income before income taxes came to $6.6 billion, better than $5.0 billion in the same period last year.
Earnings at the Charlotte, North Carolina-based financial institution also improved from the final-three months of last year, when the total was $6.1 billion.
From:: Financing
A small portfolio of agency home loans that have been kicked by aggregators is available for sale from a non-bank originator.
The offering includes 18 whole loans that have been underwritten to agency guidelines. The collective unpaid principal balance is $6.3 million.
Included in the portfolio are conventional mortgages, insured loans and uninsured government mortgages. California, Florida and New York are the top states for property locations.
From:: Financing
The parent company of an appraisal management company has filed a prospectus to conduct an initial public offering of its common shares.
Shortly after its founding in 2008, Solidifi acquired Kirchmeyer & Associates and reportedly became the No. 3 U.S. AMC.
Solidifi is owned by Real Matters Inc. which has filed a prospectus for an IPO and a secondary offering of shares already held by certain shareholders.
From:: Financing