Genworth M.I. Cuts Premiums

Genworth Mortgage Insurance has revealed a reduction in the cost of its mortgage insurance premiums in a variety of lending circumstances.

On Friday, the Raleigh, North Carolina-based mortgage insurer announced new rates for lender-paid single-premium transactions.

Among the changes is the elimination of an adjuster on transactions with loan amounts of more than $424,100 and up to $649,999.


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From:: Financing

Mortgage Jobs Decline Despite Broker Bump

Even though monthly headcount at mortgage brokers grew, overall staffing in real estate finance contracted. Among all industries, the data disappointed.

March saw an meager increase of 98,000 in U.S. nonfarm payroll employment, according to data released Friday by the Bureau of Labor Statistics.
Job growth plummeted from the previous month’s downwardly revised 219,000 positions and the upwardly revised 225,000 jobs one year previous.


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From:: Financing

Mortgage Rates Near 2017 Low, Might Stay Down

Long-term mortgage rates declined for the third week in a row and nowDuring the seven-day period ended Thursday, 30-year fixed rates averaged 4.10 percent, according to Freddie Mac’s Primary Mortgage Market Survey.

Thirty-year fixed rates have only been lower once this year — in the week that concluded on Jan. 19 when the average came in at 4.09 percent.


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From:: Financing

Commercial Mortgage Production Falls

The nation’s mortgage banking firms generated less in commercial real estate loan volume last year, although it was still a relatively strong year.

CRE lenders generated $490.6 billion in commercial mortgage production during all of 2016. The total included both CRE and multifamily loans.

Activity slowed compared to the prior year, when $503.8 billion in CRE loans were originated — though 2015 was the second-biggest year on record.


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From:: Financing

Jumbo Mortgage Credit Conditions Significantly Ease

A sharp improvement in the availability of jumbo loans helped drive overall credit conditions in home financing to the loosest levels in nearly a decade.

As of March 2017, the Mortgage Credit Availability Index, a standardized quantitative index that is focused only on mortgage credit, came in at 183.4.

The latest index — which is based on several eligibility factors like credit score, loan type and loan-to-value ratio — was the highest since roughly mid-2008.


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From:: Financing

Delinquency Up on HELs, Soars on Mobile Home Loans

Past-due payments rose on three-out-of-four housing-related consumer loan types at banks — with mobile-home loan delinquency exploding.

The seasonally adjusted 30-day delinquency rate on bank-owned closed-end consumer loans was 1.51 percent as of the final quarter of last year.

Thirty-day delinquency increased 10 basis points compared to the third quarter and also compared to the same three-month period in 2015.


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From:: Financing

Several Nonbank Mortgage Firms Named Best Employers

Among a number of mortgage-related organizations to be recently ranked among the best employers were several non-bank real estate finance businesses.

JPMorgan Chase & Co. topped the eFinancialCareers Ideal Employer rankings for 2017, according to a March 28 statement. The list reflects global standing.

eFinancialCareers explained that nearly 6,000 finance professionals were surveyed during the fourth quarter of last year. Votes were cast for 2,663 companies.


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From:: Financing

Refinances to Drive Down 2017 Mortgage Originations

Although the volume of purchase-money lending is forecasted to increase this year, it won’t be enough to offset the projected decline in refinances.

Overall residential loan originations are expected retreat from an estimated $1.850 trillion in 2016 to $1.557 trillion during all 12 months of this year.

Included in last year’s total is an estimated $0.947 trillion in loans to finance a home purchase. Purchase financing is projected to rise to $1.025 trillion in 2017.
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From:: Financing

HECM Endorsements Jump to 19-Month High

Federally insured reverse mortgage production jumped to the highest level since the summer of 2015 despite a drop in the number of originators.

During March 2017, there were 5,364 home-equity conversion mortgages that were endorsed by the Federal Housing Administration.

Last month’s HECM endorsements turned out to be the most since August 2015, when production worked out to 5,750 reverse mortgages.


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From:: Financing

Mortgage Applications Pulled Down by Refinances

An increase in the weekly volume of purchase-money applications was more than offset by a reduction in the number of mortgage refinance applications completed.

Compared to one week previous, the Market Composite Index moved down less than a seasonally adjusted 2 percent during the week that ended on March 31.

The index, which is a measure of mortgage loan application volume, slipped just a percent versus the prior week when seasonal adjustments are excluded.


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From:: Financing