Foreclosures | Mortgages | Financing
While quarterly and annual mortgage refinance production is expected to tumble, the volume of loans to finance home purchases is predicted to climb.
Originators of residential loans are expected to generate $335 billion in total mortgage originations during the first three months of this year.
Home lending is then expected to leap to $443 billion in the second quarter before retreating to $432 billion in the following three-month period.
From:: Financing
While quarterly and annual mortgage refinance production is expected to tumble, the volume of loans to finance home purchases is predicted to climb.
Originators of residential loans are expected to generate $335 billion in total mortgage originations during the first three months of this year.
Home lending is then expected to leap to $443 billion in the second quarter before retreating to $432 billion in the following three-month period.
From:: Financing
Rising interest rates on residential loans have senior mortgage banking executives less optimistic about spring home purchase financing than a year ago.
Thirty-five percent of senior executives at U.S. mortgages bankers think it would be easy for consumers to get a home loan as of the first quarter.
That turned out to be the biggest share of executives since at least the first-quarter 2014, when the share who considered it easy was just 15 percent.
From:: Financing
Amendments being proposed to the Equal Credit Opportunity Act and its implementing rule are intended to provide greater clarity for lenders.
The ECOA is a federal civil rights law that is designed to prevent discrimination by providers of consumer credit, including residential lenders.
Regulation B, which is the rule that implements the ECOA, restricts questions about a consumer’s race, color, religion, national origin and sex.
From:: Financing
With jumbo loans and adjustable-rate mortgages leading the way, new business retreated on a week-over-week basis. But activity moved higher from a year ago.
The Mortgage Daily U.S. Mortgage Market Index, a measure of average per-user rate locks by clients of OpenClose, was 168 in the week ended March 24.
Business slowed by 10 percent from the previous week based on the index, an indication of upcoming originations. There are no adjustments for seasonal variations.
From:: Financing
The level of risk on overall applications for residential loans moved higher for the third consecutive month and could rise even further as adjustable-rate share rises.
An estimate of the frequency of defects, fraud and misrepresentation of information submitted on mortgage applications, the Loan Application Index, was 76 in February.
The index worsened compared to the prior month, when it was previously reported at 73. The index has risen each month since November 2016, when it was 68.
From:: Financing
The former owner and chief of a New York mortgage banker has been sentenced to more than a dozen years in prison for selling fraudulent loans on the secondary market.
Aaron Wider was the owner and chief executive officer of HTFC Corp. The Garden City, New York-based organization was licensed as a mortgage bank.
HTFC funded residential loans that it originated by utilizing warehouse lenders. After the mortgages were funded, each of the loans were sold on the secondary market.
From:: Financing
Recently announced mortgage-related mergers and acquisitions include a deal with alleged conflicts of interest. A new report highlights factors that will maximize value for sellers.
A report from Stratmor Group indicates that the number of motivated, well-capitalized prospective buyers of retail origination platforms exceeds the number of sellers.
“The challenge for prospective sellers is not just attracting a buyer, but aligning with the right buyer to optimize the sale execution of their company,” Stratmor’s report states.
From:: Financing
Although the quarterly non-current rate of residential loans serviced by banks worsened, foreclosures started and completed fell as did the foreclosure rate.
Loans that were at least 30 days past due or in the foreclosure process represented 5.3 percent of all loans serviced by the banks as of the fourth-quarter 2016.
The non-current mortgage rate deteriorated from 5.2 percent compared to three months earlier. But the rate improved versus 5.9 percent a year earlier.
From:: Financing
It’s been a year since secondary activity was this low at the Federal Home Loan Mortgage Corp. Delinquency, meanwhile, fell to a new post-crisis low.
Purchase and issuances during February at Freddie Mac came to $29.032 — the slowest month since February 2016, when the total was $26.034 billion.
The McLean, Virginia-based company disclosed the metrics, along with other operational results, in its Monthly Volume Summary: February 2017.
From:: Financing