Foreclosures | Mortgages | Financing
As weekly mortgage applications dropped off, the share of activity that was represented by government insured loans thinned for the third consecutive week.
The Market Composite Index for the week that ended on March 17, 2017, moved lower by a seasonally adjusted 3 percent compared to one week earlier.
Foregoing seasonal adjustments, the index, a representation of retail residential loan application volume, retreated 2 percent from the week ended March 10.
From:: Financing
Issues that are related to regulation have kept investors from using their capital to launch new banks over the last half-dozen years.
Since the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was enacted, 1,917 banks have disappeared.
But while 24 percent of banks have gone away since enactment of the law, there have been only six de novo banks that were created.
From:: Financing
Earnings at independent servicers of residential loans swung to a profit in the final quarter of last year. Behind the improvement were gains on mortgage servicing rights.
As of Dec. 31, 2016, an average of 85,676 loans were serviced for $14.786 billion by the average independent mortgage servicer and mortgage subsidiaries of banks.
Servicing portfolios grew from 84,157 loans for $14.459 billion at the end of the third-quarter 2016 and 73,118 units serviced for $12.101 billion at the end of 2015.
From:: Financing
Earnings at independent mortgage banking firms plummeted more than 50 basis points on a quarter-over-quarter basis. Secondary marketing gains and expenses hurt income.
From Oct. 1, 2016, through the end of last year, average originations for independent mortgage bankers and mortgages subsidiaries of banks were 2,971 loans for $0.730 billion.
Average production slipped from the third quarter, when 3,179 loans were closed for $0.787 billion, but rose from 2,265 loans for $0.538 billion in the fourth-quarter 2015.
From:: Financing
For each of the most-recent three months, the rate of serious delinquency on first mortgages moved up. Second mortgage performance also waned.
As of February, ninety-day delinquency on consumer credit stood at 0.94 percent based on the Composite Consumer Credit Default Index.
Serious consumer delinquency deteriorated from the first month of the year, when the rate was 0.92 percent, but fell from 0.97 percent a year prior.
From:: Financing
It’s been 16 years since the quality of residential loans originated has been as low as it was in the fourth-quarter 2016. But higher risk is likely ahead.
Based on the Housing Credit Index, single-family loans had less credit risk during the final quarter of last year than three months earlier and a year earlier.
In fact the index, which considers six credit risk attributes, indicates that fourth-quarter 2016 loans were among the highest-quality loans originated since 2001.
From:: Financing
Issuers of mortgage-backed securities are feeling overwhelmingly positive about the industry despite potentially tougher market conditions.
Modest increases in home prices and rents are generally expected over the next few years by debt issuers with housing market exposure
Despite expectations that are slower than the strong growth of the last several years, issuers are feeling confident about industry conditions.
From:: Financing
A ratings agency report indicates that reforming the government-sponsored enterprises could have wide-reaching implications for a range of sectors and entities.
A potential reform of the U.S. housing finance that is centered around Fannie Mae and Freddie Mac is possible but not likely imminent.
The pair of secondary mortgage lenders were at the center of the financial crisis and thrust into conservatorship in September 2008 by the Federal Housing Finance Agency.
From:: Financing
More than $18 billion was originated in 2016 by Finance of America Holdings LLC. The mortgage servicing portfolio exceeded $4 billion as of year end.
At the conclusion of last year, 18,402 residential loans with an aggregate principal balance of $4.011 billion were serviced by Finance of America.
The total was revealed by the Horsham, Pennsylvania-based firm as part of the Mortgage Daily Fourth Quarter 2016 Mortgage Origination Survey.
From:: Financing
A new round of layoffs disclosed by PHH Mortgage Corp. brings to 240 the number of layoffs recently announced for the Empire State.
Last September, the Mount Laurel, New Jersey-based company reported to the New York Department of Labor it would cut 91 jobs.
The layoffs took place in Williamsville on Dec. 31, 2016, according to the Worker Adjustment and Retraining Notification Act filing.
From:: Financing