Foreclosures | Mortgages | Financing
With his swearing-in ceremony completed, Dr. Benjamin S. Carson has officially become the leader of the nation’s housing agency.
On Thursday, Carson was sworn in by Vice President Mike Pence as secretary of the Department of Housing and Urban Development.
The neurosurgeon’s swearing in came just hours after the full Senate confirmed him as HUD secretary by a roll call vote of 58 to 41.
From:: Financing
Interest rates on residential loans turned lower over the past seven days. But an increase is likely with fixed rates over the next seven days.
During all of January, conforming fixed rates on purchase-money loans averaged 4.37 percent, the Federal Housing Finance Agency reported.
FHFA said that the average, which is based on a small monthly survey of mortgage lenders, increased from 4.08 percent in December 2016.
From:: Financing
Deterioration in office loan performance droved delinquency on securitized commercial real estate loans to an 18-month high.
The 30-day past-due rate on loans that are part of commercial mortgage-backed securities was 5.31 percent as of Feb. 28.
That turned out to be the highest rate of CMBS delinquency since August 2015, when the 30-day rate came in at 5.45 percent.
From:: Financing
A neurosurgeon with no experience in housing has been confirmed as the head of the Department of Housing and Urban Development.
On Thursday, the Senate confirmed Dr. Benjamin Carson as HUD secretary. The confirmation was made by a roll call vote of 58 to 41.
The Senate Committee on Banking, Housing and Urban Affairs approved Carson for the nation’s top housing agency role back on Jan. 24.
From:: Financing
Despite a reduction in purchase financing, overall quarterly home lending moved higher on a year-over-year basis.
Residential loan originations during the final-three months of last year amounted to 1.7 million loans for $461 billion.
Total production included loans used to finance a home purchase, refinance transactions and home-equity lines of credit.
From:: Financing
Mortgage servicing rights on nearly $1 billion in government-sponsored enterprise loans with a California concentration are being auctioned off.
Bids are now being accepted for MSRs on 4,598 residential loans that had an aggregate unpaid principal balance of $920 million as of Feb. 28.
FNMA A/A loans make up $676 million of the portfolio, FNMA MBS account for $5 million, and another $239 million are FHLMC ARC loans.
From:: Financing
A big office expansion in Guaranteed Rate’s home town will enable it to hire hundreds of loan originators who will handle online mortgage leads.
The Chicago-based company is running a recruiting campaign dubbed the Liftoff Program. No mortgage experience is needed to join the program.
Recruits will receive an instructional sales itinerary that includes industry guest lecturers and all certification exams required for loan originators.
From:: Financing
For four consecutive months, secondary activity at the Federal National Mortgage Association has retreated. Delinquency fell to a new post-crisis low.
Fannie Mae’s total book of business finished January 2017 at $3.1502 trillion — the highest it’s been since February 2014 when it was $3.1517 trillion.
The Washington-based organization reported the most-recent number, in addition to other operational metrics, in its January 2017 monthly summary.
From:: Financing
After falling to nearly the lowest level ever, the 11th District Cost of Funds Index turned higher in the first month of 2017.
COFI, which is utilized as the index on a small share of legacy adjustable-rate mortgages, was 0.616 percent in January.
The index moved higher compared to the concluding month of last year, when it was calculated to be 0.599 percent.
From:: Financing
Performance on securitized commercial real estate loans worsened for the second consecutive month, and the outlook is for more deterioration.
As January concluded, delinquency of at least 30 days on loans that are included in commercial mortgage-backed securities was 3.01 percent.
The past-due CMBS rate inched up from 3.00 percent as of year-end 2016. It was the second month in a row that the delinquency rate worsened.
From:: Financing