Foreclosures | Mortgages | Financing
An increase in the volume of cashout originations is creating more risk for mortgage investors, according to a new ratings agency report.
Although rising home prices have created more equity for mortgage holders, it is also motivating homeowners to extract equity from their homes
Cashouts are increasing on loans backed by the government-sponsored enterprises and on mortgages included in private-label securitizations.
From:: Financing
Multiple home price indices continue to ascend. Leading the gains are coastal locations, though the Mountain Region is faring well.
Between November and the final month of last year, estimated prices on U.S. residential properties moved up by 0.4 percent.
Prices in the East South Central climbed 2.1 percent — the biggest month-over-month increase of any census division in the country.
From:: Financing
The volume of home purchase financing expected this year has been lifted. In addition, last year’s overall origination estimate also increased.
U.S. mortgage bankers are expected to generate $335 billion in residential loan production during the first-three months of this year.
Home-lending volume is then expected to rise to $443 billion in the second quarter before settling back to $432 billion three months later.
From:: Financing
A drop in the nation’s pending home sales last month is a bad sign for upcoming home sales. The West led the decline.
As of January, the Pending Home Sales Index, an indication of future home sales, was a seasonally adjusted 106.4.
That turned out to be the lowest level for the index in the last 12 months — pointing to lower completed home sales ahead.
From:: Financing
DALLAS — (Feb. 27, 2017) Despite a four-day holiday week, there was a healthy ascension in new refinance business. New jumbo activity had the strongest week-over-week increase.
The U.S. Mortgage Market Index from OpenClose and Mortgage Daily was 130 in the week that ended on Feb. 24, which included Presidents Day.
Compared to the prior week, the index — an indication of upcoming originations based on average per-user OpenClose rate-lock volume — was up 5 percent.
From:: Financing
Mortgage servicing rights are for sale on over $1 billion in government-sponsored enterprise loans with a California concentration.
FNMA A/A mortgages account for 3,640 units that had an aggregate unpaid principal balance of $0.909 billion as of Jan. 31.
Another 1,232 of the residential loans are FHLMC ARC mortgages with a collective unpaid principal balance of $0.264 billion.
From:: Financing
As the share of refinance mortgage originations continues to subside, more risky financing for home purchases is driving up the level of mortgage fraud risk.
As of January, the Loan Application Defect Index — an estimate of the frequency of defects, fraud and misrepresentation on mortgage applications — was 73.
Compared with the final month of last year, the index moved higher by almost 6 percent. But a 4 percent year-over-year reduction in the index was recorded.
From:: Financing
The annual pace of new home sales strengthened last month. The Northeast led the rise, though the Midwest was close behind.
During the first month of this year, the sale of 41,000 new privately owned residential housing units was successfully completed.
Activity accelerated from 38,000 in the final month of last year and an upwardly revised 39,000 units sold in January 2016.
From:: Financing
Quarterly home lending sank by over a fourth at Impac Mortgage Holdings Inc. and is likely plunging during the current quarter.
Before income taxes, the Irvine, California-based organization earned $17 million during the three months ended Dec. 31, 2016.
Those details, along with other operational and financial results, were presented in Impac’s fourth-quarter 2016 earnings report.
From:: Financing
A quarter-over-quarter and year-over-year decline was recorded for the level of risk on new mortgage originations.
In the third quarter of last year, the country’s residential lenders generated $505.2 billion in mortgage production.
Home-lending activity moved lower versus the previous three-month period, when $447.2 billion in loans were closed.
From:: Financing