Foreclosures | Mortgages | Financing
A minuscule monthly decline in the Cost of Funds Index during the final month of last year left it at the second-lowest level on record.
During the month of December, COFI worked out to 0.599 percent — the second-lowest level on record based on data back to 1981.
COFI, which is utilized as an index for some legacy adjustable-rate mortgages, eased ever so slightly from 0.603 percent in November.
From:: Financing
Policy updates and clarifications made by the Federal National Mortgage Association will make appraisal reports easier to complete.
Appraisers are currently required by Fannie Mae to use at least one comparable sale from the same subdivision as the subject property.
The Washington-based firm also requires a second comparable sale from another subdivision, while the third can be inside or outside.
From:: Financing
Quarterly home-lending activity receded at Churchill Mortgage Corp. as the residential servicing portfolio held steady. But the company increased its headcount.
As of Dec. 31, 2016, the Brentwood, Tennessee-based organization serviced two home loans that had an aggregate principal balance of less than $0.001 billion.
Churchill delivered the metrics, in addition to other operational statistics, as part of the Mortgage Daily Fourth Quarter 2016 Mortgage Origination Survey.
From:: Financing
After ascending to a 14-month high, the rate of past-due payments on securitized commercial real estate loans took a turn for the better.
At the close of the first month of this year, 30-day delinquency on loans included in commercial mortgage-backed securities was 5.18 percent.
Delinquency declined from year-end 2016, when the rate was 5.23 percent — the highest it’s been since it was also 5.23 percent October 2015.
From:: Financing
The outlook for refinance production during the first-three months of this year has been raised by Freddie Mac, though at the expense of subsequent quarters.
The secondary lender predicts that total first-quarter mortgage originations, including purchase financing and refinancing, are expected to total $325 billion.
Home lending is then projected to climb to $430 billion during the following three-month period before settling back to $420 billion in the third-quarter 2017.
From:: Financing
The nation’s supply of residential homes for sale expanded last month, though it’s not clear if the improvement will continue into 2017.
An indication of upcoming existing home sales, the Pending Home Sales Index, landed at 109.0 during the final month of last year.
The seasonally adjusted index increased from 107.3 the prior month. It was also improved from an upwardly revised 108.7 a year prior.
From:: Financing
Although weekly home purchase financing activity moved higher, a reduction in the volume of refinance business pulled down overall new activity.
The U.S Mortgage Market Index from OpenClose and Mortgage Daily, an indication of upcoming originations, was 119 in the week ended Jan. 27.
That was a 2 percent decline from the previous week for the index, which is determined based on average rate-lock volume by clients of OpenClose.
From:: Financing
Quicken Loans Inc.’s home lending volume, servicing portfolio and employee count moved up both on a quarter-over-quarter and year-over-year basis.
As of the end of last year, the Detroit-based mortgage banker serviced $241.9 billion in residential loans, up from $229.0 billion three months earlier.
Those details, as well as other operational metrics, were revealed as part of the Mortgage Daily Fourth Quarter 2016 Mortgage Origination Survey.
From:: Financing
A couple of big mortgage players have made changes to their boards of directors. Meanwhile, several regional manager appointments were among recent executive changes.
Walter Investment Management Corp. disclosed Tuesday that Mark J. O’Brien, James L. Pappas and Shannon E. Smith have resigned from its board of directors as of Jan. 19.
Joining Tampa, Florida-based Walter’s board were its chief executive officer and president, Anthony N. Renzi, along with Neal P. Goldman and Michael M. Bhaskaran.
From:: Financing
Home Point Financial Corp., which has already recently made multiple mortgage investments, has agreed to acquire a publicly traded lender.
In 2015, the Ann Arbor, Michigan-based mortgage banker purchased Maverick Funding Corp. in a transaction that was negotiated in 2014.
Last year, Home Point made a new investment in Longbridge Financial LLC and acquired the originations and operations of Emery Financial.
From:: Financing