Foreclosures | Mortgages | Financing
The government’s program for modifying home loans saw a month-over-month rise as well as a year-over-year increase in volume.
Residential servicers were successful in completing 29,226 mortgage modifications during the month of November 2016.
The total reflects loans modified through servicers’ own proprietary programs and through the Home Affordable Modification Program.
From:: Financing
In addition to pushing its book of business past $2 trillion, Freddie Mac lifted secondary mortgage activity to a four-year high and cut delinquency to an eight-year low.
The total mortgage portfolio at the Federal Home Loan Mortgage Corp. concluded 2016 at $2.0114 trillion — surpassing $2 trillion for the first time since June 2012.
McLean, Virginia-based Freddie Mac’s book of business was $1.9948 trillion as of Nov. 30, 2016. As of year-end 2015, the total portfolio was $1.9416 trillion.
From:: Financing
The rate of past-due payments on securitized commercial real estate loans increased last month and is expected to worsen further this year.
Delinquency of at least 30 days on loans that are included in commercial mortgage-backed securities closed out last year at 3.00 percent.
The past-due CMBS rate worsened by 2 basis points from the end of November. But the rate has tumbled 43 BPS from the end of 2015.
From:: Financing
Although quarterly business slowed from an all-time high at Radian Group Inc., annual activity ascended to a record as delinquency fell.
The Philadelphia-based mortgage insurance company earned $98 million in pretax income during the three months ended Dec. 31, 2016.
Those details, in addition to other operational and financial results, were presented in Radian’s fourth-quarter 2016 earnings report.
From:: Financing
A former loan originator at JPMorgan Chase & Co.’s banking subsidiary has been federally indicted over allegations of mortgage fraud.
Ross D. Pickard, who lives in Naples, Florida, previously was employed as a senior loan officer at subsidiary JPMorgan Chase Bank, N.A.
His responsibilities required him to complete, certify and submit residential loan applications on behalf of prospective borrowers to Chase.
From:: Financing
Federal banking regulators have fined ServiceLink Holdings LLC $65 million over robo signing abuses that were committed several years ago.
The fine is related to foreclosure-related services provided by a unit of ServiceLink’s predecessor company, Lender Processing Services Inc.
The action led to a cease-and-desist order issued against LPS in 2011 and a prison sentence for the founder of the unit, DOCX LLC.
From:: Financing
Although new refinance applications were little changed in the last week, an increase in purchase-money business pushed up overall activity.
On a seasonally adjusted basis, the Market Composite Index for the week ended Jan. 20 moved up 4 percent from one week previous.
The index, which is a measure of mortgage loan application volume, fell 5 percent from the last report when seasonal factors are excluded.
From:: Financing
An offering of mortgage servicing rights on Ginnie Mae loans has hit the market. The portfolio has a wide geographic disbursement.
The offering includes MSRs on 6,636 residential loans with an aggregate unpaid principal balance of $781 million as of Dec. 31, 2016.
GNMA I loans account for 16.7 percent of the total loan portfolio, while GNMA II mortgages make up the remaining 83.3 percent.
From:: Financing
Despite a drop in the rate of pre-owned home sales last month, 2016 turned out to best year for the nation’s existing home sales in a decade.
The final month of 2016 saw the sale of 437,000 existing homes — including single-family residences, condominiums and co-operatives.
Home sales escalated compared to November, when the number was an upwardly revised 418,000, and December 2015, when it was 436,000.
From:: Financing
Mortgage production, servicing and revenues all declined on a quarter-over-quarter basis at Fifth Third Bancorp. Residential assets, though moved slightly higher.
The Cincinnati-based firm disclosed in its fourth-quarter 2016 earnings report that income before income taxes was $509 million during the final-three months of last year.
Earnings dropped from the previous three-month period, when the total was $694 million. An even bigger decline was recorded from $949 million a year previous.
From:: Financing