Foreclosures | Mortgages | Financing
In addition to increasing the quarterly volume of its home lending, SunTrust Banks Inc. expanded the size of its residential loan servicing portfolio.
From Oct. 1, 2016, through Dec. 31, SunTrust earned $660 million before the provision for income tax, less than $691 million three months earlier.
The Atlanta-based company disclosed the results, along with other operational and financial metrics, in its fourth-quarter 2016 earnings report.
From:: Financing
Interest rates on residential loans turned modestly lower over the past week. But the next report is likely to reflect a significant surge in rates.
Home loans that were closed during December had an average 30-year note rate 4.05 percent, surging 24 basis points from the prior month.
But despite the month-over-month deterioration, 30-year mortgage rates have moved down 21 BPS compared to final month of 2015.
From:: Financing
With a sea change about to take place in Washington, the elimination of government backing for 30-year mortgages has become a possibility.
President-elect Donald J. Trump’s choice to lead the Treasury Department, Steven Mnuchin, has said he wants Fannie Mae and Freddie Mac to be privatized.
But the pair of government-sponsored housing enterprises, with the support of the U.S. government, have made 30-year loans possible with their backing.
From:: Financing
Quarterly mortgage fraud risk increased and is expected to go higher. Communities in New York and Florida are at the most risk.
In the fourth quarter of last year, the National Mortgage Application Fraud Risk Index worked out to a level of 122.
The index, a reflection of mortgage industry loan-application fraud risk, increased compared to 108 in the prior thee-month period.
From:: Financing
Even though new quarterly business fell at Mortgage Guaranty Insurance Corp., quarterly earnings at its parent improved.
In its fourth-quarter 2016 earnings report, parent MGIC Investment Corp. reported that it earned $162 million before taxes.
Income soared from just $84 million in the prior period and was also up from $109 million in the same period last year.ee-month period that ended on Dec. 31, 2016.
The New York-based company delivered the details, along with other financial and operational data, in its fourth-quarter 2016 earnings report.
From:: Financing
Quarterly home-lending volume at BB&T Corp. turned lower as the size of both the mortgage servicing and investment portfolio was reduced.
Income before income taxes at the Winston-Salem, North Carolina-based firm was $930 million in the three months ended Dec. 31, 2016.
Details about operational and financial results were included in the financial institution’s fourth-quarter 2016 earnings report released Thursday.
From:: Financing
Mortgage servicing rights are on the market for more than $4 billion in residential loans that are backed by the Federal Home Loan Mortgage Corp.
The offering includes MSRs on 23,856 Freddie Mac mortgages with an aggregate unpaid principal balance of $4.046 billion as of Dec. 31, 2015.
On a weighted-average basis, the interest rate is 3.952 percent, the service fee is 0.2509 percent, and the FICO score is 752.
From:: Financing
A bigger share of home loan applications closed last month — especially compared to a year ago. Purchase and conventional loans had the best closing rate.
Conventional mortgages accounted for two-thirds of all residential loans that were closed in December 2016. A year earlier, the share was 65 percent.
Another fifth of last month’s production was loans insured by the Federal Housing Administration. The share was lower than 22 percent in December 2015.
From:: Financing
In addition to a quarterly and annual decline in home lending, Citigroup Inc. reduced its mortgage servicing portfolio and residential investments.
Before deducting income taxes, continuing operations at Citi brought in $5.1 billion during the three-month period that ended on Dec. 31, 2016.
The New York-based company delivered the details, along with other financial and operational data, in its fourth-quarter 2016 earnings report.
From:: Financing
With just two days left in office, the Obama administration is close to bringing three mortgage-related actions to a conclusion.
Last month, a pair of tentative Department of Justice settlements were disclosed by both Credit Suisse and Deutsche Bank AG.
The settlements were tied to the financial institutions’ roles in issuance and marketing of residential mortgage-backed securities.
From:: Financing