Tag: finance

Quarterly home lending activity retreated from the previous period at U.S. Bancorp. In addition, new applications taken point to a further slowdown this quarter.

From Oct. 1, 2016, through year-end 2016, the bank-holding company earned $2.1 billion prior to taxes, not much different than what it earned the prior quarter.

The Minneapolis-based financial institution disclosed the data, along with other operational and financial metrics, in its fourth-quarter 2016 earnings report.

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From:: Financing

While weekly home-purchase activity descended, an increase in mortgage refinance business led overall residential loan application volume higher.

A less than 1 percent increase from the week that included New Year’s was recorded for the Market Composite Index for the week ended Jan. 13.

The index, a seasonally adjusted measure of mortgage application volume, jumped 29 percent from the prior report when seasonal factors are excluded.

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From:: Financing

Allegations that were made in a government lawsuit alleging a Minnesota bank engaged in redlining are being vigorously disputed by the 110-year-old organization.

On Friday, the Justice Department announced that it filed a complaint in U.S. District Court for the District of Minnesota against Chaska, Minnesota-based KleinBank.

The company is accused of treating white customers better than it treats prospects in Minneapolis-St. Paul neighborhoods where a majority of people are minorities.

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From:: Financing

Despite a small month-over-month up tick in the rate of serious delinquency on first mortgages, loan performance on junior liens was much improved.

As of the final month of last year, the Composite Consumer Credit Default Index, an indication of consumer 90-delinquency, was 0.89 percent.

The index — a reflection of performance on automobile loans, bank cards and first and second mortgages — was up from 0.87 percent in November.

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From:: Financing

The federal government has filed a lawsuit against a bank out of Minnesota alleging housing discrimination against minorities.

According to a notice from the Department of Justice’s Office of Public Affairs, a action was filed Friday against KleinBank.

KleinBank allegedly denied residents more in Minneapolis-St. Paul neighborhoods where a majority of residents were minorities.

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From:: Financing

Moody’s Investor Services Inc. and some Moody’s affiliates have agreed to settle allegations of misleading investors about mortgage-backed securities.

The Department of Justice and attorneys general in 20 states have reached a settlement with the New York-based organization for $864 million.

Litigation against Moody’s accuses the ratings agency of allowing its MBS ratings to be influenced by fees it received from banks that it worked for.

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From:: Financing

A quarter-over-quarter slump in mortgage lending at The PNC Financial Services Group Inc. was met with annual production that managed to keep up with the prior year.

Earnings before income taxes and non-controlling interest were $1.37 billion in the three months ended Dec. 31, 2016, according to fourth-quarter 2016 financial results.

Profits at Pittsburgh-based PNC improved from $1.35 billion in the third quarter. But there a modest reduction compared to $1.38 billion in the final quarter of the prior year.

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From:: Financing

Mortgage production, servicing and assets at First Republic Bank all increased on a quarter-over-quarter and year-over-year basis.

Fourth-quarter 2016 earnings data indicate that prior to income taxes, there was a $229 million profit at the 32-year-old company.

San Francisco-based First Republic earned more than $202 million in the previous three-month period and $182 million a year earlier.

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From:: Financing

A bulk offering of mortgage-servicing rights on government-sponsored enterprise originations includes rights on more than $1.4 billion in loans.

MSRs on Fannie Mae and Freddie Mac mortgages with an aggregate outstanding principal balance of $1.45 billion are being offered for sale.

A majority of the loans were originated through the retail channel. Properties securing two-thirds of the loans are in Texas and Colorado.

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From:: Financing

A recent decline in mortgage rates has driven up demand from borrowers who missed out on the last refinance opportunity, though home buyers were also busier.

The U.S Mortgage Market Index from OpenClose and Mortgage Daily was 131 in the week that concluded on Jan. 13. There are no seasonal adjustments.

It was the best showing for the index — a reflection of rate lock volume by OpenClose users — since the week that ended on Dec. 16, 2016, when it was 154.

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From:: Financing