Tag: finance

More residential loans were originated last year at Bank of America Corp. than in the prior year. A quarterly improvement was also made by the home lender.

Prior to income taxes, BofA earned $6.1 billion company wide during the three months ended Dec. 31, 2016. Earnings fell from the third quarter’s $7.3 billion.

The Charlotte, North Carolina-based company disclosed the results along with other operational and financial metrics in its fourth-quarter 2016 earnings report.

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From:: Financing

Quarterly home-lending volume accelerated at JPMorgan Chase & Co., while the financial institution’s human resource assets have been expanding.

In its fourth-quarter 2016 earnings report, Chase said income before taxes was $8.7 billion. Income was trimmed from $8.9 billion the prior period.

But earnings at the New York-based business improved from the same three-month time frame in 2015, when pre-tax income came to $7.4 billion.

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From:: Financing

The country’s biggest U.S. residential lender and servicer, Wells Fargo & Co., pushed up annual home-loan production to a three-year high.

During the final-three months of 2016, income before income tax expense was $7.6 billion, falling from $8.3 billion in the third-quarter 2016.

Those were among some of the performance measures revealed in the San Francisco-based financial institution’s fourth-quarter earnings report.

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From:: Financing

President-elect Donald J. Trump’s choice to the head of the Department of Housing and Urban Development testified before senators Thursday.

Dr. Ben Carson took questions from senators at his confirmation hearing for HUD secretary. Among those to grill him was Sen. Elizabeth Warren.

The Democrat from Massachusetts questioned whether Trump might secretly benefit from billions of dollars HUD steers to housing projects.

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From:: Financing

Several real estate finance firms have reported hundreds of hirings they have recently made, while a number of other organizations still have plans to expand their payrolls.

Among five remote careers identified by FlexJobs to watch in 2017 was “mortgage & real estate” with over 20 percent growth in remote job listings since January 2016.

Boulder, Colorado-based FlexJobs indicated that it analyzed more than 100,000 job listings from during the past year to identify five of the top career categories.

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From:: Financing

Pricing on residential financing products was better this past week, and all of the latest indications are that they will be similar in the next rate report.

Thirty-year fixed rates were 4.12 percent in the week ended Jan. 12, according to the Primary Mortgage Market Survey reported by Freddie Mac.

The average improved compared to the previous week, when the 30 year landed at 4.20 percent. It was the second consecutive week that rates fell.

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From:: Financing

President-elect Donald J. Trump’s nominee to head the Treasury Department revealed a divestiture plan that includes the firm that acquired OneWest Bank.

Steven Mnuchin, Trump’s choice for Treasury Department secretary, provided a financial disclosure report to the federal Office of Government Ethics.

In it, he detailed his holdings and income for hundreds of entities and said he would sell his holdings in 43 companies — including $50 million in CIT Group.

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From:: Financing

Two Republican senators are calling on President-elect Donald J. Trump to quickly tell the director of the Consumer Financial Protection Bureau ‘you’re fired’ after taking the oath of office.

A letter has been presented by the GOP lawmakers to Vice President-elect Mike Pence requesting that Trump remove CFPB Director Richard Cordray “promptly after his inauguration.”

The senators say such a move would be possible due to an October federal appeals court ruling that the bureau’s structure is unconstitutional because it gives the director too much power.

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From:: Financing

The quarterly rate of delinquency on home-equity loans that are owned by banks tumbled. Also dropping was the rate on home-secured credit lines.

Delinquency of at least 30 days on consumer loans that are owned by the nation’s banks came in at 1.41 percent as of the third quarter of this year.

The rate reflects performance on eight closed-end installment loan categories — including HELs, mobile-home loans and property improvement loans.

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From:: Financing

As a result of ongoing economic improvement, mortgage insurance premiums on government-insured loans have been reduced.

For four consecutive years, the capital ratio for the Federal Housing Administration’s Mutual Mortgage Insurance Fund has improved.

Data from the Department of Housing and Urban Development indicate that the MMIF has gained $44 billion in value since 2012.

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From:: Financing