Tag: finance

After-tax losses at the Federal National Mortgage Association will result in a request for funding from the Department of the Treasury. Single-family refinance volume sank last year.

During the 12 months that concluded on Dec. 31, 2017, pre-tax income was $18.4 billion, according to Fannie Mae’s fourth-quarter earnings report.

There was hardly any difference in the Washington-based company’s earnings when compared to $18.3 billion in pre-tax income for the prior annual period.

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From:: Financing

Several dozen positions are being eliminated by Stearns Lending LLC at a mortgage facility that is located in North Texas.

The Santa Ana, California-based mortgage banking firm has made a filing as required by the Worker Adjustment and Retraining Notification Act.

According to the notice, which was filed on Feb. 1, Stearns plans to layoff 85 employees in Lewisville, a sprawling suburb of Dallas.

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From:: Financing

Annual business more than doubled at Arch Mortgage Insurance Co. thanks to a huge acquisition. Quarterly business slowed as defaults deteriorated.

In its fourth-quarter 2017 earnings report, its Pembroke, Bermuda-based parent Arch Capital Group LTD revealed income of $259 million before income taxes.

Earnings rose from $83 million in the final-three months of 2016. Arch swung from a loss in the preceding three-month period of $37 million.

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From:: Financing

A new trade group was launched for mortgage brokers with plans to bolster wholesale market share. Over a thousand people joined the first morning. The group’s inaugural convention takes place in Sin City.

The Association of Independent Mortgage Experts was founded by Anthony J. Casa, who serves as the group’s chairman. He also runs Garden State Home Loans Inc. as president.

An announcement Tuesday indicated that the association will empower independent mortgage professionals and advance the wholesale channel.

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From:: Financing

Annual commercial real estate lending moved up last year, while quarterly production ascended to the highest level in over a decade.

CRE loan originations, including commercial mortgages and multifamily loans, amounted to an estimated $566 billion during all of 2017, more than $491 in 2016.

But this year, CRE loan production is expected to ease compared to last year, with the forecast for 2018 coming in at $549 billion in total volume.

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From:: Financing

Changes in the tax law could reduce demand for the controversial Property Assessed Clean Energy Loans, according to a new ratings agency report.

As a result of the Tax Cuts and Jobs Act, the mortgage interest deduction has been reduced on PACE loans. In addition, deductions for state and local taxes have been cut.

Investors of mortgage-backed securities are being advised that the changes may potentially result in faster prepayments, especially for higher FICO borrowers who can afford to pay off the lien, and lower origination volumes.

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From:: Financing

An offering of servicing rights on a portfolio of nearly $800 million in agency home loans has a concentration of properties that are located in the Empire State.

Mortgage servicing rights are being offered on 4,263 Fannie Mae, Freddie Mac and Ginnie Mae loans with a collective unpaid principal balance of $773 million as of Dec. 29, 2017.

FHLMC 3 ARC loans account for $61 million of the loans, while $223 million are FNMA A/A, $0.7 million are GNMA I and $488 million are GNMA II.

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From:: Financing

Several mortgage-related conferences, events and meetings have been added to Mortgage Daily’s Mortgage Conference Calendar. The housing finance system, regulation and reverse mortgages are among the topics to be covered.

In its 2018 Schedule of Workshops for Directors of National Community Banks and Federal Savings Associations, the Office of the Comptroller of the Currency listed dozens of workshops for directors and senior management.

Among the OCC workshops, which cost $99 and are limited to the first 35 registrants, is Building Blocks for Directors and Senior Management. Four of these workshops will be held between May and November.

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From:: Financing

Walter Investment Management Corp. has successfully emerged from bankruptcy. The surviving organization is a restructured entity with a new name for the parent.

Late last year, the Fort Washington, Pennsylvania-based company filed a voluntary chapter 11 petition in a Manhattan bankruptcy court.

A news release Thursday indicated that Walter expected to complete its bankruptcy today and change its name to Ditech Holding Corp. on Feb. 12.

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From:: Financing

New mortgage activity moved higher this week, and refinances saw the biggest gain. Cashouts accounted for a bigger share of business than during any week on record.

An indication of upcoming single-family loan originations, the U.S. Mortgage Market Index from Mortgage Daily, worked out to 142 in the week that concluded on Feb. 9.

The index, which is based on average per-user rate-lock volume by customers of OpenClose, was elevated by 4 percent compared to the preceding seven-day period.

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From:: Financing