Tag: finance

New applications for residential loans took a turn for the worse during the holidays, though purchase-money activity mostly held up compared to a year previous.

The seasonally adjusted Market Composite Index for the week ended Dec. 30, 2016, moved down 12 percent from two weeks earlier, the last time it was reported.

Foregoing any adjustments for seasonal factors, the index — which is a measure of mortgage loan application volume — plummeted 48 percent from the last report.

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From:: Financing

Just a month after declining to the lowest level on record, the 11th District Cost of Funds Index took a turn for the worse.

As of November of this year, COFI, an index for some legacy adjustable-rate mortgages, was calculated at 0.603 percent.

The index increased from a month earlier, when it stood at 0.598 percent — the lowest level on record based on data back to 1981.

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From:: Financing

TransUnion has revealed that it has agreed to settle charges related to the marketing and sale of its consumer reports and credit scores.

Chicago-based TransUnion disclosed the $19.4 million settlement in a Form 8-K filing with the Securities and Exchange Commission.

The settlement includes $13.9 million in consumer redress, a $3.0 million civil penalty and $2.5 million in administrative and other costs.

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From:: Financing

Recent enhancements to loan origination systems for real estate finance have focused primarily on integrations with other mortgage technology service providers.

The 2016 LOS Technology Insight Survey found that 28 percent of home lenders were very satisfied with their LOS. The share rose from 27 percent in 2015.

Another 42 percent indicated they were somewhat satisfied, while an additional 30 percent were not satisfied with their LOS — up from 29 percent the prior year.

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From:: Financing

A combination of rising interest rates and the holiday season drove the U.S Mortgage Market Index to the lowest level it’s been in its seven-year history.

The index, an indication of upcoming mortgage originations based on average per-user rate locks by OpenClose clients, was 80 in the week ended Dec. 30.

That was the lowest level on record for the MMI, which is not adjusted for seasonal factors, since it was launched by Mortgage Daily in December 2009.

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From:: Financing

After falling to the lowest level in over eight years, delinquency rose for the first time in almost seven years at the Federal National Mortgage Association.

The Washington-based organization reported in its monthly summary that its total book of business concluded November 2016 at $3.1376 trillion.

Fannie Mae’s book of business expanded from $3.1297 trillion as of one month earlier and has also grown from $3.0999 trillion as of one year earlier.

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From:: Financing

There was little movement in fixed rates on residential loans during the past week, and the outlook is for a nice improvement over the next seven days.

On conforming purchase-money mortgages, 30-year fixed rates averaged 3.80 percent in November, the Federal Housing Finance Agency reported.

Thirty-year rates worsened 4 basis points from a month earlier. FHFA’s survey reflects rates on 4,344 loans closed in the last five days of last month.

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From:: Financing

While advocates for low-income and public-housing residents are alarmed at the prospective head of the Department of Housing and Urban Development, one former HUD secretary is not.

President-elect Donald J. Trump has indicated that he intends to nominate former Republican presidential rival and neurosurgeon Ben Carson to be the next secretary of HUD.

But Carson faces two concerns. First, some worry that he is underqualified to run the federal housing agency. The second is that his conservative views will point HUD in the wrong direction.

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From:: Financing

PHH Corp. has disclosed that it has reached an agreement to sell its entire portfolio of mortgage servicing rights, though it will subservice the loans.

On Wednesday, the Mount Laurel, New Jersey-based firm announced that a deal was negotiated to sell MSRs on $72 billion in loans as of Oct. 31.

Proceeds from the sale are estimated at $912 million, including $612 million from the MSR sales and around $300 million from servicing advances.

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From:: Financing

A pair of banks in Ohio have agreed to settle allegations of redlining in predominantly black neighborhoods that are located in Ohio and Indiana.

Union Savings Bank is based in Cincinnati, while Guardian Savings Bank is based in nearby West Chester, Ohio. Both banks have the same owners.

A lawsuit filed by the Justice Department alleges that between 2010 and 2014, the banks engaged in redlining predominantly black neighborhoods.

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From:: Financing