Foreclosures | Mortgages | Financing
Serious delinquency on second-lien mortgages tumbled 10 basis points on a month-over-month basis, while first-mortgage performance was unchanged.
The Composite Consumer Credit Default Index indicated that delinquency of at least 90 days on consumer credit was 0.87 percent in November.
Delinquency — which reflects performance on auto loans, bank cards, first mortgages and second-lien mortgages — was unchanged from the prior month.
From:: Financing
Smaller servicers of distressed residential loans have seen the size of their servicing portfolios expand a faster pace than their larger servicing counterparts.
Among special servicers that service fewer than 400,000 home loans, the size of their servicing portfolios have grown 20 percent on a year-year-basis.
But at all servicers of loans included in residential mortgage-backed securities, weighted-average portfolio growth was just 2 percent during the same period.
From:: Financing
A deceleration in new mortgage refinance activity more than offset a week-over-week increase in purchase financing. New jumbo business, however, moved solidly higher.
The U.S Mortgage Market Index from Mortgage Daily and OpenClose for the week ended Dec. 16, an indicator of upcoming residential loan originations, landed at 154.
That left the index, a reflection of average per-user rate locks by OpenClose clients, at 2 percent less than the previous week. No seasonal adjustments are made to the MMI.
From:: Financing
As expected, the recent rise in rates is having a negative impact on demand for home financing — especially refinances. Thus far, credit easing remains elusive.
On purchase financing, 56 percent of senior mortgage executives saw higher demand in the fourth quarter for government-sponsored enterprise-eligible loans.
The share of executives who experienced stronger demand for GSE purchase mortgages diminished from three months earlier, when it came in at 75 percent.
From:: Financing
New home construction was completed at a pace that hasn’t been seen in nearly nine years thanks to a surge in apartment activity. But multifamily dragged down permits.
In municipalities that issue permits for new home construction, 90,200 housing units were authorized in November, slowing from the prior month’s upwardly revised 100,700.
In addition, last month’s total volume was down on a year-over-year basis when compared to the upwardly revised 91,000 housing permits that were issued a year prior.
From:: Financing
Just a month after surging to a three-year high, refinances of government-sponsored enterprise loans fell — with federally funded transactions falling to an all-time low.
There were 243,537 Federal National Mortgage Association and Federal Home Loan Mortgage Corp. residential loans that were refinanced in October of this year.
GSE refinance production moved lower from 250,534 in September, which had been the busiest month since August 2013 when there were 302,370 transactions.
From:: Financing
Ocwen Financial Corp.’s operating subsidiary has combined its and wholesale and correspondent sales divisions into a single business.
A news release Thursday indicated that subsidiary-Homeward Residential Inc. consolidated its wholesale and correspondent sales divisions.
The Addison, Texas-based firm’s newly combined third-party originations business unit will operate under just one leadership structure.
From:: Financing
A 30-basis-point increase in expected interest rates has led to a small reduction in projected first-quarter mortgage production.
Total home-lending activity, including purchase financing and refinancing, is expected to reach $470 billion in the fourth-quarter 2016.
Originations are then expected to fall to $352 billion in the following period and bounce up to $430 billion in the second-quarter 2017.
From:: Financing
Mortgage delinquency has been falling and is forecasted to continue the decline, though the rate of improvement is expected to slow.
Delinquency of at least 60 days on the nation’s residential loans is expected to conclude the fourth quarter of this year at 2.21 percent.
That would be an improvement of 25 basis points compared to the the fourth-quarter 2015, when the past-due rate was 2.46 percent.
From:: Financing
A new chief executive officer has been named by PennyMac Financial Services Inc. In addition, the young mortgage banking firm announced several other executive appointments.
Following the collapse of the subprime mortgage industry in 2007 just as the country was heading into a massive financial hurricane, Stanford L. Kurland was launching PennyMac.
Kurland had been chief financial officer and chief operating officer of Countrywide Financial Corp. until he left in 2006 amid a power struggle with then-chairman and CEO Angelo R. Mozilo.
From:: Financing