Foreclosures | Mortgages | Financing
The surge in maturing loans has driven up delinquency on securitized commercial real estate loans for the third consecutive month to the highest level since last year.
The rate of 30-day delinquency on loans that are included in commercial mortgage-backed securities closed out November 2016 at 5.03 percent.
That turned out to be the highest level of delinquency for securitized CRE loans since December 2015, when the 30-day rate landed at 5.17 percent.
From:: Financing
President-elect Donald J. Trump has indicated that he intends to name two people with mortgage ties to his cabinet. One previously owned an Ocwen Financial Corp. unit, and the other wants to privatize the government-sponsored enterprises.
A statement Wednesday from Trump said that he intends to nominate Steven Mnuchin for the role of Treasury Department Secretary. In addition, Trump said he intends to nominate billionaire Wilbur Ross as Secretary of the Department of Commerce.
Mnuchin, who is a former Goldman Sachs Group Inc. partner, was among a group of investors behind the OneWest Bank FSB acquisition of failed IndyMac Federal Bank FSB from the Federal Deposit Insurance Corp. in 2009.
From:: Financing
The recent surge in mortgage rates has impacted expected refinance originations, with next year’s outlook being slashed by more than $170 billion.
Including refinances and purchase financing, U.S. home lenders are expected to generate $485 billion in residential loan production during the fourth quarter.
Volume is then expected to tumble to $300 billion in the first-three months of next year and bounce up to $450 billion during the second-quarter 2017.
From:: Financing
Weekly applications for new residential loans were dragged down by a slowdown in mortgage refinancing activity.
In the week ended Nov. 25, the seasonally adjusted Market Composite Index declined 9 from one week previous.
The index, which is a measure of mortgage loan application volume, sank 38 percent without any seasonal adjustments.
From:: Financing
A closely watched measure of the nation’s residential property values has ascended above the peak reached before the Great Recession.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index was reported Tuesday at 184.81 as of October of this year.
Home prices inched up 0.4 percent versus the previous month. When compared to the same month last year, prices were up 5.5 percent.
From:: Financing
An editorial from The Orange County Register says there is no reason to preserve errors in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Rep. Jeb Hensarling (R-Texas) says that the legislation has cut off credit to some credit-worthy borrowers and made bank accounts unaffordable for some Americans.
Even the law’s co-sponsor, former Rep. Barney Frank (D-Massachusetts), recently admitted that it was “a mistake” to apply the law’s extra supervision to smaller banks.
From:: Financing
A lawsuit filed against a bank in the state of New York alleges it offered better terms and higher loan amounts to white customers than better qualified black customers.
A nonprofit civil rights organization determined from Home Mortgage Disclosure Act data that only 2.5 percent of Ulster Savings Bank’s mortgages were made to blacks.
So the nonprofit sent testers to apply for home loans at the bank. Black testers reportedly had higher incomes, more assets, less debt and higher credit scores than whites.
From:: Financing
A mortgage banking firm with offices in five states that originates around $300 million a year has been acquired by a credit union.
First Liberty Financial Mortgage opened for business during 2002. At the time of its founding, it was based in Owensboro, Kentucky.
Since that time First Liberty has opened branches throughout Kentucky as well as in Alabama, California, Mississippi and Tennessee.
From:: Financing
The monthly volume of residential loans endorsed by the Federal Housing Administration declined and could move even lower. A modest improvement was recorded for delinquency.
An analysis of data from the Department of Housing and Urban Development indicates FHA insurance was in force on 8,461,151 residential loans for $1.2518 trillion as of Sept. 30.
The total — including single-family loans, home-equity conversion mortgages and Title I loans — increased from 8,460,309 loans for $1.2497 trillion as of one month previous.
From:: Financing
Although mortgage delinquency rose for the second consecutive month, foreclosures starts were the lowest in more than a decade.
As of Oct. 31, 2016, there were 2.706 million home loans that were either at least 30 days past due or in the foreclosure process.
Compared to a month previous, the number of non-current loans rose 32,000, though the total was down 430,000 from a year previous.
From:: Financing