Foreclosures | Mortgages | Financing
Despite a loss at its parent company, Genworth Mortgage Insurance Corp. experienced greater profits, increased new business and growth in its book.
Parent Genworth Financial Inc. revealed in its third-quarter earnings report that it suffered a $125 million loss from continuing operations before income taxes.
Earnings swung from a $351 million profit during the previous three-month period. However, losses subsided from $351 million in the same quarter last year.
From:: Financing
An increase in refinance activity more than offset a week-over-week slump in purchase financing as prospective refinance borrowers rushed to lock in their rates.
A 1 percent escalation from previous week left the U.S. Mortgage Market Index from OpenClose and Mortgage Daily at 161 for the week ended Nov. 4.
Compared to the same week last year, the index — an indication of upcoming originations based on average rate locks by OpenClose users — soared 36 percent.
From:: Financing
The number of non-bank positions in real estate finance expanded despite a month-over-month decline in the number of mortgage broker employees.
In October, total nonfarm payroll employment rose by 161,000 from September, according to data reported Friday by the Bureau of Labor Statistics.
U.S. employment growth slowed compared to the previous month, when an upwardly revised 191,000 positions were added to the nation’s labor force.
From:: Financing
PennyMac Financial Services Inc. reported an all-time high for earnings. In addition, quarterly residential loan originations were the highest on record.
From July 1 through Sept. 30 of this year, pre-tax income came to $139 million — the most ever earned by PennyMac. Income was $74 million a year earlier.
That data and other operational and financial metrics were included in the Westlake Village, California-based company’s third-quarter earnings report.
From:: Financing
Wells Fargo & Co. has disclosed it is being investigated about the origination and securitization of home loans as it faces more fallout from the fraudulent account scandal.
Federal and state government agencies are continuing to investigate or examine some of the San Francisco-based financial institution’s mortgage-related practices.
In addition, practices of predecessor institutions are also being investigated or examined — likely Wachovia Corp., which Wells Fargo acquired in December 2009.
From:: Financing
Earnings improved at the Federal National Mortgage Association as the secondary lender financed a greater volume of residential and apartment loans.
Fannie Mae earned $4.7 billion before federal income taxes during the three months that ended on Sept. 30, 2016, rising from $3.0 billion a year earlier.
The Washington-based company disclosed the results, in additional to other financial and operational metrics, in its third-quarter 2016 earnings report.
From:: Financing
After ascending to a post-crisis high, mortgage credit conditions loosened for the second consecutive month. The improvement came as refinances are slowing.
As of October 2016, the Mortgage Credit Availability Index, which is a standardized quantitative index that is focused on mortgage credit, landed at 171.3.
The last time the index was this high was prior to June 2008 based on semi-annual historical data. Still, the index sits well below roughly 869 as of June 2006.
From:: Financing
Home-lending activity took a giant leap at Impac Mortgage Holdings Inc. In addition, the organization reported sizable growth in its mortgage servicing portfolio.
Net earnings before income taxes during the three months ended Sept. 30, came to $16 million, not as good as the $20 million earned in the third quarter of last year.
The results, along with other financial and operational metrics, were provided in the Irvine, California-based mortgage banker’s third-quarter 2016 earnings report.
From:: Financing
Quarterly earnings and insurance in force was up significantly at National Mortgage Insurance Corp. A more modest gain was made with new insurance written.
Before income taxes, National M.I. earned $6 million during the period that opened on July 1, 2016, and closed on Sept. 30, surging from $2 million the prior quarter.
Those details and more were revealed Tuesday in the third-quarter earnings report from the Emeryville, California-based company’s parent, NMI Holdings Inc.
From:: Financing
Last month’s production brought to more than a million the number of reverse mortgages that have been insured by the federal government.
During the first month of fiscal-year 2017, the Federal Housing Administration endorsed 3,919 home-equity conversion mortgages.
HECM production improved from September, when 3,741 loans were endorsed, but fell short of 4,332 endorsements in October 2015.
From:: Financing