Foreclosures | Mortgages | Financing
Applications for residential loans slowed during the most-recent week, with applications for mortgage refinances receding more than purchases.
A seasonally adjusted 1 percent decline from the previous week was recorded for the Market Composite Index for the week ended Oct. 28.
Without any seasonal adjustments, the index — a measure of mortgage loan application volume — retreated by 2 percent versus a week earlier.
From:: Financing
Since it was bailed out by the U.S. government, the Federal Home Loan Mortgage Corp. total dividends paid to the Treasury Department exceed $100 billion.
Prior to income tax expense, Freddie Mac earned $3.3 billion during the three months ended Sept. 30. Earnings increased from $1.5 billion the prior period.
Those details, as well as other operational and financial metrics, were disclosed Tuesday by the McLean, Virginia-based company in its third-quarter earnings report.
From:: Financing
After soaring to the highest level in nearly four years, agency issuance retreated last month thanks to declines at Freddie Mac and Ginnie Mae.
In October, issuance of fixed-rate mortgage-backed securities on behalf of Fannie Mae, Freddie and Ginnie worked out to $144.984 billion.
Securitizations declined from the previous month, when issuance came to $157.656 billion — the most activity for the trio since November 2012.
From:: Financing
Borrowers on adjustable-rate mortgages that are tied to the 11th District Cost of Funds Index got an unexpected surprise last month.
As of September 2016, COFI — which is utilized to determine rate changes on a small share of ARMs — came in at 0.601 percent.
The index wound up shattering the 0.643 percent record low established in July 2015 based on historical data going back to July 1981.
From:: Financing
A host of mortgage firms, small and not-so-small, have announced that several open executive positions have been filled — including a number of C-Suite positions.
Forty-year mortgage veteran Jack Lloyd was named president of Heartland Mortgage, Dubuque, Iowa-based Heartland Financial USA Inc. announced on Oct. 25.
Lloyd most recently was market president at BMO Harris Bank. Also during his four-decade career, he held jobs at PNC Mortgage and Home Savings of America.
From:: Financing
Bids are being accepted for mortgage servicing rights on nearly $1 billion in agency home loans. The portfolio has a significant concentration in New York.
The offering includes MSRs on 4,814 Fannie Mae, Freddie Mac and Ginnie Mae loans with an aggregate principal balance of $881 million as of Aug. 31.
On a weighted-average basis, the service fee is 0.284 percent, the interest rate on the mortgages is 3.998 percent, and the original term is 331 months.
From:: Financing
A pool of non-performing residential loans are being offered for sale to the highest bidder. More than $100 million in mortgages are involved.
The whole-loan transaction includes a pool of 641 non-performing first-lien mortgages. The collective unpaid principal balance is $107 million.
New Jersey is the location of properties securing 18 percent of the mortgages, and 11 percent of the loans are secured by New York properties.
From:: Financing
New business was up by more than a fifth last month the Federal National Mortgage Association to the highest level in over three years.
The Washington-based secondary mortgage lender closed out September 2016 with a total book of business of $3.1233 trillion.
The balance grew from $3.1130 trillion at the end of the previous month. It was also up from $3.1036 trillion as of a year previous.
From:: Financing
The Office of the Comptroller of the Currency has reported to Congress a major incident involving thousands of controlled records.
A former OCC employee downloaded a large number of OCC files onto two removable thumb drives prior to his retirement.
The downloads took place in November 2015, though the banking regulator didn’t become aware of them until September 2016.
From:: Financing
Several updates to income requirements at the Federal Home Loan Mortgage Corp. will make it easier for some borrowers to qualify.
Among the changes being made are alternatives being added for the borrower’s signature on tax returns such as a signed IRS Form 8879.
Freddie Mac said verbal verifications of employment will no longer require verification of the borrower’s position or length of employment.
From:: Financing