Foreclosures | Mortgages | Financing
Mortgage refinance transactions were behind a weekly decline in new residential lending activity. But financing activity for home shoppers managed an increase.
At 159, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily for the week ended Oct. 28 was down nearly 3 percent from a week earlier.
But the index, which provides insight into upcoming originations based on average per-user rate locks by OpenClose clients, was up 22 percent from a year earlier.
From:: Financing
A modest increased in quarterly residential loan originations was reported by EverBank Financial Corp. The company’s mortgage servicing portfolio diminished.
EverBank revealed in its third-quarter 2016 earnings report that it earned $59 million before the provision for income taxes during the three months ended Sept. 30.
Income at the Jacksonville, Florida-based financial institution soared from $35 million during the prior quarter. Earnings also improved from $47 million a year prior.
From:: Financing
The parent of PrimeLending reported that mortgage earnings, originations and servicing all increased on a quarter-over-quarter and year-over-year basis.
Income before taxes at the bank-holding level came to $86 million during the three months ended Sept. 30. Earnings surged from the previous quarter’s $50 million.
Those details, along with a plethora of other operational and financial metrics, were presented by parent Hilltop Holdings Inc. in its third-quarter earnings report.
From:: Financing
Ocwen Financial Corp. has revealed that it is working with the Consumer Financial Protection Bureau to avoid actions that could have a material impact on the company.
In a Securities and Exchange Commission filing, Ocwen said it previously disclosed the receipt of several civil investigative demands, or investigative subpoenas, from the CFPB.
The demands from the regulator seek to obtain information about the West Palm Beach, Florida-based organization’s residential loan servicing practices.
From:: Financing
Interest rates on residential loans improved nicely over the past week. But recent market activity suggests fixed rates could be higher in the next report.
During September, 30-year fixed rates on conforming, conventional mortgages averaged 3.73 percent, the Federal Housing Finance Agency reported.
FHFA, which based its findings on a small survey of home lenders, noted that rates dipped modestly from August, when the average was 3.74 percent.
From:: Financing
Dozens of mortgage bankers and mortgage brokers have been warned that they might not be in compliance with Home Mortgage Disclosure Act of 1975 requirements
For-profit firms that originated at least $25 million annually in home purchase financing or loans to refinance purchase-money mortgages are subject to HMDA.
Mortgage companies are also subject to HMDA when home purchase loans and refinances of purchase financing accounted for 10 percent of their total originations.
From:: Financing
The performance of securitized commercial real estate loans improved last month, with mortgages secured by retail properties leading the way.
Delinquency of at least 30 days on loans that are included in commercial mortgage-backed securities came in at 2.90 percent as of Sept. 30.
The rate of past-due payments declined 5 basis points versus one month previous. Compared to a year previous, the rate has plunged 59 BPS.
From:: Financing
Compared to one year earlier, quarterly business more than doubled, the book of business ballooned and defaults declined at Arch Mortgage Insurance Co.
Prior to income taxes, income was $317 million during the period that commenced on July 1 and concluded on Sept. 30, climbing from $263 million the prior period.
That is according to the third-quarter 2016 earnings report released Wednesday by the mortgage insurer’s parent, Hamilton, Bermuda-based Arch Capital Group Ltd.
From:: Financing
A Pennsylvania mortgage broker who was convicted of mortgage fraud this week will get a second chance thanks to his lawyer dozing off during trial.
On Monday, a federal jury in Pittsburgh found James Nassida guilty of orchestrating a complex fraud scheme with the help of his sister, Janna Nassida.
Loans originated through Nassida’s former company, Century III Home Equity, allegedly contained fraudulent appraisals with inflated property values.
From:: Financing
Radian Group Inc. reported a record quarter for new business. In addition, the mortgage insurer’s book of business expanded, and delinquency declined.
Pretax income during the three months that ended on Sept. 30 was $127 million at Radian. Earnings tumbled from $157 million three months earlier.
The Philadelphia-based organization revealed the numbers Thursday, along with other operational and financial results, in its third-quarter earnings report.
From:: Financing