Foreclosures | Mortgages | Financing
Acceleration in residential loan originations at Flagstar Bancorp Inc. was driven by its correspondent business. Elevated activity is likely to continue.
Prior to income taxes, Flagstar earned $87 million during the three months that ended on Sept. 30 of this year, climbing from $69 million the prior quarter.
That data, along with other operational and financial metrics, were revealed Tuesday by the Troy, Michigan-based firm in its third-quarter earnings report.
From:: Financing
Despite a modest up tick in the mortgage delinquency rate, the rate of properties in the foreclosure process descended to the lowest level in nine years.
A total of 2,674,000 U.S. residential loans were either delinquent at least 30 days or in the foreclosure pre-sale inventory as of Sept. 30 of this year.
The inventory was slightly diminished versus the prior month, when the total was 2,678,000, but much less than a year prior, when the number was 3,194,000.
From:: Financing
Quarterly home-lending volume, mortgage earnings and residential loan servicing all increased at HomeStreet Inc., as did mortgage assets.
Income before taxes climbed to $43 million during the three months that ended on Sept. 30 from $35 million in the prior three-month period.
Details about the Seattle-based bank-holding company’s results were disclosed on Monday in its third-quarter 2016 earnings report.
From:: Financing
Through automated verifications, sellers of residential loans to the Federal National Mortgage Association can immediately avoid the risk of mortgage repurchases.
Fannie Mae unveiled Monday its Day 1 Certainty offerings that promise lenders freedom from representations and warranties on key aspects of the origination process.
The secondary mortgage lender said the initiative provides validation of assets, employment and income through its automated underwriting system, Desktop Underwriter.
From:: Financing
In his remarks to attendees of the Mortgage Bankers Association’s annual conference, the trade group’s chief executive officer revealed that he is battling cancer.
MBA President and CEO David H. Stevens delivered the comments Monday at the MBA Annual Convention and Expo, according to a copy of his prepared remarks.
The event, which takes place at the Hynes Convention Center in Boston, started Sunday and concludes Wednesday. It is one of the biggest mortgage industry gatherings.
From:: Financing
Monthly government-insured mortgage production climbed to the highest level in more than a year and is poised for another increase. Residential delinquency, meanwhile, moved lower.
For the month of August, the Federal Housing Administration endorsed 134,722 residential loans for $27.229 billion, according to a Mortgage Daily analysis of operational data.
It was the strongest month since July 2015, when volume — including single-family loans, home-equity conversion mortgages and Title I loans — was 139,652 units for $27.658 billion.
From:: Financing
Refinancing activity led the way as new mortgage business bounced back from the holiday week. Year-over-year activity, especially refinance business, was solidly higher.
A 26 percent rise from the week that included Columbus Day left the U.S. Mortgage Market Index from OpenClose and Mortgage Daily at 163 in the week ended Oct. 21.
The index, which is an indication of where upcoming residential loan originations are likely to head, has increased by 44 percent when compared to the same week last year.
From:: Financing
Quarterly earnings from its mortgage business moved higher at SunTrust Banks Inc. An even more impressive improvement was made with production.
Income at the bank-holding company before the provision for income taxes came to $691 million during the three months that ended on Sept. 30.
Those details and additional financial and operational metrics were presented by the Atlanta-based company Friday in its third-quarter earnings results.
From:: Financing
Commercial real estate lenders funded more loans to finance apartment buildings last year than during any previous year on record
During all of 2015, there were $249.8 billion in mortgages that were originated which were secured by multifamily properties.
Multifamily lending moved higher compared to the prior year, when volume worked out to a previously reported $195.1 billion.
From:: Financing
Fixed mortgage rates moved higher this past week. But multiple short-term and long-term forecasts have fixed rates remaining where they are now for months.
Residential loans that were closed during September 2016 had an average 30-year note rate of 3.75 percent — the lowest monthly average since May 2013.
Mortgage rates averaged 3.77 percent in August 2016, while interest rates were much higher in September 2015, a month when they stood at 4.28 percent.
From:: Financing