Foreclosures | Mortgages | Financing
Loan modifications rose on a year-over-year basis, though a month-over-month slump was recorded for government-supported modifications.
Servicers of residential loans along with their service providers completed loan modifications on 36,006 mortgages during the month of August.
Loan modification volume picked up from the previous month, when the total was 34,815. The total also increased form 32,260 one year prior.
From:: Financing
Bids are now being accepted for mortgage servicing rights on as much as $3 billion in home loans that are backed by the housing finance agencies.
The offering includes a bulk MSR purchase on 2,989 mortgages that had an aggregate principal balance of $628 million as of the end of last month.
Fannie Mae loans account for 2,711 units with a collective balance of $557 million, while there are 278 Freddie Mac loans totaling $71 million.
From:: Financing
The estimate of last year’s volume of loans to finance home purchases has been raised by more than $50 billion, though it came at the expense of refinances.
For just the fourth quarter 2016, residential loan originations — including refinances and purchase-money lending — is expected to amount to $485 billion.
Production is then expected to fall to $340 billion in the first-three months of next year. But second-quarter 2017 volume is expected to reach $460 billion.
From:: Financing
Fifth Third Bancorp’s quarterly residential loan production and mortgage assets increased. But mortgage revenues and servicing both declined.
Income before income taxes at the financial institution came in at $694 million during the period that began on July 1 and concluded on Sept. 30.
The Cincinnati-based company revealed the results, along with other operational and financial metrics, in its third-quarter 2016 earnings report.
From:: Financing
For the second time in five years, a Massachusetts mortgage banker has agreed to settle allegations that it didn’t follow Federal Housing Administration guidelines.
Back in 2011, the Department of Housing and Urban Development announced that it had reached a $72,500 settlement with First American Mortgage Trust.
At issue was First American’s failure to “fully verify whether borrowers could sustain their mortgage payments prior to refinancing their loans,” according to HUD.
From:: Financing
As the monthly share of mortgage originations that were for refinances expanded last month, the length of time that it took to process and close a residential loan increased.
Of all home loans that were originated in September, sixty-eight percent were conventional mortgages. Conventional share widened from 64 percent the same month in 2015.
The share of closings that were insured by the Federal Housing Administration worked out to a fifth last month. FHA share diminished from 23 percent in September 2015.
From:: Financing
The annual pace of building permits rose last month, but multifamily activity dragged down housing starts. The West overcame a national slump in completed construction.
In places where building permits are issued, there were 107,600 U.S. permits handed out for the construction of new privately owned housing units during September.
The number of permits dipped from a month prior, when there were an upwardly revised 108,400. But permits rose from an upwardly revised 98,300 issued a year prior.
From:: Financing
A dip in weekly applications for mortgage refinances was more than offset by increased applications for loans to finance home purchases.
A less than 1 percent week-over-week escalation was recorded for new retail residential mortgage applications in the week ended Oct. 14.
The seasonally adjusted activity was based on the Market Composite Index, which is a measure of mortgage loan application volume.
From:: Financing
Modest quarterly growth in mortgage originations and servicing was reported for U.S. Bancorp. But the increase in mortgage revenues was much more than modest.
Income before taxes was $2.1 billion during the three months ended Sept. 30. Earnings were mostly unchanged compared to the prior quarter and year-prior period.
The results, in addition to other operational and financial metrics, were included in the Minneapolis-based company’s third-quarter earnings report issued Wednesday.
From:: Financing
The monthly number of government-sponsored enterprise mortgages refinanced by loan originators reached the highest level in almost a year-and-a-half.
For all of August 2016, there were 206,091 residential loans that are either backed or owned by Fannie Mae and Freddie Mac which were refinanced.
The last time that the volume of GSE mortgage refinances have ascended to such a level was in April 2015, when there were 225,270 loans refinanced.
From:: Financing