Foreclosures | Mortgages | Financing
As Eustis Mortgage expands its brands by creating new subsidiaries, it has grown its staffing by more than 70 percent since last year.
Eustis has launched three new brands since January 2015: Finance Home America, Verity Mortgage and Prosperity Mortgage Advisors.
The New Orleans-based company provides operational support for the startups including compliance, marketing and administration.
From:: Financing
Though there was a slight dip in new purchase financing activity over the past week, an increase in refinance business was enough to more than offset the decline.
The U.S. Mortgage Market Index from OpenClose and Mortgage Daily, an indication of future mortgages originations, was 168 in for the week ended Sept. 23.
Compared to the previous week, the index — which is based on average per-user rate locks submitted by clients of OpenClose — increased by more than 1 percent.
From:: Financing
As quarterly mortgage lending activity made a big leap, two large financial institutions traded spots on the list of the country’s largest originators.
Data collected by Mortgage Daily indicate that there were an estimated $488 billion in residential loan originations during the second quarter.
Home-lending activity accelerated from the previous three-month period, when national mortgage production came to an estimated $354 billion.
From:: Financing
Interest rates on home loans were slightly lower this past week, and all indications are that an even bigger decline is ahead for fixed rates in the next report.
Residential loans that were closed and funded during August had an average 30-year note rate of 3.77 percent, 10 basis points less than the prior month.
A far more significant decline has been made compared to the same month last year, when the average 30-year note rate on loan originations was 4.31 percent.
From:: Financing
While the annual rate of pre-owned home sales moved up on a year-over-year basis, a second consecutive month-over-month decline was recorded.
The sale of 541,000 existing U.S. houses was completed during August, more than the downwardly revised 513,000 homes sold the previous month.
The increase in pre-owned home sales was even more significant when compared to the same month in 2015, a month that saw 504,000 properties sold.
From:: Financing
Although the number of fraudulent mortgage applications dipped, the share and risk worsened. But a big improvement was made on valuation fraud risk.
An estimated 12,718 applications for residential loans contained some sort of fraud during the three months that concluded on June 30 of this year.
There has been little change in the volume of fraudulent mortgage applications submitted compared to the second-quarter 2015, when the total was 12,814.
From:: Financing
Mortgage delinquency declined last month, the foreclosure rate fell, and the number of foreclosures that were initiated moved lower.
As of the end of August, there were 2,678,000 residential loans that were either 30 days past due or in the foreclosure pre-sale inventory.
The number of non-current mortgages retreated by 158,000 compared to one month earlier and by 483,000 versus one year earlier.
From:: Financing
Recent executive movement in the home-lending industry includes a director appointment at a government-sponsored enterprise and two people who have been hired as chief marketing officers.
Fannie Mae said last week that Ryan A. Zanin was elected to its board of directors. He’s been appointed to the risk policy and capital committee and the strategic initiatives and technology committee.
Zanin’s three decades’ experience includes his current job as chief risk officer at GE Capital. He was also managing director, risk management, at Wells Fargo & Co. and worked at Wachovia Corp.
From:: Financing
A company created three years ago as a joint venture between Nationstar Mortgage LLC and a home builder is in the process of winding down.
In January 2013, KB Home announced that an agreement was reached with Nationstar to form a joint venture, Home Community Mortgage LLC.
The move was an extension of an existing alliance that had Coppell, Texas-based Nationstar as the preferred mortgage lender for the home builder.
From:: Financing
The Federal Home Loan Mortgage Corp. is eliminating grants and gifts from home lenders as an eligible source of down payments on its program for lower-income borrowers.
Freddie Mac’s Home Possible Mortgages are designed to provide financing for low- and moderate-income borrowers through low down payments and flexible sources of funds.
Currently, the McLean, Virginia-based organization allows the borrower to utilize gifts and grants from the lender as an eligible source of funds on Home Possible Mortgages.
From:: Financing