Foreclosures | Mortgages | Financing
After adjusting for the prior week’s holiday, the volume of new applications from prospective home-loan borrowers declined from one week earlier.
On a seasonally adjusted basis, applications for mortgages during the week ended Sept. 16 retreated by more than 7 percent from the previous week.
That activity was determined according to the Market Composite Index, which is a measure of all retail application volume for U.S. residential loans.
From:: Financing
Government-sponsored enterprise refinances have tumbled on a year-over-year basis, with volume from the government’s program sinking.
Primary originators of home loans refinanced 170,323 mortgages backed or owned by Fannie Mae and Freddie Mac during all of July.
Refinance production diminished when compared to one month prior, a month when there were 177,090 residential GSE loans refinanced.
From:: Financing
Driven by purchase financing, residential loan originations during the current quarter are forecasted to be the most of any quarter in nearly four years.
Including refinances and purchase-money production, home-lending volume is expected to reach $595 billion during the third quarter of this year.
Originations are then expected to decline to $485 billion during the final-three months of 2016 and fall further, to $340 billion, in the first-quarter 2017.
From:: Financing
Although monthly originations of government-insured reverse mortgages were off less than 5 percent at wholesalers, retailers experienced a more than 7 percent drop.
Retail originators of home-equity conversion mortgages were responsible for 2,033 of the 3,350 HECMs endorsed by the Federal Housing Administration during July.
Endorsements from the retail channel retreated from 2,190 the previous month. The decline was even more significant versus a year previous, when the total was 2,694.
From:: Financing
The rate of past-due payments on first mortgages increased and was up even more on second mortgages. But both categories saw a year-over-year drop.
Ninety-day delinquency on consumer credit products — including auto loans, bank cards and first and second mortgages — was 0.85 percent in August.
Serious consumer delinquency deteriorated from the previous month, when it was 0.83 percent. But there was a decline from 0.96 percent a year previous.
From:: Financing
The annual rate of building permits took a hit last month due to weakened multifamily activity. But completed construction grew from a year earlier.
Building permits were issued on 107,000 privately owned housing units during the month of August 2016 in municipalities that issue building permits.
Activity increased from the downwardly revised 95,100 permits issued in the previous month and was also greater than 98,400 as of a year previous.
From:: Financing
Dozens of tranches from over $6 billion in Alt-A and option-ARM residential mortgage-backed securities have been upgraded thanks to Bank of America Corp.’s massive settlement.
An $8.5 billion settlement between Bank of America, N.A., and RMBS trustee Bank of New York Mellon was originally reached in 2011 and approved by an appeals court last year.
The settlement with BofA, which acquired Countrywide Financial Corp. in July 2008, resolved Countrywide’s alleged breach of representations and warranties and shoddy servicing practices.
From:: Financing
Dozens of employees in New York are being laid off by PHH Mortgage Corp. as a result of business the company recently lost.
PHH disclosed in August that it was advised by HSBC Bank USA that it was losing subservicing on 139,000 residential loans.
The Mount Laurel, New Jersey-based firm indicated that the loans account for around 29 percent of its total subservicing portfolio.
From:: Financing
Servicers have an opportunity to pick up mortgages servicing rights on over $3 billion in recently originated government-sponsored enterprise loans.
MSRs are being offered for sale on 14,987 loans backed by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp.
The first-lien residential loans collectively have an unpaid outstanding principal balance of $3.263 billion. Almost all of the mortgages are fixed rate.
From:: Financing
America’s home builders are more confident about their business than they’ve been in almost a year, and the spike was greatest in the West.
As of September, the seasonally adjusted Housing Market Index was 65 — the highest it’s been since October 2015’s upwardly revised 65.
The index, a gauge of how builders perceive current and upcoming new single-family home sales, was a downwardly revised 59 in August 2016.
From:: Financing