Foreclosures | Mortgages | Financing
Fewer appraisers are willing to provide valuations on short timetables for low fees — causing some home sales to take longer and cost more.
With the proliferation of appraisal management companies, appraisers are earning lower fees — sometimes less than they earned a decade ago.
In some cases, appraisal fees are being bumped up by more than a thousand dollars in order to lure an appraiser to complete the report quickly.
From:: Financing
Monthly production of mortgages that are insured by the government mostly held up but is likely to move lower. Residential delinquency worsened for the fourth consecutive month.
The Federal Housing Administration endorsed 119,053 residential loans for $23.549 billion in July, according to data reported by the Department of Housing and Urban Development.
Total endorsements — including single-family loans, home-equity conversion mortgages and Title I loans — slipped from 119,730 loans for $23.654 billion during the previous month.
From:: Financing
Although there was a decline in overall new mortgage activity during the past seven days, demand for new purchase-money mortgages actually grew stronger.
At 166, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily for the week ended Sept. 16 was off less than 2 percent from one week prior.
The decline in the MMI, which is based average per-user rate locks submitted by OpenClose clients, is an indication that upcoming loan originations will retreat.
From:: Financing
For the second quarter in a row, banks have increased their share of the mortgage origination market at the expense of non-bank mortgage firms.
From the period that started on April 1, 2016, and ended on June 30, residential loan volume by all U.S. lenders came to an estimated $488 billion.
Home-lending production leapt when compared to the first quarter of this year, a period that saw an estimated $354 billion in mortgages originated.
From:: Financing
The number of mortgage loan officers registered in the national database has expanded over the past year as non-bank originator share widened.
Mortgage loan originators who were registered in the Nationwide Mortgage Licensing System as of the second-quarter 2016 numbered 537,950.
The count increased from three months earlier, when there were 527,132 registrations, and from one year earlier, when the total came to 522,938.
From:: Financing
A new residential servicing business has been created for credit unions that aren’t satisfied with the servicing options that are currently available to them.
Credit unions that want to handle servicing on the mortgages they originate can choose to service the loans in house, which can be a challenging endeavor.
A second option is for these smaller financial institutions to use a sub-servicer — though there are still drawbacks associated with utilizing sub-servicing.
From:: Financing
The latest weekly average for long-term rates on residential loans saw an increase, and there’s a good chance they will stay there.
For the week ended Sept. 15, thirty-year fixed rates averaged 3.50 percent in Freddie Mac’s Primary Mortgage Market Survey.
The 30 year climbed higher from a week prior, when it averaged 3.44 percent, but was down from 3.91 percent one year previous.
From:: Financing
Senior mortgage executives expect demand for purchase-money mortgages to diminish over the next three months, with government programs taking the biggest hit.
Demand for purchase financing on loans eligible for acquisition by the government-sponsored enterprises over the past three months was up at 75 percent of lenders.
That compares to a decline at 5 percent of GSE lenders. The difference — the net-up demand — was 70 percent, the same as was reported for three months previous.
From:: Financing
As the country’s book of home loans continues to grow, the average loan-to-value ratio continues to decline. Arkansas’ average LTV ratio exceeds all other states.
There was $9.185 trillion in U.S. mortgage debt outstanding as of the second-quarter 2016, more than a downwardly revised $9.109 trillion three months earlier.
The nation’s collective portfolio of residential loans also ascended from the same period one year earlier, when total mortgages outstanding came in at $8.926 trillion.
From:: Financing
The volume of government-supported loan modifications at Ocwen Loan Servicing has recently doubled and is expected to remain robust.
Beginning in July, the Ocwen Financial Corp. subsidiary saw the volume of loans modified under the Home Affordable Modification double.
The increased pace of HAMP activity is the result of the streamlining of the program in July 2015 that became effective on Jan. 1 of this year.
From:: Financing