Foreclosures | Mortgages | Financing
Interest rates on home loans were minimally lower this past week. But one indicator suggests fixed rates could jump over the next week.
The Primary Mortgage Market Survey from Freddie Mac had 30-year fixed rates averaging 3.44 percent in the week ended Sept. 8.
Thirty-year rates declined from the report from seven days earlier, when the average was 3.46 percent, and from 3.90 percent a year earlier.
From:: Financing
Lenders with home-secured credit lines on their books need to prepare for expiring draw periods based on the borrower’s credit and equity.
During the final-three months of last year, there were $43.03 billion in new home-equity lines of credit that were originated by U.S. lenders.
That turned out to a whopping increase from the same three-month period in 2010, when HELOC production came to only $20.44 billion.
From:: Financing
A bulk and flow offering of mortgage servicing rights could wind up exceeding $1 billion in government-sponsored enterprise home loans.
The offering includes a bulk sale of MSRs on 798 residential loans for $0.192 billion with a weighted-average service fee of 0.25 percent.
On a weighted-average basis, the interest rate is 4.116 percent, the original term is 334.7 months and the remaining term is 330.8 months.
From:: Financing
Community banks have taken their gripes about credit unions infringing on their territory to court, filing a lawsuit against a federal regulator.
In March, the National Credit Union Administration issued a final rule on business loans that are made by federally insured credit unions.
The final rule was intended to provide credit unions with more flexibility and autonomy in soundly making commercial and business loans.
From:: Financing
More U.S. consumers resorted to bankruptcy last month, with new non-commercial filings climbing to the highest level in four months.
During August, there were 68,495 new bankruptcies that were filed in U.S. Bankruptcy Courts by both consumers and businesses.
Filings swelled from upwardly revised 61,340 filings the previous month and the upwardly revised 67,777 filings made a year previous.
From:: Financing
Loan originators averted a holiday slump and managed to maintain the pace of new mortgage applications heading into Labor Day.
During the week ended Sept. 2, retail residential loan applications ascended a seasonally adjusted 1 percent from a week earlier.
The activity was based on the Market Composite Index, which was mostly unchanged when there are no seasonal adjustments made.
From:: Financing
As many sources have reported, New Jersey is one of the busiest foreclosure states in the nation.
The reasons for the volume of foreclosures may be debated by the pundits, but is most likely the result of a number of factors, some of which are listed below:
The average cost of a home in New Jersey is one of the highest in the nation (New Jersey in fact boasts the fifth highest cost).
From:: Financing
A recent ranking of the nation’s best places to work included a few mortgage companies, and they aren’t shy about boasting how satisfied their employees say they are.
New American Funding said in July that it ranked 25th on the 30 Best Workplaces for Financial Services and Insurance from Fortune and Great Place to Work.
The list of companies was determined based on a survey of employees that considered trust in leadership, perceptions of fair pay and profit sharing, and pride in one’s work.
From:: Financing
Advertising and marketing for the home-lending industry has gone digital and promises to help mortgage sales people adhere to new regulations.
An Aug. 15 news release from Adwerx indicated that it has started providing targeted digital advertising campaigns for mortgage professionals.
The self-service campaigns from Adwerx– which are displayed on the Internet, mobile applications and Facebook — start at just $59 per month.
From:: Financing
Winning bidders have been announced for more than a billion dollars in government-sponsored enterprise residential loans that are not currently performing.
The Fannie Mae loans were offered for sale last month in five pools containing over 7,000 loans with an aggregate unpaid principal balance of around $1.1 billion.
Winning bidders were announced on Tuesday for four of the pools with approximately 6,800 home loans that have an unpaid principal balance of $1.06 billion.
From:: Financing