Tag: finance

Appraisal service providers have been enhancing their offerings through integrations, though at least two have turned to acquisitions to improve options for their lender clients.

Last month, Oklahoma City-based Mercury Network announce that it reached an agreement to acquire Platinum Data, a provider of valuation data and analytics solutions.

The seeds for the acquisition of Aliso Viejo, California-based Platinum were planted in January 2015 when the two firms entered into a partnership to offer an integrated solution.

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From:: Financing

After deteriorating for five consecutive months, the rate of past-due payments on securitized commercial real estate loans has finally retreated.

Each month from March of this year through July, the 30-day delinquency rate on commercial mortgage-backed securities has moved higher.

But the deteriorating trend has now been broken, with the rate of 30-day CMBS delinquency moving lower as of August to 4.68 percent.

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From:: Financing

Despite deterioration in interest rates and the upcoming holiday weekend, home loan originators picked up the pace this week thanks to a bump in refinance activity.

The U.S. Mortgage Market Index from OpenClose and Mortgage Daily, an indication of upcoming loan production, closed out the week ended Sept. 2 at 171.

The index, which is based on average per-user rate locks from OpenClose clients through the seven days ended Thursday at midnight, rose a percent from a week earlier.

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From:: Financing

After falling to the lowest level in nearly two years, originators of government-insured reverse mortgages pushed monthly volume to a five-month high.

The Federal Housing Administration endorsed 4,387 home-equity conversion mortgages in August — the most since March, when there were 4,535.

During the previous month, HECM endorsements numbered 3,534 — the fewest since August 2014, when FHA endorsed 3,256 reverse mortgages.

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From:: Financing

The monthly number of non-bank mortgage jobs grew by nearly 5,000, and a weak report on overall jobs is likely to keep interest rates competitive.

Nonfarm payroll employment expanded by 151,000 jobs during all of August, according to data from the Bureau of Labor Statistics released Friday.

The total was short of the roughly 175,000 expected by many and far less than the upwardly revised 275,000 jobs added during the previous month.

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From:: Financing

Most of the largest servicers of commercial real estate loans have maintained the same rankings they had a year ago. What has changed, though, is the average size of loans they service.

With a total commercial mortgage servicing portfolio of 31,739 loans for $502.157 billion as of June 30, Wells Fargo Bank, N.A., maintained its position as the biggest servicer.

The Sioux Falls, South Dakota-based financial institution grew its CRE loan portfolio from the same point in 2015, when it serviced 33,192 commercial mortgages for $484.239 billion.

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From:: Financing

Weekly mortgage rates moved modestly higher this past week. While signs point to little change ahead — tomorrow’s jobs report could change that.

For the entire month of July, fixed interest rates on conventional 30-year mortgages used to finance a house purchase averaged 3.80 percent.

The Federal Housing Finance Agency, which reported the average based on conforming loan amounts, said the rate sank from 3.88 percent in June.

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From:: Financing

For the second month in a row, agency issuance soared to the highest level in three years. This time it was the Federal National Mortgage Association that led the gain.

During the month of August, fixed-rate mortgage backed securities that were issued on behalf of Fannie Mae, Freddie Mac and Ginnie Mae came in at $135.436 billion.

Based on historical data, the last time that MBS issuance for the three government-controlled firms was this high was in July 2013, when the total was $139.366 billion.

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From:: Financing

Financial institutions and home lenders are continuing to improve their mobile technology for the benefit of both employees and customers.

The mobile channel is the second-most preferred method for consumers to access their bank accounts, with 18 percent using the channel.

Included in the mobile channel are mobile phones; iPads and other tablet devices; and personal digital assistants, also known as PDAs.

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From:: Financing

Following a brief respite in June, the 11th District Cost of Funds Index last month resumed its upward trajectory.

From November of last year until May 2016, COFI moved higher every month. But then it turned lower in June.

However, the relief was short lived for the index, which is used to determine rate changes to adjustable-rate mortgages.

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From:: Financing