Tag: finance

Purchase financing activity was out front of a week-over-week gain in new mortgage business. Government-insured share, meanwhile, was at its widest level in six months.

The U.S. Mortgage Market Index from Mortgage Daily, an indication of upcoming originations based on rate-lock activity at OpenClose, was 131 in the week ended Jan. 26.

Compared to the week that included the Martin Luther King Jr. holiday, the index climbed 18 percent. No adjustments were made to the index for the holiday week.

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From:: Financing

The latest executive appointments in the mortgage industry include presidents, chief executive officers and a chief operating officer. A top human resource job has been filled at a government-sponsored enterprise.

On Jan. 9, Embrace Home Loans reported that its president, Kurt Noyce, has been demoted to head of its financial institution services division. He has been with Embrace since 1991.

Taking over as president of the Middletown, Rhode Island firm officer is the owner of Embrace, Dennis Hardiman. He founded the 1,000-employee company in 1983 and also carries the title of CEO.

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From:: Financing

The Federal Home Loan Mortgage Corp. finished last year on a high note, with monthly business reaching an annual high. But delinquency was the worst in 17 months.

As of Dec. 31, Freddie Mac’s total mortgage portfolio was $2.0976 trillion, according to its Monthly Volume Summary: December 2017.

The McLean, Virginia-based organization’s book of business expanded from $2.0821 trillion one month earlier and $2.0114 trillion one year earlier.

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From:: Financing

Although monthly rates on single-family loans were stable, weekly rates turned sharply higher. But next week’s rates might be a little lower.

Fixed interest rates on 30-year conforming residential loans that are utilized to finance a home purchase averaged 4.17 percent during December.

Compared to the previous month, there was no change in conforming rates. But the average was 9 basis points higher than in December 2016.

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From:: Financing

Annual home lending increased at Navy Federal Credit Union, as did its mortgage servicing portfolio. There was, however, a slight quarter-over-quarter drop in residential production.

The Vienna, Virginia-based financial institution serviced 280,980 single-family loans with a collective unpaid principal balance of $60.476 billion as of year-end 2017.

Those details, along with other operational metrics for its home-lending business, were divulged as part of the Mortgage Daily Fourth Quarter 2017 Mortgage Origination Survey.

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From:: Financing

The mortgage subsidiary of home builder Lennar Corp. is being investigated over its handling of the lending process on government-insured loans.

A subpoena has been issued by the U.S. Department of Justice against the Miami-based company’s home-lending unit, Eagle Home Mortgage LLC.

At issue is the adequacy of certain underwriting and quality-control processes on residential loans that were insured by the Federal Housing Administration.

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From:: Financing

New home sales last year soared to the highest level in a decade. In stark contrast to existing home sales, the inventory of new homes for sale was the highest in eight years.

The sale of newly built single-family houses for all of 2017 amounted to 608,000 properties — the strongest year since 2007 when the total was 775,000.

During 2016, the sale of new U.S. residential properties worked out to a downwardly revised 561,000 — at the time also the most new home sales since 2007.

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From:: Financing

While home-equity loans and home-equity lines of credit can have lower rates than personal loans, the new tax law could lessen the benefit for some borrowers.

Before the Tax Cuts and Jobs Act was signed into law in December, the demand for home-equity products was already on the decline at some banks.

Under the new law, borrowers can no longer deduct interest owed on HELs if they use the money for purposes other than home renovations or property purchases.

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From:: Financing

The latest quarterly list of the top-rated home lenders has been issued by LendingTree. A California company received the highest ranking.

Charlotte, North Carolina-based LendingTree published its fourth-quarter 2017 list of the top customer-rated mortgage lenders on its network.

The ranking is based on a weighted-average of overall ratings based on offered rates, fees and closing costs and responsiveness as well as customer service and overall customer experience.

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From:: Financing

Annual mortgage and home-equity originations increased at Huntington Bancshares Inc., as did residential assets and servicing. Mortgage income and delinquency, though, deteriorated.

Income before income taxes was $412 million during the period from Oct. 1, 2017, through year-end, according to Huntington’s fourth-quarter earnings report.

Income at the Columbus, Ohio-based bank-holding company improved from an upwardly revised $313 million a year prior and $365 million the prior quarter.

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From:: Financing