Foreclosures | Mortgages | Financing
New quarterly business surged ahead, the book of business was bigger and defaults declined at mortgage insurer Radian Group Inc.
In the three months ended June 30, the Philadelphia-based firm generated $157 million in pre-tax income from continuing operations.
While that was better than the $102 million earned three months earlier, it fell far short of the $250 million earned one year previous.
From:: Financing
After falling to a four-year low, quarterly mortgage originations bounced higher at Ocwen Financial Corp. Servicing and staffing both saw a decline.
The West Palm Beach, Florida-based financial services firm reported a $96 million loss before taxes during the period from April 1 through June 30.
Losses at Ocwen dipped from $102 million in the first quarter but worsened compared to the second-quarter 2015 — swinging from a $13 million profit.
From:: Financing
Home lending picked up from the previous quarter and the year-previous period at PrimeLending. Mortgage income was strong for the bank-holding company.
Residential loan production for the three months that finished on June 30 were 42 percent better than what was closed during the first quarter of this year.
Those were among the details in a Form 10-Q filing by parent Hilltop Holdings Inc. with the Securities and Exchange Commission for the second quarter 2016.
From:: Financing
A diminishing need for employees who handle distressed loans has led to more layoffs at Ditech Financial LLC — this time in South Texas.
The Tampa, Florida-based company said in a statement Tuesday that it has re-evaluated it operating mode and resigned servicing roles.
As a result, some servicing and technology functions are being consolidated to larger operations sites to improve business-wide efficiency.
From:: Financing
The inventory of existing homes for sale crept slightly higher last month, though the month-over-month increase was more substantial in the Northeast.
The seasonally adjusted Pending Home Sales Index, a prospective indication of pending home sales that reflects contract signings, was 111.0 in June.
Pending U.S. home sales moved modestly higher compared to one month previous, when the seasonally adjusted index came in at a level of 110.8.
From:: Financing
An editorial from a Northern California newspaper is critical of the government-sponsored enterprises’ lending policy on Property Assessed Clean Energy obligations.
PACE obligations are now acceptable in some cases on loans insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.
PACE is used to finance energy-saving systems and household energy improvements. But Fannie Mae and Freddie Mac won’t back loans on homes with PACE financing.
From:: Financing
Residential loan originations at EverBank Financial Corp. were up by more than a third on a quarter-over-quarter basis and are likely to keep pace this quarter.
Home-lending volume at EverBank was 34 percent stronger during the three months that began on April 1 and concluded on June 30 than in the first quarter.
Everbank, which has its headquarters in Jacksonville, Florida, delivered the metrics, along with other operational and financial data, in its second-quarter earnings report.
From:: Financing
New applications for residential loans were down by more than a tenth on a week-over-week basis, with refinance activity suffering the biggest setback.
A seasonally adjusted 11 percent decline from one week previous was recorded for the Market Composite Index for the week that ended on July 22.
The weekly index, which is a measure of mortgage loan application volume, was also down 11 percent from the last report without seasonal adjustments.
From:: Financing
New business at the Federal Home Loan Mortgage Corp. was the most it’s been in 11 months, while delinquency fell to the lowest level in nearly eight years.
The McLean, Virginia-based secondary mortgage lender had 4 percent more in purchases and issuances during June than it did as of one month previous.
That was the biggest month for the government-sponsored enterprise since July 2015 based on historical data that is maintained by Mortgage Daily.
From:: Financing
In addition to a healthy improvement in home lending activity at HomeStreet Inc., mortgage servicing, staffing and earnings all expanded.
During the three months that ended at mid-2016, single-family mortgage originations were 44 percent greater than in the first-quarter 2016.
The Seattle-based organization disclosed the numbers, along with other operational and financial results, in its second-quarter earnings report.
From:: Financing