Tag: finance

Home loans took longer to close last month, and the closing rate deteriorated. Meanwhile, the average credit score moved higher on a month-over-month basis.

Conventional loans accounted for 64 percent of all loans closed during June. The share, which has been the same since April, crept up from 63 percent a year prior.

Residential mortgages that were insured by the Federal Housing Administration made up 23 percent of last month’s originations, off from 24 percent in June 2015.

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From:: Financing

The Department of Veterans Affairs has clarified its requirements on mortgages that are subject to Property Assessed Clean Energy obligations.

PACE programs provide an alternative means of financing clean energy, energy efficiency and resilience improvements to residential properties.

Improvements are financed from private enterprises in conjunction with state and local governments and repaid through government assessments.

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From:: Financing

The Federal National Mortgage Association has increased this year’s and next year’s projected loan originations by $185 billion.

Single-family mortgage originations are expected to reach $500 billion in the third quarter then fall to $412 billion three months later.

Fannie Mae then predicts that U.S. lenders will generate $333 billion in residential loan production during the first-quarter 2017.

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From:: Financing

Performance improved last month on loans included in commercial mortgage-backed securities thanks to apartment loan delinquency.

Loans that were delinquent at least 30 days or in the foreclosure process represented 2.86 percent of all CMBS loans as of June 30.

The level of delinquency on CMBS loans improved compared to a month previous, when the 30-day rate came in at 2.91 percent.

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From:: Financing

The quarterly volume of new business, the degree of delinquency and the amount earned at the parent of MGIC Guaranty Insurance Corp. all improved.

New insurance written by the Milwaukee-based company from April 1 through June 30 of this year amounted to 52 percent more than in the first quarter.

The results, along with other operational and financial metrics, were disclosed by parent MGIC Investment Corp. in its second-quarter earnings report.

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From:: Financing

Although there was a modest rise in serious delinquency on first mortgages, the past-due rate made a month-over-month improvement on second mortgages.

Delinquency of at least 90 days on consumer credit was 0.82 percent as of June 30, 2016, according to the Composite Consumer Credit Default Index.

The index — a reflection of monthly performance on automobile loans, bank cards and first and second mortgages — rose one basis point from a month earlier.

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From:: Financing

The Department of Housing and Urban Development has followed through on a plan to allow government-insured loans on properties with energy efficient improvement liens.

HUD’s plan involves residential loans that are insured by the Federal Housing Administration and utilized to finance houses that have Property Assessed Clean Energy loans.

PACE loans are used by homeowners seeking clean energy technologies for their residences. Improvement costs are paid through an assessment added to the property’s tax bill.

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From:: Financing

Monthly building permits for new housing units rose to a 12-month high. Meanwhile, completed construction soared in the Northeast.

In places where permits are issued on new privately owned housing units, there were 114,000 units authorized during June of this year.

That was the busiest month for building permits since June 2015, when a downwardly revised 134,800 housing permits were issued.

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From:: Financing

It has been 10 months since the number of Federal Home Loan Mortgage Corp. loans that were refinanced was as high as it was in May.

There were 173,217 residential loans backed or owned by Fannie Mae and Freddie Mac that were refinanced during all of May 2016.

Refinances of government-sponsored enterprise loans were the highest they’ve been since July 2015, when 198,080 loans were refinanced.

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From:: Financing

Mortgage originator practices at some regulated entities have resulted in actions by the Consumer Financial Protection Bureau.

At least one institution incorrectly calculated the amount financed on loans with discount credits, as well as the finance charge.

The calculation method used to determine the amount financed in that case resulted in a negative finance charge and incorrect amount financed.

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From:: Financing