Foreclosures | Mortgages | Financing
Citigroup Inc. saw healthy quarter-over-quarter growth in its residential lending activity. The mortgage servicing portfolio, however, moved lower.
From April 1 through June 30 of this year, the financial institution closed 16 percent more in new home loans than it funded in the first quarter.
This data and other operational financial information was gathered through the New York-based organization’s second-quarter 2016 earnings report.
From:: Financing
Interest rates on residential loans were mostly mixed over the past week. But some signs point to a significant move higher over the next week.
Thirty-year fixed rates averaged 3.42 percent during the week that ended on July 14 in the Primary Mortgage Market Survey from Freddie Mac.
Rates were barely changed from the prior week, when the average was 3.41 percent, but were lower than 4.09 percent in the year-prior report.
From:: Financing
In the current period of near-record low interest rates on home loans, smaller mortgage servicers are better equipped to maintain growth than their larger counterparts.
Many financial institutions and non-bank companies alike previously reported that their mortgage servicing portfolios were smaller during the first quarter of this year.
The decline in servicing portfolios presages a tougher period ahead as residential loan borrowers are presented with more opportunities to refinance their mortgages.
From:: Financing
NewDay USA has plans to add more than a hundred employees this year. The new recruits will work as loan originators, credit analysts and office staffers.
Headcount at NewDay USA already exceeds 500 employees. But the company has plans to employ more than a thousand people by the end of next year.
Growth will be accommodated at the Fulton, Maryland-based mortgage banking firm through an expansion of its headquarters, to around 135,000 square feet.
From:: Financing
Serious monthly delinquency on first mortgages, home-equity installment loans and home-secured credit lines has been improving.
As of May 31, there were 49.9 million first mortgages that were outstanding for an aggregate principal balance of $8.3272 trillion.
The nation’s book of first mortgages was trimmed from 50.2 million loans outstanding for a total of $8.3736 trillion a month earlier.
From:: Financing
The quarterly origination of first mortgages, home-equity loans and home-equity lines of credit has ascended to multi-year highs.
From Jan. 1 through March 31 of this year, there were 1.86 million first mortgages originated for a total amount of $450.5 billion.
The dollar volume of first-mortgage production turned out to be the highest first-quarter total since the first-three months of 2013.
From:: Financing
Government-insured reverse mortgage production was down again for both retailers and wholesalers, though wholesale has slowed for more consecutive months.
Out of 3,639 home-equity conversion mortgages endorsed by the Federal Housing Administration in May, retail-originated loans accounted for 2,034 of the total.
That wound up being less than during the previous month, when retail loan originators were responsible for generating 2,465 HECM endorsements by FHA.
From:: Financing
During the recent holiday week, new applications for mortgage refinances surged. But similar strength was not exhibited for new purchase activity.
A 7 percent increase on a seasonally adjusted basis was recorded in the week ended July 8 from a week previous for the Market Composite Index.
Foregoing seasonal adjustments, the index, a measure of mortgage loan application volume, dropped 14 percent during the week that included July 4.
From:: Financing
Reverse mortgages and loan originator sales development are among some of the topics covered in recent releases of mortgage-related education services and events.
An online version of OriginationPro Mortgage School is designed to fulfill the needs of an aging sales force within the mortgage industry, The Hershman Group said Monday.
The announcement from the Centreville, Virginia-based company indicated that the average age of the industry’s sales force grown past 50 years old since the financial crisis.
From:: Financing
Mortgage production in the Golden State last year ascended to the highest level in nine years. Broker originations, though, were mixed.
During 2015, there were 537,757 home loans originated for $179.3 billion by mortgage companies licensed in the state of California.
It was the strongest year of mortgage production since 2006, when 881,348 residential loans were originated for $254.8 billion.
From:: Financing