Tag: finance

Applications for loans to finance a home purchase ascended to a more than seven year high — leading a week-over-week gain in overall mortgage applications. Government share has thinned over the past year.

The Market Composite Index for the week that concluded on Jan. 19 moved higher by a seasonally adjusted 5 percent compared to the previous week.

Without seasonal adjustments, however, the index — a measure of retail residential loan application volume — decreased 4 percent from the week ended Jan. 12.

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From:: Financing

Compared to the prior quarter, mortgage earnings, originations and servicing all declined at Fifth Third Bancorp, as did residential assets.

During the final-three months of last year, income before income taxes was $393 million, according to the fourth-quarter earnings report.

Earnings at the Cincinnati-based bank-holding company fell from $509 million a year earlier and plunged from $1.489 billion three months earlier.

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From:: Financing

Flagstar Bancorp Inc. accomplished what none of its peers thus far have; it generated a quarter-over-quarter and year-over-year increase in mortgage originations. Mortgage assets also expanded.

Before income taxes, the Troy, Michigan-based bank-holding company earned $51 million during the three months ended Dec. 31, 2017, according to its fourth-quarter earnings report.

Income improved from $42 million during the final-three months of 2016. But there was a decline in earnings compared to the $60 million earned in the preceding three months.

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From:: Financing

Thirty-day mortgage delinquency soared to a two-year high, while serious delinquency climbed to a 19-month high. But foreclosure starts were the fewest since the recession.

Last year finished with 2.743 million U.S. single-family loans that were either at least 30 days delinquent or in the foreclosure inventory.

The non-current count consisted of 2.412 million loans that were at least 30 days past due but not in foreclosure and 331,000 units in the foreclosure pre-sale inventory.

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From:: Financing

Mortgage production last year was down slightly at Finance of America Holdings LLC. Also lower was the servicing portfolio and headcount.

As of the end of 2017, the Horsham, Pennsylvania-based business serviced 10,920 single-family loans with an aggregate unpaid principal balance of $2.039 billion.

Finance of America reported the details, as well as other operational data, as part of the Mortgage Daily Fourth Quarter 2017 Mortgage Origination Survey.

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From:: Financing

Economists at Fannie Mae have elevated their estimate of refinance production last year at the nation’s primary mortgage originators. Even the purchase estimate was nudged higher.

During just first quarter of this year, the secondary lender predicts that overall loan originations, including purchases and refinances, will total $366 billion.

Aggregate national production is then expected to jump to $483 billion during the following three months before retreating to $466 billion in the third quarter.

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From:: Financing

With government activity leading the way, new mortgage business turned lower last week. The proportion of people extracting home equity, meanwhile, widened to its broadest share on record.

In the seven days that concluded on Jan. 19, the U.S. Mortgage Market Index from Mortgage Daily, a barometer of upcoming loan closings based rate-lock activity at OpenClose, was 111.

The index, which is not adjusted to reflect seasonal factors, descended 8 percent from the preceding seven-day period. Compared to the same seven days last year, the index fell 9 percent.

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From:: Financing

Despite annual declines already reported by several of the nation’s biggest mortgage originators, Caliber Home Loans Inc. experienced an increase. Servicing has also expanded.

As part of the Mortgage Daily Fourth Quarter 2017 Mortgage Origination Survey, Caliber reported that it serviced 526,455 loans with an aggregate unpaid principal balance of $121.317 billion.

The Irving, Texas-based mortgage banking firm’s servicing portfolio expanded from 498,030 loans for $114.202 billion three months earlier and 403,751 loans for $91.065 billion one year earlier.

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From:: Financing

A former Wells Fargo & Co. mortgage banker in Beverly Hills, California, has sued the company alleging he was unjustly fired for his actions in the rate-lock scandal.

The federal lawsuit was filed this week in Los Angeles by David Eghbali, who had been one of the bank’s top loan originators before he was fired in 2015.

But Eghbali, himself, had previously settled with the Consumer Financial Protection Bureau allegations he shifted fees between borrowers in order to close more loans.

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From:: Financing

Residential loan originations were lower last year at SunTrust Banks Inc., while mortgage delinquency turned sharply higher. The servicing portfolio, however, expanded.

Atlanta-based SunTrust revealed in its fourth-quarter 2017 earnings report that income before the provision for income taxes was $668 million during the period.

Earnings were slightly better than the $660 million earned a year prior. But income at the bank-holding company declined from $765 million the prior quarter.

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From:: Financing