Foreclosures | Mortgages | Financing
It’s been over eight years since serious mortgage delinquency was this low. The foreclosure rate dipped despite a rise in repossessions.
Mortgages that were 90 days or more past due represented 2.8 percent of all residential loans outstanding as of May of this year.
The rate of serious mortgage delinquency during the most-recent month wound up being the lowest 90-day rate since October 2007.
From:: Financing
The latest economic forecast has this year’s and next year’s mortgage refinances coming in over $300 billion higher than projected just last month. Expected purchase financing, though, diminished.
From July 1 through Sept. 30, total mortgage originations — including refinancing and purchase financing — are predicted to reach $490 billion, more than the $450 billion expected as of last month.
The fourth-quarter outlook was raised to $435 billion from $410 billion, while the projection for mortgage production during the first-quarter 2017 is now at $390 billion versus $380 billion in June.
From:: Financing
More than a hundred mortgage employees are impacted from a decision by Bank of America Corp. to end operations at an Oregon location.
National mortgage fulfillment and centralized mortgage sales operations are being discontinued at an office in Hillsboro, Oregon, a statement said.
The Charlotte, North Carolina-based organization attributed the action to its strategy of simplifying its operations and reducing its costs.
From:: Financing
With an increase in home prices expected this year, Embrace Home Loans plans to expand its staffing across the country.
Nationwide headcount at the Newport, Rhode Island-based mortgage banking firm already stands at more than 600 employees.
But with home prices forecasted to rise, Embrace Home Loans said it is ramping up recruitment efforts across its branch network.
From:: Financing
The acquisition of a bank based in Buffalo, New York, could bring new mortgage jobs to the city, though some management positions are being cut.
Back in October 2015, Cleveland-based KeyCorp announced that it reached an agreement to acquired Buffalo-based First Niagara Financial Corp.
But the deal raised concerns from Sen. Charles E. Schumer (D-New York) and Rep. Brian Higgins (D-New York) about potential local job losses.
From:: Financing
Two firms moved up a couple notches in the latest ranking of mortgage originators and servicers. The outlook for new lending activity is likely to improve thanks to Brexit.
Residential lenders, including non-bank mortgage firms and financial institutions, closed an estimated $354 billion in home loans during the first-three months of this year.
Estimated mortgage production was down from $375 billion in the fourth-quarter 2015. Home lending activity also receded from $395 billion in the first-quarter 2015.
From:: Financing
As was expected, new home-lending activity turned lower during the week that included the July 4th holiday. New jumbo business, however, actually accelerated.
At 167, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily for the week that ended on July 8 was off 11 percent from a week earlier.
But the slowdown was insignificant since there were no seasonal adjustments made to the index, which is based on average per-user rate locks by OpenClose clients.
From:: Financing
A mortgage servicing executive from PHH Corp. has been recruited by Fifth Third Bancorp to lead the company’s residential lending business.
Edward L. Robinson joined PHH in April 2013 as vice president of originations and was promoted to senior vice president of servicing in 2014.
Robinson oversaw a primary mortgage servicing portfolio of more than 628,000 home loans with an outstanding balance of over $97 billion.
From:: Financing
U.S. employment was surprisingly higher last month, though unemployment grew. Mortgage broker jobs continued to expand.
American employers added 287,000 non-farm jobs in the month of June, the Bureau of Labor Statistics reported on Friday.
Job growth exploded compared to the previous month, when nonfarm payroll employment was up a downwardly revised 11,000.
From:: Financing
Interest rates on residential loans are teetering near all-time lows, and a key economic report tomorrow could determine if a new record is set.
Freddie Mac’s Primary Mortgage Market Survey had 30-year fixed mortgage rates averaging 3.41 percent in the week that ended on July 7.
The last time that 30-year fixed rates have been this low was in the week that ended on May 2, 2013, when the 30 year averaged 3.35 percent.
From:: Financing