Tag: finance

The regulator of the Federal National Mortgage Association is being criticized for oversight of the secondary lender’s planned move to a new headquarters facility.

Fannie Mae is moving from its current landmark location on Wisconsin Ave. in Washington to a new location in the District of Columbia’s Midtown Center building.

The net present value of the new location was presented at $770 million, lower than other options that included renovating its existing space where the lease expires in 2018.

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From:: Financing

Banks, which had been losing some of their mortgage market share to credit unions over the past couple of quarters, took some of it back.

From the period that started on Jan. 1 and ended on March 31 of this year, U.S. mortgage lenders originated an estimated $354 billion.

Home lending activity slowed compared to the fourth quarter of last year, a period that saw an estimated $375 billion in mortgage production.

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From:: Financing

A new report highlights JPMorgan Chase Bank, N.A.’s, strength in originating prime jumbo home loans, though there is some room for improvement.

During the past five years, the residential origination division of the New York-based company has originated more than 90,000 prime jumbo mortgages.

The jumbo loans were either originated through the retail/consumer-direct channel or acquired through financial institution’s correspondent channel.

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From:: Financing

The good news is that productivity and purchase-share increased last month on home lending. But credit conditions tightened and turnaround slowed.

Conventional mortgages made up 64 percent of all residential loans that were closed during May. The share was no different than one month prior.

Another 23 percent were loans insured by the Federal Housing Administration, and 9 percent were guaranteed by the Department of Veterans Affairs.

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From:: Financing

Although government-funded and Freddie Mac refinances retreated, overall government-sponsored enterprise refinances reached a nine-month high.

During the month of April, there were 168,212 residential loans that are owned or backed by Fannie Mae and Freddie Mac which were refinanced.

The last time the volume of Fannie and Freddie mortgage refinances was this high was in July of last year, when 198,080 GSE loans were refinanced.

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From:: Financing

Despite the lowest long-term fixed rates in over a year, new applications for home loans moved down — with purchase financing activity leading the drop.

A seasonally adjusted 2 percent decrease from one week earlier was recorded for the Market Composite Index for the week that ended on June 10.

The index, which is a measure of mortgage loan application volume, actually climbed 21 percent, however, from the week that included Memorial Day.

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From:: Financing

A seasonal quarterly decline in the number of loan originators registered in the national database was offset by a year-over-year increase.

As of the first quarter of this year, there were 527,132 mortgage loan originators registered in the Nationwide Mortgage Licensing System.

Registration count was way down from the final quarter of last year, when the total was 536,804 — though the decline was seasonal.

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From:: Financing

Delinquency on securitized commercial real estate loans fell to the lowest level in nearly seven years, while overall CRE delinquency remains low.

On loans that are included in commercial mortgage-backed securities, the rate of 30-day delinquency closed out the first quarter at 3.93 percent.

That was the lowest delinquency rate for CMBS loans since the second-quarter 2009, when the 30-day rate was previously reported at 3.89 percent.

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From:: Financing

Radian Guaranty Inc. has unveiled plans to insure residential loans to borrowers who are required to rely on non-traditional credit.

The mortgage insurance company said that it is supporting non-traditional credit through non-delegated underwriting submissions.

Initially, applications will need to be submitted through MMI Online’s “Quick Submit” option or emailed to intake@Radian.biz.

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From:: Financing

Deteriorating late payments on office building loans led delinquency higher on overall securitized commercial real estate loans.

Delinquency of at least 30 days on loans behind commercial mortgage-backed securities was 2.91 percent as of May 31.

Past-due CMBS loans accounted for a larger share of the overall CMBS population than compared to April’s 2.81 percent.

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From:: Financing