Foreclosures | Mortgages | Financing
Last month, the Monthly Treasury Average tumbled — in the process descending to the lowest level that it has been since 2009.
As of May 2016, the MTA was 0.46750 percent, according to an analysis of Federal Reserve Board data by Mortgage Daily.
The index, which is utilized to determine rate changes on some adjustable-rate mortgages, was last this high in December 2009.
From:: Financing
An upcoming acquisition planned by Guild Mortgage Co. is expected to make it one of largest independent home lenders in Texas.
The San Diego-based firm had already been on a stellar pace of growth, with originations nearly doubling last year to $13.8 billion.
Staffing, meanwhile, has expanded from fewer than 2,000 employees in 2013 to nearly 2,800 people as of the first-quarter 2016.
From:: Financing
Cost cutting at Ocwen Financial Corp. has recently led to a domestic staff reduction of more than a hundred employees.
In a statement to Mortgage Daily, the company indicated that it has conducted an extensive analysis of its cost structure.
Ocwen subsequently decided to reduce staffing to a level that aligns resources with current strategy and market opportunities.
From:: Financing
A drastic decline in job growth was reported by the government. But the news was good for the mortgage industry — with employment expanding and rates tumbling.
U.S. nonfarm payroll employment was up a meager 38,000 jobs during May, according to data that was reported Friday by the Bureau of Labor Statistics.
Job growth plunged compared to a month earlier, when employment was up a weak 123,000 — and that number was revised down from 160,000 originally reported.
From:: Financing
Fewer prospective borrowers were applying for new mortgages during the most recent week, and both refinancing and purchase financing activity were impacted.
A benchmark for residential loan application activity, the Market Composite Index, declined 4 percent from one week earlier in the week that ended on May 27.
The index was seasonally adjusted. Even without any adjustments for seasonal factors, the index still descended by 5 percent from the week that ended on May 20.
From:: Financing
A month-over-month increase was recorded for the 11th District Cost of Funds Index — the fifth month in a row that it has escalated.
COFI, which is utilized to determine rate changes on some adjustable-rate mortgages, was down 1 basis point during April.
The index is based on interest expenses at Federal Home Loan Bank members with headquarters in Arizona, California and Nevada.
From:: Financing
A month-over-month increase was recorded for the 11th District Cost of Funds Index — the fifth month in a row that it has escalated.
COFI, which is utilized to determine rate changes on some adjustable-rate mortgages, was down 1 basis point during April.
The index is based on interest expenses at Federal Home Loan Bank members with headquarters in Arizona, California and Nevada.
From:: Financing
Several of the top loan origination system providers have updated their products, integrated with other technology systems and touted new mortgage lender customers.
A report from the American Bankers Association, the 23rd Annual ABA Residential Real Estate Survey Report, ranked the top LOS systems among 159 surveyed banks.
At the top of the ranking was Encompass from Ellie Mae Inc. After that was Point from CalyxSoftware, then D+H’s Mortgagebot and Wolters Kluwer’s ComplianceOne.
From:: Financing
The release of the Federal Reserve minutes pushed up interest rates on home loans this past week. But there are some indications that fixed rates could ease.
Conventional, conforming 30-year fixed rates averaged 3.94 percent in April, down a basis point from March, the Federal Housing Finance Agency reported.
For just the week ended May 26, fixed rates on 30-year home loans averaged 3.64 percent based on Freddie Mac’s Primary Mortgage Market Survey.
From:: Financing
The release of the Federal Reserve minutes pushed up interest rates on home loans this past week. But there are some indications that fixed rates could ease.
Conventional, conforming 30-year fixed rates averaged 3.94 percent in April, down a basis point from March, the Federal Housing Finance Agency reported.
For just the week ended May 26, fixed rates on 30-year home loans averaged 3.64 percent based on Freddie Mac’s Primary Mortgage Market Survey.
From:: Financing