Tag: finance

The latest reading on mortgage rates is that they continued deteriorating on both a weekly and monthly basis. Short- and long-term forecasts have further escalation ahead for fixed rates.

On all residential loans that closed during December, thirty-year note rates averaged 4.28 percent. The rate climbed 4 basis points from the prior month — when they were also higher — and 23 BPS from a year prior.

Rates most recently averaged 4.32 percent on conventional mortgages, 4.31 percent on loans insured by the Federal Housing Administration and 4.05 percent on loans guaranteed by the Department of Veterans Affairs.

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From:: Financing

Last year’s estimated refinance production has been raised, while the purchase-money estimate was lowered. Forecasts for both categories were lifted for this year and next year.

Single-family loan originations by all lenders, including refinances and purchases, during the first-three months of 2018 are expected to come in at $335 billion.

Home lending is then expected to jump to $495 billion in the second quarter then ascend further — to $500 billion — during the following three months.

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From:: Financing

New business during the final-three months of last year declined at MGIC Investment Corp., while delinquency rose. The book of business grew.

Fourth-quarter 2017 earnings data released Thursday by the Milwaukee-based organization indicate income before taxes came in at $245 million.

Income improved from the final quarter of 2016, when the total was $162 million. Earnings also ascended from the preceding quarter, when they were reported at $184 million.

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From:: Financing

A quarter-over-quarter rise in home lending was reported by BBT Corp. But mortgage earnings and servicing were down, while all three metrics were lower on a year-over-year basis.

The Winston-Salem, North Carolina-based bank-holding company earned $876 million before income taxes, according to its fourth-quarter 2017 earnings report.

Income retreated from the same three months in 2016, when the total was $930 million, and the preceding three months, when BBT earned $942 million.

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From:: Financing

A nice improvement in mortgage applications was recorded from the week that included New Year’s. The gain came even as interest rates reached a 10-month high.

In the seven days that finished on Jan. 12, the Market Composite Index ascended more than a seasonally adjusted 4 percent from the preceding week.

But when seasonal factors are discounted, the index — a measure of retail residential loan applications — soared by nearly a third from the week ended Jan. 5.

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From:: Financing

Unlike some of its peers, fourth-quarter income at The PNC Financial Services Group Inc. benefited from the new tax law. But home lending dropped, mortgage earnings fell and residential delinquency rose.

Fourth-quarter earnings data released Tuesday indicate that income before taxes and non-controlling interests fell to $1.1 billion from $1.4 billion in the final three months of 2016.

Earnings at the Pittsburgh-based financial institution also weakened compared to the previous three-month period, when pre-tax income came to $1.5 billion.

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From:: Financing

A major financial institution recently implemented a new loan origination system, while providers of competing LOS offerings have integrated other services into their systems.

On Thursday, LendingQB issued a news release indicating that it ranked highest in functionality, end user experience and overall satisfaction in The STRATMOR Group’s 2017 Technology Insights report.

In addition, the Costa Mesa, California-based mortgage technology provider said it held the highest rating in overall satisfaction among the largest LOS vendors for the third consecutive year.

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From:: Financing

A ruling in favor of President Donald Trump’s choice to temporarily oversee the Consumer Financial Protection Bureau does not provide resolution about who is in charge.

Last week, U.S. District Judge Timothy J. Kelly ruled against a request for a preliminary injunction by Leandra English, who claims in a lawsuit that she is the rightful interim leader of the bureau.

But the Trump-appointed judge’s decision paves the way for English to file an appeal with the U.S. Court of Appeals for the D.C. Circuit, which is more liberal than Kelly.

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From:: Financing

As new mortgage business recovered from a holiday slump, the share of activity that was for refinances reached the widest level in more than three years.

A predictor of upcoming home-loan originations, the U.S. Mortgage Market Index from Mortgage Daily, landed at 121 for the week ended Jan. 12.

The index, which is based on average per-user rate-lock volume by clients of OpenClose, climbed 31 percent from the seven days that included New Year’s. No seasonal adjustments were made.

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From:: Financing

Securitizations on behalf the Government National Mortgage Association descended on a monthly and annual basis. But its book of business continued to grow — nearing $2 trillion.

When 2017 concluded, there were $1.9036 trillion in outstanding Ginnie Mae mortgage-backed securities, according to monthly operational data.

The Washington-based company’s book of business expanded from $1.8941 trillion a month earlier and $1.7668 trillion one year earlier.

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From:: Financing