Foreclosures | Mortgages | Financing
Despite a tumble in first-mortgage production at California’s credit unions, outstandings grew. Home-equity production and outstandings, however, jumped.
As of Sept. 30, there were 318 credit unions that maintained their headquarters in California. The group served more than 11.4 million members.
Golden State credit unions originated $8.8 billion in first mortgages during the nine months that concluded on Sept. 30.
From:: Financing
Prospective borrowers completed more mortgage applications in the week that included New Year’s than in the week that included Christmas. Refinances drove the gain.
A seasonally adjusted 8 percent increase from the previous seven-day period was recorded for the Market Composite Index for the week ended Jan. 5.
The index, which is a measure of retail single-family loan applications, soared 46 percent from the preceding week when seasonal factors are disregarded.
From:: Financing
Although the volume of mortgages closed has fallen, the share that are considered subprime has inched higher. Home-equity originations have strengthened.
From Jan. 1, 2017, through Aug. 31, U.S. home lenders originated 4.85 million first mortgages that had an aggregate balance of $1.1749 trillion.
Based on the number of loans, originations were down 9.9 percent from the same seven-month period in 2016. The dollar volume of production retreated 10.8 percent.
From:: Financing
Although the volume of mortgages closed has fallen, the share that are considered subprime has inched higher. Home-equity originations have strengthened.
From Jan. 1, 2017, through Aug. 31, U.S. home lenders originated 4.85 million first mortgages that had an aggregate balance of $1.1749 trillion.
Based on the number of loans, originations were down 9.9 percent from the same seven-month period in 2016. The dollar volume of production retreated 10.8 percent.
From:: Financing
Although overall mortgage delinquency moved higher, early stage delinquency retreated, while serious mortgage delinquency and the foreclosure rate held steady.
Delinquency of at least 30 days on single-family loans, including loans in the foreclosure inventory, represented 5.1 percent of all mortgages as of Oct. 31, 2017.
The non-current rate was elevated versus the preceding month, when it was previously reported at 5.0 percent. But an improvement was recorded from 5.2 percent a year prior.
From:: Financing
After easing to the loosest levels since the financial crisis, credit conditions in real estate finance contracted to the tightest level in five months. Government programs constricted most.
That was according to the Mortgage Credit Availability Index, a standardized quantitative index focused on mortgage credit, which was 179.2 in December.
Last month’s index level was the lowest since July, when it was previously reported at 179.0. A drop in the MCAI indicates that lending standards are tightening.
From:: Financing
A complete makeover planned at The Money Source Inc. will be accompanied by substantial expansion of its staffing and mortgage servicing portfolio.
The Melville, New York-based mortgage banking firm revealed in an announcement Tuesday that it is re-branding as TMS.
A marketing campaign will be launched for its retail, wholesale and correspondent channels that will tap into the emotional aspects of home financing.
From:: Financing
Sen. Elizabeth Warren (D-Massachusetts) has written to the head of the Consumer Financial Protection Bureau questioning his decision to stop data collection. She is demanding answers.
On Dec. 4, CFPB Acting Director Mick Mulvaney announced that the collection of all personal information by the regulator would be frozen.
The move came after the Office of Inspector General for the Federal Reserve Board and CFPB issued a pair of reports about the CFPB’s information security controls.
From:: Financing
Bids are being sought for mortgage servicing rights on just over $3 billion in government-sponsored enterprise loans with a four-state concentration.
The offering is for MSRs on 12,115 Fannie Mae and Freddie Mac single-family loans that had an aggregate unpaid principal balance of $3.005 billion as of Nov. 30, 2017.
Colorado is the location of 32 percent of the loans securitizing the pools. Another 22 percent are in Texas, while 11 percent are in Washington, and 11 percent are in Oklahoma.
From:: Financing
While industry-wide annual mortgage originations are forecasted to retreat again, there are some lenders that are driving up loan volume.
Fannie Mae’s most-recent forecast had last year’s single-family loan originations by the nation’s home lenders coming in at at $1.812 trillion.
That was less than the $2.052 trillion in home-lending activity during 2016. This year’s originations are expect to fall further — to $1.731 trillion.
From:: Financing