Tag: finance

As rising rates have driven down the share of borrowers seeking rate-term refinances to the lowest level in six months, rising home values have driven the share of borrowers seeking cashout loans to a record high.

The U.S. Mortgage Market Index from Mortgage Daily, an indication of upcoming loan originations based on average per-user rate locks by OpenClose customers, was 92 in the week ended Jan. 5.

That was a 29 percent improvement for the index compared to the previous week, which included Christmas. There are no adjustments made to the index for seasonal variations.

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From:: Financing

As the annual volume of new bankruptcies decreased for the eighth year in a row, monthly consumer filings declined to the lowest level in a decade.

Total bankruptcies that were filed during December 2017, including commercial and non-commercial filings, numbered 52,522.

That turned out to be fewer filings than 60,287 the preceding month. The number was also down from the upwardly revised 56,435 in the same month during 2016.

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From:: Financing

For the second year in a row, the Federal Home Loan Mortgage Corp. has reported securitizing a record level of apartment loans.

During all of 2017, the issuance of multifamily securities by the McLean, Virginia-based secondary mortgage lender amounted to $68 billion.

Last year’s multifamily issuance, which turned out to be an all-time record for Freddie Mac, was up from $51.2 billion in 2016 — also a record at the time.

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From:: Financing

A major stockholder in a bank that failed several years ago has admitted to deceiving officials about his interest in loans made by the bank and to mortgage fraud.

In 2009, Excel Bank opened a loan production office in Clayton Missouri — leading to a dramatic increase in real estate lending for the Sedalia, Missouri-based financial institution.

The bank, which was originally established in 1964, made residential and commercial real estate loans from the location. A state bank regulator called the CRE lending “aggressive.”

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From:: Financing

Amid a relatively weak U.S. jobs report, the number of non-bank mortgage jobs retreated for the third consecutive month.

As of year-end 2017, nonfarm payroll employment stood at 147.380 million people, according to data reported Friday by the Bureau of Labor Statistics.

U.S. employers added 148,000 jobs compared to the prior month, plunging from a upwardly revised 252,000 increase in nonfarm employment during November.

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From:: Financing

The chief executive officer of Envoy Mortgage LTD is relinquishing his role, and an insider has been named to take his place.

The Houston-based company was originally founded as First Houston Mortgage in 1997. In 2008, it became Envoy Mortgage and brought on Patrick Walden as president and CEO.

Walden came from the now-defunct subprime lender Aegis Mortgage, where he spent 14 years. Under his leadership, originations at Envoy went from $0.7 billion to $4.0 billion.

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From:: Financing

Several macroeconomic factors have impacted, and will continue to impact, mortgage rates. Most recently, rates turned lower ahead of the jobs report.

Fixed interest rates on 30-year single-family loans averaged 3.95 percent in the week ended Jan. 4, according to Freddie Mac’s Primary Mortgage Market Survey.

Long-term mortgage rates retreated from 3.99 percent in the preceding seven-day period and 4.20 percent in the same seven days last year.

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From:: Financing

Last year’s issuance of private-label residential mortgage-backed securities was more than double 2016’s level. Further growth is expected this year.

Overall international structured-finance issuance was roughly $930 billion during 2017, coming in 39 percent higher than in 2016.

This year, the growth of global structured finance volume is expected to continue — with approximately $1 trillion in issuance predicted.

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From:: Financing

Annual commercial mortgage lending is again expected to expand this year, with the outlook most optimistic for government-sponsored enterprise activity.

Back in October, the Mortgage Bankers Association predicted that commercial real estate loan originations would total $515 billion during all of 2017.

The forecast, which included commercial mortgages and multifamily production, was a nearly 5 percent improvement over CRE loan originations during 2016.

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From:: Financing

The rate of past due payments on securitized commercial real estate loans retreated to its lowest level since 2016 and could go lower. Retail properties improved most.

Last year concluded with the rate of 30-day delinquency on loans that are included in commercial mortgage-backed securities coming in at 4.89 percent.

That wound up being the lowest CMBS delinquency rate since September 2016, when the 30-day rate was previously reported at 4.78 percent.

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From:: Financing