Monthly residential production picked up at the Federal Housing Administration, with reverse mortgage endorsements spiking. Single-family delinquency was down, and commercial mortgage endorsements jumped.
As of Jan. 31, FHA insurance was in force on 8,614,126 residential loans for $1.3183 trillion, according to an analysis of data reported by the Department of Housing and Urban Development.
The total included $1.1699 trillion in single-family loans, $0.1474 trillion in home-equity conversion mortgages and $0.0001 trillion in Title I loans.
Mortgage bankers have lowered their outlook for the second-quarter volume of loans made to finance a home purchase, though there was a slight bump in projected refinances.
Overall mortgage originations, including purchase financing and refinancing, is expected to work out to $346 billion during the first quarter of this year.
Production by all U.S. home lenders is then projected to reach $444 billion three months later and ascend further — to $450 billion — during the third quarter.
A wholesaler that has capitalized on the origination of loans that don’t meet the requirements for Qualified Mortgages has opened a new Texas facility with plans to hire dozens of new employees.
Atlanta-based Angel Oak Mortgage Solutions LLC claims that it is the largest wholesale and correspondent provider of non-QM loans.
Parent Angel Oak Companies recently reported that non-QM originations from all of its affiliates, including Angel Oak Mortgage Solutions, came to $1.1 billion during 2017.
Despite recent escalation in mortgage interest rates, serious delinquency held steady last month. Current conditions suggest further continued strong performance.
Including first and second mortgages, bank cards and automobile loans, consumer delinquency of at least 90 days was 0.96 percent as of Feb. 28.
Serious consumer delinquency inched up a basis point compared to the preceding month. A 2-basis-point year-over-year increase was recorded for the 90-day rate.
Monthly securitizations retreated at the Government National Mortgage Association. As jumbo issuance fell to a three-year low, reverse mortgage securitizations were the most in at least six years.
The aggregate unpaid principal balance of Ginnie Mae mortgage-backed securities outstanding as of Feb. 28 came to $1.9342 trillion, according to an analysis of monthly operational data.
Government-owned Ginnie’s book of business increased from $1.9242 trillion one month earlier. It has also expanded from 1.7982 trillion as of one year earlier.
A mortgage employee is no longer working for Well Fargo & Co., which says it has a “tradition of diversity and inclusion,” after he was accused of racist activities.
The former employee started working as a home mortgage consultant at a Wells Fargo branch near Portland, Oregon in 2012.
He also allegedly marched with members of a white supremacist group and participated in a rally that drew white supremacists and neo-Nazis.
Refinance production during the final-three months of last year and the first-three months of this year is stronger than previously thought. The improvement carried up overall originations.
Home-lending during the first quarter of 2018 is expected to amount to $384 billion, plunging from $465 billion in the final quarter of last year.
Business, which includes refinances and loans to finance a home purchase, is forecasted to jump to $466 billion in the second quarter before dipping to $440 billion three months later.
A Freddie Mac offering sold through an auction process had three residential pools with over $300 million in non-performing mortgages.
Last month, the secondary lender announced it was taking whole-loan bids on more than $400 million in deeply delinquent mortgages.
The size of the resulting sale was announced Monday at 2,150 non-performing loans with a collective unpaid principal balance of $341 million.
A title insurance giant that has been a fixture on the American real estate landscape since the 1800s has agreed to be acquired by a larger peer.
Maco Stewart, along with legislator William H. Stewart and other family members, purchased the Gulf City Abstract Co. in 1893.
The firm, which was located in Galveston, Texas, was the beginning of Stewart Title Co., now operating from Houston and claiming the No. 3 spot among title companies.
A growing share of loans with high debt-to-income ratios and other high risk factors has recently concerned mortgage insurers and prompted a policy change at Fannie Mae.
The trend began last summer as Washington-based Fannie started allowing low-down payment mortgages to borrowers who had DTI ratio’s as high as 50 percent.
Mortgage insurance companies began to notice that too many borrowers were being approved who exhibited additional risks factors such as weak credit scores and inadequate reserves.