Foreclosures | Mortgages | Financing
Monthly secondary marketing activity at the Federal National Mortgage Association turned lower. In its commercial business, delinquency deteriorated on apartment loans.
As of Oct. 31, Washington-based Fannie Mae’s book of business book was $3.1998 trillion, according to its Monthly Summary October 2017.
The total was comprised of an $0.2358 trillion investment portfolio and $2.9641 trillion in outstanding mortgage-backed securities and other guarantees.
From:: Financing
Walter Investment Management Corp. has filed for bankruptcy as expected. The company hopes to wipe out nearly $1 billion in outstanding debt.
On Thursday, the Fort Washington, Pennsylvania-based firm disclosed that it filed a voluntary chapter 11 petition in U.S. Bankruptcy Court for the Southern District of New York.
Walter had previously revealed in October that it had reached agreements with creditors to file bankruptcy and cut its outstanding corporate debt by $700 million.
From:: Financing
A big drop in late payments on securitized commercial real estate loans left the rate at a more than eight-year low. Hotel loans had the largest decrease.
October 2017 concluded with a 30-day rate of delinquency on loans that are included commercial mortgage-backed securities of 2.68 percent.
It turns out that October’s rate was the lowest delinquency rate for securitized CRE loans since May 2009, when it was previously reported at 2.275 percent.
From:: Financing
Wells Fargo & Co. has reportedly been warned by the Office of the Comptroller of the Currency that it could face a cease-and-desist order for bad home and auto lending practices.
The San Francisco-based bank-holding company in October announced plans to issue refunds to consumers who paid fees for mortgage rate lock extensions but shouldn’t have.
Wells Fargo’s acknowledgment followed last year’s scandal in which it fired thousands of employees for creating new accounts without the knowledge of its customers.
From:: Financing
Freddie Mac was out front of a month-over-month ascension in the issuance of agency mortgage-backed securities. It was a different story for Ginnie Mae.
Between Fannie Mae, Freddie Mac and Ginnie Mae, issuance of fixed-rate MBS came to $114.059 billion during November.
Activity accelerated versus one month previous, when $110.907 billion in MBS were issued on behalf of the trio of government-controlled companies.
From:: Financing
A modest improvement was recorded for fixed rates on single-family loans this past week. But fixed rates are poised for a sharp ascension next week.
Conventional, conforming fixed rates on loans that are utilized to finance a home purchase averaged 4.11 percent during October.
The rate, which was reported Tuesday by the Federal Housing Finance Agency, was down 3 basis points compared to a month earlier.
From:: Financing
Mortgage servicers saw a solid improvement in quarterly earnings. Behind the rise were higher servicing fees and lower losses on mortgage servicing rights.
Income at independent mortgage servicers and mortgage subsidiaries of banks came to 96 basis points during the period from July 1 to Sept. 30.
Earnings soared from just 20 BPS in the previous quarter and swung from a 35-basis-point loss during the same quarter last year.
From:: Financing
While home lenders experienced an increase in average origination fees, quarterly net income still was down. Secondary marketing income drove quarter-over-quarter deterioration.
The average independent mortgage banker earned 39 basis points on loan originations during the three months ended Sept. 30.
Income deteriorated from 49 BPS during the preceding three-month period and plummeted from 74 BPS during the same three months last year.
From:: Financing
Loan originators have multiple marketing services they can turn to for help in raising their profiles. One lender has hired an advertising firm, while another is warning veterans about unscrupulous lenders.
A mortgage loan officer advertising program has been developed by Adwerx for American Financial Network Inc., a Nov. 7 press release said. AFN employs more than 700 originators.
The new program reportedly augments AFN’s existing marketing programs by enabling originators to easily create ads that they can use to deliver information directly to their target audience.
From:: Financing
A change in one warehouse lender’s funding process through the utilization of digital notes is expected to speed up the mortgage funding process by days.
A news release Wednesday from Flagstar Bank indicated that the financial institution will now accept eNotes in order to fund its warehouse lending transactions.
According to the Troy, Michigan-based company, once the eWarehouse line is requested and approved, an eNote is instantly delivered to Flagstar’s eVault and registered with MERS.
From:: Financing