Foreclosures | Mortgages | Financing
Two organizations were the winning bidders on a government-sponsored enterprise offering of over $100 million in non-performing mortgages.
Approximately 690 residential loans with an aggregate unpaid principal balance of $124 million have been sold through a bidding process.
One of two pools in the offering includes loans backed by New York City properties. The collective balance of those loans is $14 million.
From:: Financing
A solid week-over-week gain in the volume of applications for purchase financing was just enough to offset a sharp drop in refinance applications. Government share widened.
The home-lending industry’s barometer of mortgage application activity, the seasonally adjusted Market Composite Index, crept up less than a percent in the week ended Nov. 17 from a week prior.
However, when seasonal factors aren’t considered, the volume of retail residential loan applications declined 2 percent compared to the week ended Nov. 10.
From:: Financing
A burst of activity in the Northeast was out front of a month-over-month escalation in existing home sales. Still, there was a year-over-year decline.
Existing home sales — including single-family homes, townhomes, condominiums and co-operatives — came to 458,000 units during October.
With the latest activity, U.S. pre-owned residential property sales amounted to 4.659 million units during the 10 months that concluded on Oct. 31.
From:: Financing
The foreclosure inventory fell to a more than decade low. Improvement in the foreclosure rate was more than offset by hurricane-related deterioration in the 30-day rate.
On Oct. 31, the number of single-family loans that were either at least 30 days past due or in the foreclosure pre-sale inventory came to 2.610 million.
The non-current count included 2.262 million loans that were delinquent 30 days but not in foreclosure, and 0.348 million mortgages in the pre-sale foreclosure inventory — “falling below 350,000 for the first time since 2006.”
From:: Financing
A redesigned mortgage application first unveiled last year by the government-sponsored enterprises has received a safe-harbor blessing from the Consumer Financial Protection Bureau.
In August 2016, Fannie Mae and Freddie Mac revealed a redesigned Uniform Residential Loan Application. It was the first time in more than two decades that the form was redesigned.
On Friday, Fannie and Freddie, under the conservatorship of the Federal Housing Finance Agency, issued an update to the application that included an additional question about an applicant’s language preference.
From:: Financing
Within the real estate finance industry, some companies have earned the distinction of being the best employers among other similarly sized firms in their cities based on worker surveys. Others were recognized on a national basis.
Among the surveys was one conducted by the Chicago Tribune, which ranked Guaranteed Rate among the 10 top large employer workplaces in the Chicago area, a Nov. 10 statement said. It was the lender’s second year in a row on the top-10 ranking and seventh time on the list.
Guaranteed Rate, which maintains its headquarters in Chicago, reportedly provides a nurse practitioner and an in-house cafe on site for its 3,400 employees. It also provides a fitness center with yoga classes and complimentary massages.
From:: Financing
Home purchase financing activity tumbled during the week that included Veterans Day, dragging down overall business. But cashout refinance activity was the strongest it’s been in over four years.
The U.S. Mortgage Market Index from Mortgage Daily, a reflection of average per-user rate-lock volume at OpenClose, was 150 in the week ended Nov. 17.
Compared to the prior seven-day period, the index, an indication of upcoming originations that is not adjusted for seasonal factors, moved down nearly 8 percent.
From:: Financing
A month-over-month rise in permit activity and a burst in completed construction was driven by increased apartment activity. Home builders broke ground on more homes.
U.S. housing units authorized by permit-issuing places came to 112,100 units in October, bringing year-to-date volume to 1,067,200 through the end of last month.
The Census Bureau and the Department of Housing and Urban Development jointly released the new construction report Friday.
From:: Financing
Wells Fargo & Co. has fired its head of consumer lending over communication he had with a former employee. The interaction didn’t involve recent scandals at the bank.
Franklin Codel was named head of Wells Fargo Home Lending in August 2015. A little more than a year later, he took over all of consumer lending as senior executive vice president.
Codel first came on board at Wells Fargo in 2004. In addition, he previously spent eight years at predecessor Norwest Mortgage.
From:: Financing
The quarterly non-current mortgage rate surged 58 basis points, with government-insured performance taking the biggest beating. Much of the blame was ascribed to the effects from the recent hurricanes.
Single-family loans that were at least 30 days late or in the foreclosure inventory accounted for 6.11 percent of all outstanding mortgages as of Sept. 30.
That was worse than as of mid-2017, when the non-current rate was 5.53 percent. The rate also deteriorated from the same date last year, when it landed at 6.07 percent.
From:: Financing