Tag: finance

With a bank acquisition that it completed last year, KeyCorp has plans to significantly boost the volume of its single-family loan originations.

In 2006, Cleveland- based KeyCorp acquired First Niagara Finance Group. Included in the sale was a mortgage operations hub in the Buffalo, New York area.

At a recent investor presentation, a KeyBank executive noted that the company could double its mortgage production by closing just one $250,000 mortgage a month in each of its 1,200 branches.

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From:: Financing

Refinances of loans backed or owned by the government-sponsored enterprises climbed to a six-month high as Making Home Affordable refinance volume fell to an all-time low.

Primary mortgage originators refinanced 128,738 single-family GSE loans during September, according to an analysis of data reported by the Federal Housing Finance Agency.

Refinance production accelerated from 124,997 previously reported for the preceding month and was greater than any month since March, when 143,455 mortgages were refinanced.

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From:: Financing

For the second month in a row, confidence among American home builders was stronger — rising to the second-highest level in more than a decade. The Northeast drove the improvement.

At 70 for November, the seasonally adjusted Housing Market Index was the highest it’s been since March, when it was determined to be 71, and the second-highest level since July 2005.

An index that exceeds 50 is an indication that there are more U.S. home builders who view conditions in the new home market than those who view them as poor.

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From:: Financing

Home loans closed last month had lower credit scores, higher loan-to-value ratios and higher debt-to-income ratios than a year earlier. While turn times have improved over that same period, closing rates have not.

Two-thirds of all single-family loans that were originated during October were conventional loans. The share thinned from a 68 percent share one year prior.

At one-fifth, here was no change from a year earlier in the share of U.S. mortgage production that was insured by the Federal Housing Administration.

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From:: Financing

Amid speculation about gubernatorial aspirations, the director of the Consumer Financial Protection Bureau has revealed plans to leave the regulator.

Before becoming the first director of the bureau during the Obama administration in 2012, Richard A. Cordray was director of enforcement, where he began his CFPB career in June 2011.

Prior to joining the federal payroll, Cordray was on the Ohio state payroll as attorney general, a position he held started in 2009 and left in 2011 after losing his bid for re-election.

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From:: Financing

The latest gauge of residential loan production indicates strong quarterly activity. Mortgages outstanding continued to grow as delinquency has moved lower.

As of the third quarter of this year, there were approximately 52.7 million mortgages outstanding with an average unpaid principal balance of $199,417.

That put total outstanding mortgages at around $10.5093 trillion, expanding from roughly 52.3 million loans for $10.1195 trillion as of a year earlier.

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From:: Financing

A refinance burst bumped up weekly mortgage applications, while a healthy year-over-year ascension has been recorded for purchase financing applications.

Based on the Market Composite Index, new mortgage applications completed during the week ended Nov. 10 were up a seasonally adjusted 3.1 percent from the preceding week.

The week-over-week escalation was just 2 percent when no seasonal adjustments are made to the index — a measure of retail residential loan application volume.

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From:: Financing

hallenges to mortgage lenders and servicers’ right to foreclose based on the expiration of the statute of limitations are rapidly increasing in the Pacific Northwest and Southwest regions.

Consumer attorneys are now representing borrowers in a winner-take-all bid to avoid repayment of their home loan and simultaneously prevent servicers from ever foreclosing and recovering the principal owed.

However, two strategies for defeating these claims are now gaining acceptance: waiver of acceleration and tolling due to bankruptcy.

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From:: Financing

As quarterly loan originations moved higher at the nation’s home lenders, the balance of outstanding mortgages was up and delinquency was down. Home-secured credit lines outstanding contracted.

The aggregate unpaid principal balance of all U.S. single-family mortgages that were outstanding as of Sept. 30, 2017, and reported on consumer credit reports was $8.74 trillion.

That represented an expansion in the nation’s book of business compared to the midpoint of this year, when there were a previously reported $8.69 trillion in residential loans outstanding.

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From:: Financing

Monthly home loan performance remained strong, with the rates of serious mortgage delinquency and foreclosure at their lowest levels in a decade.

Delinquency of at least 30 days on U.S. single-family loans finished August at 4.6 percent. That was the same rate reported as of the preceding month.

But there has been an improvement in residential loan performance compared to the same month last year, when the rate landed at 5.2 percent.

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From:: Financing