Tag: finance

Securitizations on behalf of the Government National Mortgage Association turned lower last month, falling to the slowest volume in five months. The weak performance came off of a record year.

Government-owned Ginnie Mae finished October with $1.8941 trillion in outstanding mortgage-backed securities — including $1.7873 trillion in residential loans and $0.1069 trillion in multifamily pools.

Tucked away in the residential portion were $0.0524 trillion in jumbo MBS, $0.0551 trillion in home-equity conversion mortgage MBS and $0.0003 trillion in manufactured housing MBS.

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From:: Financing

A former loan originator for the U.S. Department of Agriculture is accused by the Department of Justice of accepting bribes to commit loan fraud.

The alleged scheme took place from May 2011 until June 2016, when Barbara Serna Salinas was a loan officer at the USDA’s Farm Service Agency in Uvalde, Texas.

According to U.S. Attorney’s Office for the Western District of Texas, Salinas issued multiple fraudulent loans in her official capacity totaling in excess of $150,000.

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From:: Financing

A unit of Credit Suisse has acquired more than $2 billion in government-sponsored enterprise single-family loans that are reperforming.

In all, the sale involves four pools amounting to 9,300 mortgages which have a collective unpaid principal balance of $2.11 billion.

Residential loans included in the sale were previously delinquent but are performing again because they were brought current with and without loan modifications.

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From:: Financing

Approval has been granted by the Federal Reserve Board of Governors for a St. Louis mortgage banking organization to acquire a local bank.

Paramount Mortgage Co. says it was founded in 1970. Today it does business in six states. It is reportedly approved by the Department of Housing and Urban Development, Fannie Mae and Freddie Mac.

On the NMLS system, the St. Louis-based organization is registered as Paramount Bond & Mortgage Co. Inc. and also operates as PMC Mortgage and PMC Mortgage Co.

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From:: Financing

Mortgage loan originators locked in more loans for veterans than they have during any week in at least 16 months. Government led a week-over-week gain in overall business.

An indication of upcoming single-family loan originations, the U.S. Mortgage Market Index from Mortgage Daily, was 162 during the seven-day period that ended on Nov. 10.

It was the single strongest week since the week ended for the index, which is determined based on average per-user rate volume by clients of OpenClose.

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From:: Financing

Single-family loan originations moved lower for the third consecutive quarter at Walter Investment Management Corp., and a further decline is likely. The company set a target date for bankruptcy.

Third-quarter earnings data from Walter reflected a $124 million loss, not quite as bad as the $158 million loss during the same-three months last year.

Losses did worsen, however, from the second-quarter 2017, when the Tampa, Florida-based mortgage banking firm had a loss of $93 million.

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From:: Financing

Quarterly securitizations of non-agency commercial real estate loans climbed to the highest level in three years, while year-to-date volume is well ahead of last year.

Issuance of private-label commercial mortgage-backed securities during the period that started on July 1, 2017, and concluded on Sept. 30 came to $26.8 billion.

In addition to exceeding the $21.2 billion in CMBS issuance during the second quarter, CRE loan securitization volume was the strongest it’s been since the third-quarter 2014.

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From:: Financing

In its tax reform proposal, the Senate is preserving the mortgage interest deduction at an amount that is double that proposed by the House. Much else must still be reconciled.

On Thursday, the tax reform plan unveiled by the Republican-dominated Senate eliminates deductions for state and local income taxes.

But their GOP counterparts in the House took a different tact with their previously released proposal, allowing up to $10,000 in such taxes to be deducted.

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From:: Financing

Interest rates on residential loans moved lower this past week in line with long-term bond yields. But indices on adjustable-rate mortgages moved higher.

Thirty-year fixed rates averaged 3.90 percent in Freddie Mac’s Primary Mortgage Market Survey for the week that finished on Nov. 9.

Long-term rates retreated 4 basis points compared the the prior report. But the 30 year remains 33 BPS higher than as of a year prior.

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From:: Financing

Multiple loan origination systems are ready for upcoming changes to Home Mortgage Disclosure Act reporting requirements. Meanwhile, an LOS has been designed for hard-money lenders.

The release of Encompass 17.4 announced on Oct. 16 by Ellie Mae Inc. provides users with updates for collection and reporting changes required under HMDA next year.

Other changes to Encompass include those for electronic enhancements and correspondent trade enhancements, according to Pleasanton, California-based Ellie, a Mortgage Daily advertiser.

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From:: Financing