CMBS, Hotels Lead Increase in CRE Lending

Quarterly commercial real estate loan production moved higher. Leading the improvement from a year earlier were securitized loans and hotels.

Third-quarter commercial mortgage originations, including multifamily loans, came in 8 percent higher than during the preceding three-month period.

The ascension was much more significant compared to the same three months last year, with escalation of 21 percent on a year-over-year basis.


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From:: Financing

Impac’s Lending, Servicing Rise as Earnings Plunge

Impac Mortgage Holdings Inc. expanded its servicing portfolio and had a quarter-over-quarter gain in originations. But earnings deteriorated.

In its third-quarter 2017 earnings report, the Irvine, California-based company disclosed net earnings before income taxes of $4 million.

Income plummeted from $16 million earned in the same-three months last year. It was also worse than $7 million during the preceding three-month period.


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From:: Financing

Mortgage Earnings, Originations Decline at Regions

Regions Financial Corp. reported that its mortgage originations declined, as mortgage earnings tumbled. The financial institution reduced the size of its servicing portfolio.

During the three months ended Sept. 30, Regions earned $451 million from continuing operations before income taxes, according to its third-quarter earnings report.

Income at the Birmingham, Alabama-based bank-holding company was down from $471 million a year earlier. But earnings were little changed from $450 million three months earlier.


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From:: Financing

PHH Losses Widen as Originations, Servicing Down

As losses worsened from a year earlier at the parent of PHH Mortgage, loan originations diminished, and the servicing portfolio was slashed. A further decline in production is likely.

In its third-quarter earnings report, parent PHH Corp. disclosed a $78 million loss before income taxes for the three months that concluded on Sept. 30.

Losses at the Mount Laurel, New Jersey-based firm worsened from $29 million in the same three months last year. But they subsided from $83 million during the prior three-month period.


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From:: Financing

Refis Offset Bump in Purchase Mortgage Apps

Mortgage originators completed more weekly applications for loans to finance a home purchase — with a nice year-over-year improvement. But refinances offset the week-over-week gain.

There was no change from the preceding week in the seasonally adjusted Market Composite Index for the seven days that concluded on Nov. 3.

But foregoing seasonal adjustments, the index, which is a measure of retail residential loan applications, slipped 1 percent from the week ended Oct. 27.


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From:: Financing

Lake Michigan CU Servicing Up, Home Lending Down

The size of Lake Michigan Credit Union’s single-family servicing portfolio increased even as originations subsided.Mortgage staffing was trimmed.

The Grand Rapids, Michigan-based financial institution serviced 60,224 residential loans with an aggregate unpaid principal balance of $9.526 billion as of Sept. 30.

That is according to data provided by Lake Michigan CU as part of the Mortgage Daily Third Quarter 2017 Mortgage Origination Survey.


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From:: Financing

Capital One Closing Mortgage Business

More than 900 employees in three states will be impacted from a decision by Capital One Financial Corp. to get out of the mortgage business.

The McLean, Virgina-based financial institution says it’s been too challenging for the company to stay competitive and profitable in home lending.

So Capital One is closing the business. The move impacts employees in Minnesota, New York and Texas — where most of the layoffs will take place.


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From:: Financing

Mortgage CFOs, CIOs and Presidents Appointed

Several recent C-Suite appointments within the mortgage industry were peppered with a host of mid-level manager hirings and promotions. Impacted departments include warehouse lending, information technology and sales.

Mike Roemer has been named chief compliance officer of Wells Fargo & Co., a statement last month said. He held the same position at is prior job with Barclays. Roemer starts his new job in January 2018.

Impac Mortgage Holdings Inc. disclosed last week that its president, William S. Ashmore, will be stepping down at the end of this year. He’s been with the Irvine, California-based company since 1995.


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From:: Financing

Job Gains Down in Q2 Mortgage Employment Index

After easing to the loosest level in nearly a decade, home lending credit conditions tightened last month. It was jumbo credit that led the constriction.

The Mortgage Credit Availability Index, a standardized quantitative index for mortgage credit, came in at 181.0 for the month of October.

That turned out to be a decline from 181.4 the preceding month — when the index ascended to the highest level for the index since at least 2008.


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From:: Financing

Home Lending Jumps at Navy FCU, Staffing Soars

In addition to growing its residential loan servicing portfolio, Navy Federal Credit Union lifted its mortgage production and expanded its mortgage headcount.

The financial institution reported a total mortgage servicing portfolio of 267,394 single-family loans with an aggregate unpaid principal balance of $56.521 billion as of Sept. 30.

Vienna, Virginia-based Navy provided the details, along with other operational metrics, as part of Mortgage Daily Third Quarter 2017 Mortgage Origination Survey.


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From:: Financing