Tag: finance

Residential endorsements jumped to the highest level in seven months at the Federal Housing Administration, while commercial real estate activity was the highest in at least four years. Delinquency worsened, however.

FHA insurance was in force on 8,571,759 residential loans for $1.2995 trillion as of Aug. 31, growing from from 8,563,549 loans for $1.2946 trillion a month earlier and 8,460,309 loans for $1.2497 trillion a year earlier.

Most recently, the book of business was comprised of $1.1553 trillion in single-family loans, $0.1433 trillion in home-equity conversion mortgages and $0.9880 trillion in Title I loans.

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From:: Financing

Ocwen Financial Corp. reported growth in mortgage assets and improvement in delinquency. Servicing, however, declined, while losses continued, and originations were mixed.

From July 1 until Sept. 30 of this year, the West Palm Beach, Florida-based firm suffered a pre-tax loss of $27 million, according to its third-quarter earnings report.

Earnings swung from a $2 million profit in the same-three months during 2016. But losses at Ocwen subsided compared to $42 million in the prior three-month period.

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From:: Financing

The number of people working in the mortgage business moved down on a quarterly basis. Hiring activity has significantly slowed, and the contraction is likely to continue.

An estimated 655,600 people were employed in the mortgage industry as of June 30, 2017. The estimate was based on a Mortgage Daily analysis of Bureau of Labor Statistics data and origination market share.

Included in the estimated total were 250,300 mortgage jobs at banks, 64,000 home-lending jobs at credit unions and 341,300 non-bank mortgage jobs reported by the BLS.

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From:: Financing

There were fewer consumers last month who resorted to the U.S. Bankruptcy Courts for relief from their creditors. Alabama had the highest rate of bankruptcy.

U.S. consumers and businesses collectively filed 64,579 new bankruptcy cases during October. Filings worsened from 60,024 a month earlier.

There was also deterioration on a year-over-year basis, with the total number of bankruptcy cases filed ascending from 63,082 a year earlier.>

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From:: Financing

Fewer prospective borrowers locked in rates on mortgages this past week, with locks for loans insured by the Federal Housing Administration slower than any week since early January. But cashout refinance share was widest in at least five years.

At 145, the U.S. Mortgage Market Index from Mortgage Daily, for the seven days ended Nov. 3 declined 5 percent from the prior report. No seasonal adjustments were made.

Compared to the same seven-day period last year, the index, which serves as a gauge for upcoming single-family loan originations, has diminished by one-tenth.

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From:: Financing

Earnings and mortgage originations at PennyMac Financial Services Inc. saw quarter-over-quarter gains and year-over-year losses. A wholesale channel is about to open.

Pre-tax income at the Westlake Village, California-based mortgage banking firm came to $94 million, according to its third-quarter earnings report.

Earnings retreated from $139 million in the same three-month period last year. But income improved from $58 million during the second quarter of this year.

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From:: Financing

The employment report for last month was a stark improvement from the dismal report for September as unemployment fell to its lowest level since 2000. Mortgage staffing was reduced, though.

U.S. employers added 261,000 nonfarm payroll positions during October, according to Friday’s employment report from the Bureau of Labor Statistics.

Job growth skyrocketed from just 18,000 during the preceding month when hurricanes disrupted the market. September’s figures were revised up from the 33,000 loss originally reported.

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From:: Financing

The book of business expanded at Genworth Mortgage Insurance Corp. In addition, new insurance written was up from three months earlier.

Parent Genworth Financial Inc. said in its third-quarter 2017 earnings report that it earned $286 million from continuing operations before income taxes.

Earnings swung from a $125 million loss during the same three months last year. But income deteriorated from $401 million in the prior three-month period.

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From:: Financing

A pair of indices utilized to determine rate changes on some adjustable-rate mortgages both moved higher from a week earlier. Fixed mortgage rates, meanwhile, stayed put.

At 3.94 percent, average fixed rates on 30-year mortgages were no different than one week earlier, according to Freddie Mac’s Primary Mortgage Market Survey for the week ended Nov. 2.

But interest rates on residential loans have worsened significantly from the same-seven days a year ago, when Freddie reported average long-term rates at just 3.54 percent.

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From:: Financing

A sequential acceleration in home-lending activity at Nationstar Mortgage Holdings Inc. is likely to repeat as the company trimmed refinance share. Delinquency dropped.

In the three months ended Sept. 30, income before income tax expense at Nationstar was $12 million, according to its earnings data for the third quarter.

Income at the Dallas-based organization sank from the same-three months in 2016, when it earned $71 million. But returns swung from a $29 million second-quarter 2017 loss.

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From:: Financing