Tag: finance

New business was up for the second consecutive month at Fannie Mae, though just slightly. Residential loan delinquency turned up 2 basis points from a nearly decade low.

The secondary mortgage lender reported in its September 2017 monthly summary report that it maintained a $3.1955 trillion total book of business as of Sept. 30.

Fannie’s managed portfolio continued to expand from August, when the balance was $3.1883 trillion. On the same date last year, the total book of business stood at $3.1233 trillion.

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From:: Financing

National home prices continued to make gains, but the pace of appreciation is likely to moderate. While the biggest gains had been concentrated in the Northwest, other high-growth areas are emerging.

The Case-Shiller 20-City Composite Home Price Index, a measure of U.S. home prices based on a value-weighted average in 20 metropolitan areas, was 202.87 as of August.

Compared to one month earlier, the index moved up by 0.4 percent, while it has ascended 5.9 percent versus the same month a year earlier.

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From:: Financing

Servicers of securitized commercial real estate loans issued just prior to the financial crisis have weathered the storm of defaults on maturing loans, as hotel loans led a plunge in delinquency.

The rate of 30-day late payments on loans that are part of commercial mortgage-backed securities concluded this month at 5.21 percent, sinking 19 basis points from the end of September.

CMBS delinquency become more favorable each month since it was 5.75 percent in June 2017. In addition, October 2017’s drop was the second-biggest improvement in 19 months.

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From:: Financing

More housing units were financed by the Federal Home Loan Mortgage Corp. during the latest quarter. Earnings rose on a legal settlement.

During the three months that ended on Sept. 30, pre-tax income was $7.2 billion, according to Freddie Mac’s third-quarter earnings report.

Income at the McLean, Virginia-based secondary lender ascended from the same quarter last year, when $3.3 billion was earned.

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From:: Financing

As interest rates continue to drift higher, an acceleration of layoffs in real estate finance is taking place. Two companies are closing their mortgage divisions.

New York Community Bancorp laid off 210 mortgage employees, according to a filing made with the Ohio Department of Job & Family Services

The filing was made as required by the Worker Adjustment and Retraining Notification Act, which is required when at least 50 employees are impacted.

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From:: Financing

Home-lending volume at Movement Mortgage LLC held up from the prior quarter and a year prior. The company’s payroll continued modest growth.

The Indian Land, South Carolina-based organization serviced 4,171 residential loans with a collective unpaid principal balance of $0.413 billion as of Sept. 30.

Movement, which reported the data as part of the Mortgage Daily Third Quarter 2017 Mortgage Origination Survey, said $0.412 billion was third-party servicing.

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From:: Financing

For the third month in a row, the rate of late payments on loans included in commercial mortgage-backed securities improved. Office loans led the decline.

Delinquency of at least 30 days on securitized commercial real estate loans worked out to 2.94 percent as of Sept. 30 of this year.

That turned out to be an 8-basis-point improvement compared to the prior month and the lowest rate since it was 2.90 percent a year prior.

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From:: Financing

A warning has been issued about an email phishing scam that is targeting registrants in the Nationwide Mortgage Licensing System.

An NMLS advisory indicates that fraudulent emails which appear to be from NMLS could be an attempt to obtain personal information.

Among the personal information potentially sought from the fake emails are social security numbers, account numbers and passwords.

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From:: Financing

Changes being made by Radian Guaranty Inc. will make it easier to qualify for jumbo mortgages, loans for medical professionals and transactions with alternative downpayment sources.

For manually underwritten loan applications on borrowers who aren’t using their own savings for the downpayment, the minimum FICO score is being cut to 680.

The new minimum applies when applicants are using personal gifts and gifts of equity as well as grants from employers, non-profit organizations and non-profit credit unions.

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From:: Financing

New mortgage activity strengthened over the past week, with a widening share of prospective borrowers opting for adjustable rates. But overall business dipped from a year ago.

An indication of upcoming loan originations, the U.S. Mortgage Market Index from Mortgage Daily, landed at 153 during the seven-day period that concluded on Oct. 27.

The index, which is calculated based on per-user rate-lock volume by OpenClose clients, rose 3 percent from the preceding week. No seasonal adjustments were made.

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From:: Financing