Foreclosures | Mortgages | Financing
Estimated 2016 originations of loan utilized to finance a home purchase were raised in the latest economic outlook. But the increase came at the expense of estimated refinance production.
Mortgage loan production by all U.S. lenders is expected to reach $413 billion during the concluding three months of this year.
Included in the fourth-quarter projection is an estimated $132 billion in refinance transactions and $281 billion in purchase-money lending.
From:: Financing
Amid ongoing losses, a deal reached with its creditors has Walter Investment Management Corp. filing a pre-packaged bankruptcy.
Walter previously reported a $93 million second-quarter loss and disclosed amended financial reports for last year.
At the time, the Fort Washington, Pennsylvania-based organization warned about its ability to continue as a going concern because of continued losses.
From:: Financing
Servicing is for sale on nearly $2 billion in residential loans that are included in Ginnie Mae mortgage-backed securities. A majority of the loans are in three states.
The bulk offering is for mortgage servicing rights on 188,284 Ginnie Mae mortgages that had an aggregate unpaid principal balance of $1.821 billion as of Sept. 30.
Properties with a Pennsylvania address secure more than 22 percent of the loans in the pool. Nearly 18 percent are in New Jersey, and almost 12 percent are in California.
From:: Financing
Among the 10-biggest mortgage originators, two companies ascended one notch. Credit unions grabbed market share from banks. Among servicers, one firm was bumped off the top-10 list.
From April 1, 2017, through mid-year 2017, an estimated $467 billion in U.S. single-family assets were originated based on data collected by Mortgage Daily.
Production from financial institutions and non-bank mortgage originators ascended from the preceding quarter, when the total was an upwardly revised $386 billion.
From:: Financing
The first increase in existing home sales during the last four months was led by sales in the West. Hurricanes likely restrained activity in the South.
Sales of pre-owned single-family houses, townhomes, condominiums and co-operatives during September were determined to be a preliminary 465,000 units.
Last month’s existing home sales brought the total for all nine months that have elapsed so far this year to 4.204 million residential units.
From:: Financing
rospective mortgage origination activity ascended from the holiday week, with adjustable-rate mortgages seeing the strongest gain. Lending activity for veterans climbed to the highest level in over four months.
During the seven days that concluded on Oct. 20, the U.S. Mortgage Market Index from Mortgage Daily, which is determined based on rate-lock volume at OpenClose, was 149.
Compared to the previous seven-day period that included Columbus Day, the index jumped 16 percent. The index, a barometer of prospective loan closings, is not adjusted for seasonal factors.
From:: Financing
rospective mortgage origination activity ascended from the holiday week, with adjustable-rate mortgages seeing the strongest gain. Lending activity for veterans climbed to the highest level in over four months.
During the seven days that concluded on Oct. 20, the U.S. Mortgage Market Index from Mortgage Daily, which is determined based on rate-lock volume at OpenClose, was 149.
Compared to the previous seven-day period that included Columbus Day, the index jumped 16 percent. The index, a barometer of prospective loan closings, is not adjusted for seasonal factors.
From:: Financing
Home lending and mortgage earnings weakened from a year ago at SunTrust Banks Inc., though earnings improved on a quarter-over-quarter basis. Delinquency deteriorated.
From July 1, 2017, through Sept. 30, income before the provision for income taxes was $765 million, according to SunTrust’s third-quarter earnings report.
Income at the Atlanta-based bank-holding company improved from $691 million a year prior and was also up from $752 billion in the prior quarter.
From:: Financing
Well over a hundred mortgage jobs are being eliminated by Stearns Lending LLC. The impacted employees are located in the Golden State.
Data provided last year by the Santa Ana, California-based mortgage banking firm indicated national staffing exceeded 2,000 people.
Headcount had more than doubled from five years earlier, when Stearns Lending employed fewer than a thousand people.
From:: Financing
After ascending to the highest level on record in 2015, apartment lending activity again established a new record last year.
The origination of new loans to finance residential properties that have at least five units amounted to $269.2 billion during all of 2016.
Last year’s originations turned out to be the biggest single year for multifamily mortgage production ever.
From:: Financing