Tag: finance

Last month, interest rates on single-family loans fell to their lowest level since last year. In addition, there was a nice week-over-week improvement in long-term rates.

Thirty-year note rates averaged 4.21 percent on residential loans that were closed in September. That was the lowest average since it was 4.05 percent in December 2016.

Mortgage rates averaged 4.27 percent in August 2017. But 30-year note rates were worse than in September of last year, when the average was just 3.75 percent.

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From:: Financing

A new wholesale mortgage lender is opening for business in a handful of states with plans to quickly expand to several more. Staffing is dominated by millennials.

Princeton Mortgage Corp. says it is a full-service mortgage banking firm. The Pennington, New Jersey-based company was founded in 1983.

On Thursday, a news release indicated that the the lender is opening a new wholesale division. The unit is expected to start doing business this month.

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From:: Financing

Quarterly mortgage earnings and originations significantly deteriorated from a year earlier at BB&T Corp., while mortgage delinquency worsened from the previous period.

In its earnings report for the third quarter, the Winston-Salem, North Carolina-based bank-holding company disclosed $942 million in income before income taxes.

Earnings improved from $915 million during the same three-month period last year. But income was modestly off from the preceding quarter, when $978 million was earned.

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From:: Financing

One-month delinquency on mortgages soared nearly a half-percentage point last month driven by deterioration in states impacted by the recent hurricanes.

Single-family loans that were either delinquent at least 30 days or in the foreclosure inventory numbered 2.603 million as of Sept. 30.

The non-current count was comprised of 2.245 million loans past due 30 days but not in foreclosure and 0.358 million loans in the foreclosure inventory.

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From:: Financing

Although there was a month-over-month improvement in the pace of single-family housing permits and completions, apartment activity declined.

Permits were authorized on a preliminary 100,500 privately owned U.S. housing units during September in places that issue permits.

Last month’s permit activity brought to 953,300 the number of housing permits that were issued from Jan. 1, 2017, through the end of last month.

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From:: Financing

While quarterly mortgage earnings and originations held up from the prior period at U.S. Bancorp, both retreated from a year ago. Residential holdings expanded, though.

From July 1 through Sept. 30 of this year, the financial institution earned $2.2 billion before taxes, according to its third-quarter earnings report.

Company-wide income at the Minneapolis-based organization was little changed compared to $2.1 billion in the previous quarter and the same quarter last year.

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From:: Financing

Prospective borrowers were busier during the holiday week completing applications for a new mortgage. Both refinancing and purchase financing activity accelerated.

The Market Composite Index for the seven days that concluded on Oct. 13 moved up 4 percent from the preceding week. The index was adjusted for Columbus Day.

However, when no adjustments are made for seasonality, the index — a representation of retail residential loan applications — tumbled 7 percent from the week ended Oct. 6.

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From:: Financing

In an effort to help the recovery of areas impacted by the recent hurricanes, federal banking regulators have temporarily waived the requirement for an appraisal.

Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 requires federally regulated financial institutions to use state certified or licensed appraisers to perform appraisals on loans.

But Section 2 of the Depository Institutions Disaster Relief Act of 1992 authorizes regulators to make exceptions to statutory and regulatory appraisal requirements of Title XI for areas that the president declares a major disaster.

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From:: Financing

The volume of government-sponsored enterprise loans that were refinanced ascended to the highest level in five months — though government supported refinances remain weak.

Refinances of loans backed or owned by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. totaled 124,997 units during August.

The last time that GSE refinances were this strong was in March, when primary mortgage originators refinanced 143,455 single-family loans.

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From:: Financing

The latest forecast for overall residential loan production this year and next year has been beefed up by nearly $250 billion. But last year’s estimate of purchase financing was cut.

During the fourth quarter, $427 billion in single-family loans are expected to be originated by U.S. home lenders. The total includes loans to finance a home purchase and refinances.

Business is then expected to tumble to $359 billion in the first-three months of next year then rise to $476 billion during the second-quarter 2018.

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From:: Financing