Foreclosures | Mortgages | Financing
Although the annual volume of loans to finance a home purchase are forecasted to grow, a drop in projected refinances will drag down overall activity.
During the three months ended Sept. 30, single-family loan originations, including refinances and purchase financing, are expected to come to $500 billion.
National mortgage production from all U.S. home lenders is then projected to fall to $413 billion during the final-three months of this year.
From:: Financing
Proposed changes to the Equal Credit Opportunity Act that are intended to provide greater clarity for home lenders have been finalized.
Back in March, the Consumer Financial Protection Bureau proposed amendments to ECOA regulations that would provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and race information.
Under the proposal, lenders would maintain the same practices regardless of their loan volume or other characteristics — enabling more lenders to adopt forms like the Uniform Residential Loan Application that include expanded requests for information regarding a consumer’s ethnicity and race.
From:: Financing
A federally insured credit union that originated nearly $13 billion in home loans last year was defrauded by a real estate investor on home-equity loans.
Thomas Scott Brown was in the business of investing in residential properties back in 2006 and 2007. He would then sell them to other individuals.
Brown, himself, would lend the money to finance the home purchases to the buyers. But his loans didn’t show up as a lien against the properties.
From:: Financing
It’s been a year since the annual rate of existing home sales was as low as it was last month. Hurricane-affected areas are expected to weaken next year.
The sale of 535,000 existing U.S. single-family homes, townhomes, condominiums and co-operatives was completed during August 2017.
That brought the number of pre-owned residential property sales from Jan. 1 through the end of August of this year to 3.739 million transactions.
From:: Financing
As the Government National Mortgage Association’s book of business continued to grow, a month-over-month increase in issuance was recorded.
As of Aug. 31, 2017, there were $1.8706 trillion in Ginnie Mae mortgage-backed securities outstanding, according to monthly operational data.
The Washington-based organization’s book of business expanded from $1.8570 trillion a month earlier and $1.7130 trillion as of the same date last year.
From:: Financing
A growing share of purchase-money and wholesale lending has helped to push up the risk of mortgage fraud. Also contributing were jumbo refinances.
There was some indication of mortgage fraud on an estimated 13,404 applications for single-family loans during the second quarter of this year.
That worked out to 0.82 percent of all residential loan applications that were submitted during the three-month period.
From:: Financing
Permits to build apartment units drove up overall housing permits last month. But completed construction was pulled down by single-family activity.
In places that issue permits, there were a preliminary 122,600 new privately owned housing units that were authorized during the month of August.
That was more than the upwardly revised 101,000 permits issued the prior month and the upwardly revised 111,600 permits issued a year prior.
From:: Financing
Serious delinquency on first mortgages deteriorated last month, and the recent spate of natural disasters could make things worse. The Big Apple experienced a surge in consumer delinquency.
A measure of consumer credit delinquency, the Composite Consumer Credit Default Index, indicated that 90-day delinquency was 0.86 percent in August.
The index — which reflects performance on automobile loans, bank cards and first and second mortgages — worsened from the preceding month, when the rate was 0.83 percent.
From:: Financing
For default mortgage servicers, loans insured by the Federal Housing Administration offer the best potential for portfolio growth during the next couple years, according to a recent survey.
Although the Department of Housing and Urban Development reports FHA-insured loans accounted for just 17 percent of last year’s originations, they make up 35 percent of all loans past due at least 30 days.
So as FHA endorsement volume increases, the potential for an increase in the amount of default assets will also expand.
From:: Financing
For default mortgage servicers, loans insured by the Federal Housing Administration offer the best potential for portfolio growth during the next couple years, according to a recent survey.
Although the Department of Housing and Urban Development reports FHA-insured loans accounted for just 17 percent of last year’s originations, they make up 35 percent of all loans past due at least 30 days.
So as FHA endorsement volume increases, the potential for an increase in the amount of default assets will also expand.
From:: Financing