Foreclosures | Mortgages | Financing
Heading into Labor Day, new home-lending business turned mildly lower. That wasn’t the case, however, for adjustable-rate mortgage activity.
In the seven-day period that concluded on Friday, the U.S. Mortgage Market Index from Mortgage Daily, — a barometer of upcoming originations — was 154.
Compared to one week earlier, the index — which is based on rate-lock volume at OpenClose — retreated 4 percent. No seasonal adjustments are made to the index.
From:: Financing
Temporary requirements previously issued for condominium projects to be approved by the Federal Housing Administration have been extended.
In November 2015, the Department of Housing and Urban Development issued Mortgagee Letter 2015-27 that provided temporary new guidelines for project approval.
Among the changes were easier recertification requirements, expanded eligibility for acceptable owner-occupied units and expanded eligible condominium project insurance coverages.
From:: Financing
Monthly job growth within all U.S. industries weakened as unemployment worsened. After rising four straight month, non-bank mortgage employment retreated.
At 146.730 million, the U.S. nonfarm labor force increased by 156,000 jobs in August, the Bureau of Labor Statistics reported on Friday.
Job growth slowed compared to the previous month, when nonfarm payroll employment expanded by a downwardly revised 189,000 positions.
From:: Financing
Past due payments on securitized commercial real estate loans turned lower as the wall of maturities subsided. The improvement was led by industrial loans.
The rate of 30-day delinquency on loans that are contained in commercial mortgage-backed securities wound up at 3.04 percent as of the end of July.
That was a 15-basis-point improvement over the previous month. Compared to the same month last year, CMBS delinquency has fallen 8 BPS.
From:: Financing
Again, serious delinquency at the Federal National Mortgage Association has fallen to the lowest level in the past decade. New business maintained.
The Washington-based secondary lender’s book of business ended July at $3.1782 trillion, according to its monthly summary.
Growth was recorded versus a month earlier, when the balance was $3.1754 trillion, and a year earlier, when it stood at $3.1032 trillion.
From:: Financing
Senior executives of the Federal Home Loan Bank of Dallas have been indicted for using funds from the organization to pay for personal expenses.
An announcement Thursday from the Department of Justice indicated that Terence C. Smith, Michael J. Sims and Nancy B. Parker have all been indicted.
Smith, 51, was the president and chief executive officer of FHLB Dallas from 2000 through September 2013, while Sims, 51, was the chief financial officer from 2005 through May 2014.
From:: Financing
Interest rates on single-family loans this past week fell to the lowest level since last year, and the next report could see a similar decline.
On loans that are utilized to finance a home purchase, 30-year fixed rates on conforming conventional mortgages averaged 4.14 percent in July.
That turned out to be slightly less than during the preceding month, when average long-term mortgage rates came in at 4.15 percent.
From:: Financing
While there was no month-over-month increase in the risk of fraud on new applications, risk is up from a year ago. Rising rates could drive risk higher.
The national Loan Applications Defect Index was determined to be 84 during July, no different than it was in the preceding month.
The index is an estimate of the frequency of defects, fraudulence and misrepresentation in the information presented on home-loan applications.
From:: Financing
A federal lawsuit filed against Wells Fargo & Co. alleges that the company did nothing when a mortgage processor reported sexual harassment by her boss.
The complaint was filed against the San Fransisco-based financial institution on Tuesday in U.S. District Court for the Western District of North Carolina.
According to the suit, when the employee reported the harassment to her boss’ supervisor, she was told to ignore the inappropriate comments.
From:: Financing
Wells Fargo & Co. has disclosed that the number of new accounts fraudulently created by bank employees is substantially higher than originally reported.
Last September, the San Francisco-based bank-holding company revealed that 2.1 million bank accounts had been created without the customers’ permission.
The scandal resulted in the termination of more than 5,000 employees, the ouster of its chief executive officer and the resignation of the three directors — including the chairman of the board.
From:: Financing