Tag: finance

A number of offerings from various mortgage service providers have recently been integrated into multiple product-and-pricing engines. One lender is making its proprietary PPE available directly to consumers.

Garden State Home Loans Inc. has made its internal pricing engine available to prospective borrowers, an Aug. 17 announcement indicated.

Users of the Cherry Hill, New Jersey-based company’s PPE can confidentially shop Garden State’s mortgage rates without having to worry about phone calls and emails as a result of their inquiries.

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From:: Financing

Rate changes being made by Radian Guaranty Inc. will improve mortgage insurance premiums for higher loan amounts, refinances and borrowers with high credit scores.

The Philadelphia-based company is expanding the number of credit-score categories for borrower-paid single rates from four FICO buckets to eight buckets.

The lowest FICO bucket is for credit scores that range from 620 to 639, while the highest FICO bucket is for scores of at least 760.

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From:: Financing

The nation’s primary regulator of national banks has clarified lending practices for financial institutions that make residential loans with high loan-to-value ratios in struggling areas.

In some distressed communities, there is concern that depressed housing values are inhibiting mortgage lending and limiting the speed of recovery.

But banks are in a position to support revitalization in communities targeted by governmental entities by offering high-LTV products on owner-occupied single-family properties.

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From:: Financing

Reports of mortgage production continue to roll in — with some home lenders achieving new milestones, ranking at the top of their local markets or giving up on the business.

During the 12 months ended June 30, there were 1.5 million purchase-money mortgages closed where the borrower made a less than 10 percent down payment.

The share of low-down-payment loans was the highest in seven years. The widening of the share followed four consecutive years of diminishing high-loan-to-value share.

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From:: Financing

In addition to achieving record loan production, Guild Mortgage Co. boosted the balance of its residential loan servicing portfolio and expanded the size of its payroll.

By the time the midpoint of this year arrived, the San Diego-based company serviced 172,615 single-family loans with an aggregate unpaid principal balance of $34.126 billion.

Those details, as well as other operational metrics, were provided by Guild as part of the Mortgage Daily Second Quarter 2017 Mortgage Origination Survey.

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From:: Financing

Just one month after surging, the rate of past-due payments on securitized commercial real estate loans improved. Apartment loans are performing best.

On loans that are included in commercial mortgage-backed securities, delinquency of at least 60 days concluded July at 6.72 percent.

That was an improvement from the preceding month, when CMBS conduit loan delinquency ended the period at 7.07 percent.

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From:: Financing

Like its secondary cousin, the Federal National Mortgage Association will begin allowing some home-purchase financing loans without appraisals.

On Friday, rival Freddie Mac revealed that its new automated collateral evaluation tool will enable some loans to be made made without a full appraisal.

The move by Freddie followed a decision back in June by the McLean, Virginia-based company to allow ACE to replace appraisals on some refinances.

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From:: Financing

For the third week in a row, an increase in cashout-driven refinance activity has been more than offset by deterioration in the volume of purchase financing activity.

An indicator of upcoming single-family originations, the U.S. Mortgage Market Index from Mortgage Daily, was 147 in the week ended Aug. 18.

The index, which is based on average per-user rate locks at OpenClose, dipped less than a percent from a week earlier. No seasonal adjustments are made to the index.

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From:: Financing

Mortgage lead providers, which have become more prominent as easy refinance business has diminished, have recently launched new offerings and enhanced existing products.

An upgrade to the do-it-yourself AstoriaLeads.com mortgage lead platform is expected to help loan originators more quickly get in contact with customers, Astoria Co. recently announced.

Real-time leads can be filtered by loan-to-value ratios, property type and location, Astoria said. Buyers can also choose between shared leads and exclusive leads.

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From:: Financing

President Donald J. Trump recently paid off the mortgage on a Florida home he owns. But why would a billionaire take out a mortgage in the first place.

Trump recently decided to pay off a $1.2 million loan secured by a residential property in Palm Beach that was originally provided by Merrill Lynch Credit Corp.

While Trump was in a tough financial position when he took out the loan in 1994, he kept it open even after his finances were in better shape.

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From:: Financing