Foreclosures | Mortgages | Financing
The forecast for mortgage refinances during the second half of this year has been increased, though it was at the expense of the second-quarter estimate.
Total single-family loan originations, including refinances and mortgages to finance a home purchase, are expected to reach $500 billion in the third quarter.
Industry-wide mortgage production is then expected to diminish — tumbling to $413 billion during the final-three months of this year.
From:: Financing
A modest week-over-week drop was reported for fixed rates on residential loans, and an even bigger decline is likely in the next report.
Thirty-year note rates on single-family loans averaged 4.25 percent during July. Mortgage rates dipped 2 basis points from the preceding month.
But last month’s mortgage rates were nowhere near as good as they were in the same month last year, when the average 30-year note rate was 3.87 percent.
From:: Financing
The latest real estate finance forecast has mortgage refinance production for this year and next year up by more than $40 billion from what was expected a month ago.
From July 1, 2017, through Sept. 30, residential loan originations, including refinances and loans to finance home purchase, are expected to reach $453 billion.
Activity is then forecasted to fall to $366 billion during the final-three months of this year and $312 billion in the first-three months of next year.
From:: Financing
Monthly refinances of government-sponsored enterprise mortgages increased, though the government-supported refinance program is barely active.
Data from the Federal Housing Finance Agency indicate that 121,871 Fannie Mae and Freddie Mac single-family loans were refinanced during June.
GSE refinance volume ticked up from the preceding month, when there were 116,882 Fannie and Freddie mortgages were refinanced by retail lenders.
From:: Financing
The government-funded refinance program for borrowers on government-sponsored enterprise mortgages with little equity has been extended despite fading activity.
Since the Home Affordable Refinance Program was launched in April 2009, nearly 3.5 million Fannie Mae and Freddie Mac loans have been refinanced through the program.
But more recently, HARP production fell below 3,300 transactions in May — the fewest on record based on the oldest available data maintained by Mortgage Daily back to January 2011.
From:: Financing
Three mortgage businesses were among the 500 most rapidly growing companies in America. A few more residential lenders were among the 5,000 fastest-growing firms.
The fastest growing private company in the country this year is the developer of mobile streaming video game technology, according to the Inc. 5000 for 2017.
Skillz has developed a platform that enables users to host streaming video game tournaments. It also enables users to interact directly with other fans during live sporting events.
From:: Financing
The Massachusetts Supreme Judicial Court held that its ruling in Pinti v. Emigrant Mortgage Co., 472 Mass. 226, 227, 232 (2015) “applies in any case where the issue was timely and fairly asserted in the trial court or on appeal before July 17, 2015.” Fed. Nat’l Mortg. Ass’n v. Marroquin, 477 Mass. 82, 83 (2017).
In Pinti, the court held that a foreclosure by the statutory power of sale is invalid if the notice of default sent to the borrowers does not strictly comply with paragraph 22 of the standard mortgage by, among other things, informing the borrower of the action required to cure the default and the right of the borrower to bring a court action to challenge the default or present a defense to acceleration and foreclosure. Marroquin, 477 Mass. at 82-83 (citing Pinti, 472 Mass. at 227, 232).
The court in Pinti expressly limited its holding by prospectively applying it “to mortgage foreclosure sales of properties that are the subject of a mortgage containing paragraph 22 or its equivalent and for which the notice of default required by paragraph 22 is sent after [July 17, 2015],” reasoning that retroactive application created a risk to third-party purchasers who could not confirm strict compliance from a title search. (Id. at 83) (quoting Pinti, 472 Mass. at 243 n.25). It did not address whether the holding applied to any case pending in the trial court or on appeal.
From:: Financing
Although the number of borrowers who applied to refinance their mortgages expanded, a week-over-week drop in applications to finance a home purchase offset the gain.
There was virtually no seasonally adjusted change from the preceding week in the volume of new retail applications for residential loans during the week ended Aug. 11.
That is according to the Market Composite Index, a measure of mortgage application volume. The index fell 1 percent from the previous report without any seasonal adjustments.
From:: Financing
Average mortgage balances have risen despite falling loan amounts on new originations. Home loan performance, meanwhile, is the best it’s been since the recession.
As of the second quarter of this year, the average U.S. mortgage borrower owed $198,045 on their single-family loan.
The nation’s consumers have increased their leverage in home financing compared to the same quarter last year, when the average balance was $192,749.
From:: Financing
On a quarterly basis, the nation’s book of mortgages expanded, though home-secured credit lines contracted. Mortgage delinquency improved
New mortgages that were originated during the period that initiated on April 1, 2017, and concluded on June 30 amounted to $421 billion.
National mortgage production was off from $491 billion in the first quarter. But there was little change from $427 billion originated in the second-quarter 2017.
From:: Financing