Foreclosures | Mortgages | Financing
As Genworth Mortgage Insurance Corp.’s book of business expanded, its delinquency declined, and its new business had a quarter-over-quarter gain.
In its second-quarter earnings report, parent Genworth Financial Inc. said it earned $401 million from continuing operations before income taxes.
Income ascended from the preceding three-month period, when it was $332 million. It was also improved from $351 million the same period a year ago.
From:: Financing
Legislation that would force the government-sponsored housing enterprises to allow multiple credit-scoring models has been introduced in the Senate.
On Tuesday, the Credit Score Competition Act was introduced. The bill was unveiled at a Senate Finance hearing on affordable housing.
Behind the legislation is Sen. Tim Scott, a Republican from South Carolina, and Sen. Mark Warner, a Democrat from the Commonwealth of Virginia.
From:: Financing
With the Federal Home Loan Mortgage Corp. leading the way, agency securitizations moved up from the prior month but slowed from a year prior.
Between Fannie Mae, Freddie Mac and Ginnie Mae, fixed-rate issuance of mortgage-backed securities worked out to $108.265 billion during July.
Securitizations on behalf of the trio of housing finance agencies increased compared to the preceding month, when the total came to $105.441 billion.
From:: Financing
Despite rising quarterly business, a growing book of business and falling delinquency, a one-time charge pushed earnings at Radian Group Inc. into the red.
During the three months that concluded on June 30, 2017, pre-tax income was a $35 million loss, according to Radian’s second-quarter earnings report.
Earnings at the Philadelphia-based mortgage insurance company swung from a $115 million profit in the prior three-month period and a $157 million profit a year prior.
From:: Financing
Although the Federal Home Loan Mortgage Corp. pushed up the quarterly volume of residential purchase-money loans it financed, a drop in refinance activity more than offset the gain.
For the period that started on April 1, 2017, and ended on June 30, pre-tax income at Freddie Mac came to $2.5 billion. Earnings improved compared to 1.5 billion a year earlier.
The McLean, Virginia-based organization covered its latest earnings, as well as other financial and operational results, in its second-quarter 2017 earnings report released on Tuesday.
From:: Financing
A federal trial court has dismissed a lawsuit brought by the Consumer Financial Protection Bureau against a Kentucky law firm accused of violating the Real Estate Settlement Procedures Act’s anti-kickback provision. The court said the title agencies set up by the Louisville firm were permitted under RESPA’s “safe harbor” provision.
Borders & Borders, a law firm that does residential real estate closings, set up joint ventures with nine real estate service providers in Louisville in 2006, according to the court’s opinion. The Title LLCs served as title insurance agencies in real estate closings where the lender did not maintain an internal, lender-owned title agency, the court said.
The Title LLCs issued more than 1,000 title insurance policies from October 2009 to February 2011.
From:: Financing
New mortgage activity was driven higher by home purchase financing this past week. Also significantly improving was government business, which has expanded by nearly a fifth from a year ago.
A reading of 156 was recorded for Mortgage Daily’s U.S. Mortgage Market Index for the week ended July 28. The index provides insight into upcoming originations based on rate-lock volume at OpenClose.
A 3 percent rise in activity from the previous week was recorded for the index, which is not adjusted to reflect seasonal variations. Still, business was down by 11 percent versus the same week in 2016.
From:: Financing
As home lending slowed in the first quarter of this year, credit unions took market share from non-bank originators. Just 10 lenders were responsible for nearly half of overall originations.
Mortgage bankers generated $353 billion in single-family loan originations during the period that started on Jan. 1, 2017, and concluded on March 31.
The total was based on an analysis of production data collected by Mortgage Daily for financial institutions and non-bank home lenders.
From:: Financing
Quicken Loans Inc.’s mortgage servicing portfolio continued to grow both on a quarter-over-quarter and year-over-year basis. Originations also increased.
As has been the case for many home lenders, Quicken participated in the Mortgage Daily Second Quarter 2017 Mortgage Origination Survey.
The report revealed that the Detroit-based mortgage-banking organization serviced $259.0 billion in single-family loans as of mid-year 2017.
From:: Financing
Just one month after delinquency on securitized commercial real estate loans jumped more than it had in years, it fell by nearly the same amount. Apartment loans, which fared worst last month, fared best this month.
The rate of 30-day delinquency on loans that are included in commercial mortgage-backed securities concluded July 2017 at 5.49 percent.
CMBS delinquency sank by 26 basis points compared to the preceding month, when the rate had moved higher for the third month in a row. The 28-basis-point increase in June was the highest since 2012.
From:: Financing