Foreclosures | Mortgages | Financing
A small increase in home-lending volume at WaterStone Bank SSB was enough to push residential loan production to “a quarterly record.”
Parent Waterstone Financial Inc. reported $9 million in net income for the second quarter, up from $8 million during the same three-month period in 2016.
The Wauwatosa, Wisconsin-based company’s chief executive officer noted in the report that loan growth was strong in its community banking segment.
From:: Financing
Legislation to repeal a recently enacted rule that prohibits mandatory arbitration made it through the House this week.
On Tuesday, the House voted 231 to 190 to repeal the Consumer Financial Protection Bureau’s new arbitration rule.
According to proponents of mandatory arbitration, class-action suits reward lawyers more than they do consumers.
From:: Financing
Delinquency on loans included in commercial mortgage-backed securities continued to deteriorate, though conditions could soon begin to improve.
Securitized commercial real estate loans that were at least 30 days past due accounted for 3.19 percent of all CMBS loans outstanding as of June 30.
Last month’s level of delinquency worked out to the highest rate since December 2015, when the 30-day rate was previously reported at 3.43 percent.
From:: Financing
Newly constructed residential properties sold last month at an annual rate that was better than both one month earlier and one year earlier. The West led.
New single-family home sales numbered 55,000 during June, a minor decline of 2,000 units compared to the downwardly revised level for the preceding month.
Still, new residential home sales moved up by five thousand units versus the downwardly revised level for the same month during the preceding year.
From:: Financing
With home-lending business coming in more slowly than expected, HomeStreet Inc. has begun reducing its mortgage workforce. Further downsizing could be ahead.
At $16 million for the three months ended June 30, HomeStreet’s income before income taxes was down by more than half from $35 million in the second-quarter 2016.
Those results, as well as a collection of other operational and financial details, were presented in the Seattle-based organization’s second-quarter 2017 earnings report.
From:: Financing
Despite a week-over-week drop in purchase activity, refinance business drove overall mortgage applications higher. Refinances were busier for the second week in a row.
The number of retail applications that were completed in the week ended July 21 for residential loans edged up less than a seasonally adjusted 1 percent from the preceding week.
That was according to the Market Composite Index, a measure of mortgage loan application volume. The index increased 1 percent when seasonal factors are not considered.
From:: Financing
Multiple monthly home price indices continued climbing to higher elevations, with the West dominating the rise. At least one index reached another all-time high.
The Case-Shiller U.S. National Home Price NSA Index was 190.61 in May — the highest level on record for the sixth consecutive month.
Another index that reflects home prices in 20 large cities — the Case-Shiller Composite-20 Index — was 198.97 last month, up 0.8 percent from April.
From:: Financing
Waterstone Mortgage Corp. has been ordered by an arbitrator to pay current and former loan officers over $7 million in unpaid wages and overtime. But it will appeal the decision.
About 200 loan officers in 17 states will share in the arbitrator’s award.
The originator who brought the case, Pamela Herrington, will also get an incentive fee of $20,000.
From:: Financing
Secondary marketing activity accelerated to the highest level in five months at the Federal Home Loan Mortgage Corp. as delinquency fell to the lowest level in nearly a decade.
The balance of the secondary lender’s total mortgage portfolio concluded the first half of this year at $2.0409 trillion, growing from $2.0332 trillion the prior month.
McLean, Virginia-based Freddie Mac provided those details, along with other operational results, in its Monthly Volume Summary: June 2017.
From:: Financing
Caliber Home Loans Inc. reported growth in its residential loan originations, mortgage servicing portfolio and human resource assets.
The Mortgage Daily Second Quarter 2017 Mortgage Origination Survey revealed that Caliber serviced 465,871 residential loans with a collective unpaid principal balance of $106.090 billion as of June 30.
A $100 billion mortgage servicing milestone was achieved since the last quarterly report, when the Irving, Texas-based mortgage banking firm serviced 427,029 loans for $96.376 billion.
From:: Financing