Foreclosures | Mortgages | Financing
A quarterly leap in mortgage originations at Flagstar Bancorp Inc. is set to repeat in the current quarter. But the primary mortgage servicing portfolio was reduced.
The Troy, Michigan-based financial institution reported in its second-quarter 2017 earnings report that it earned $60 million before income taxes.
While results weakened from $69 million in the same quarter last year, a significant improvement was made versus $40 million earned in the first-quarter 2017.
From:: Financing
Huntington Bancshares Inc. beat its single-family lending volume for both the previous quarter and the same quarter last year. Mortgage income was maintained.
Before income taxes, Huntington earned $350 million during the period beginning April 1, 2017, and concluding on June 30. Income increased from $229 million a year prior.
The Columbus, Ohio-based organization presented those details, plus additional earnings and operations data, in its second-quarter earnings report.
From:: Financing
In addition to lifting home lending on a quarter-over-quarter basis, Finance of America Holdings LLC managed to maintain mortgage production on a year-over-year basis.
As of mid-year 2017, Finance of America serviced 11,338 loans with a collective unpaid principal balance of $2.155 billion. The portfolio receded from 15,514 loans for $3.272 billion three months earlier.
Those details and more were revealed as part of the the Horsham, Pennsylvania-based firm’s participation in the Mortgage Daily Second Quarter 2017 Mortgage Origination Survey.
From:: Financing
Although the number of residential properties sold last month was the highest in years, the annual rate was still lower. The South had the biggest impact on national sales.
The sale of 601,000 single-family homes, townhomes, condominiums and co-operatives were consummated during all of June 2017.
That was the most existing home sales for any single month in at least two years. Sales were 555,000 in May 2017 and a downwardly revised 582,000 in June 2016.
From:: Financing
The rate of late payments on securitized commercial real estate loans backed by apartment buildings soared more than a hundred basis points last month.
Conduit loans included in commercial mortgage-backed securities had a 7.07 percent sixty-day delinquency rate as of June 30.
That was a 10-basis-point ascension from the end of the previous month. Loans securitized in 2007 were largely responsible for the worsened performance.
From:: Financing
Loan originators, except those who originate jumbo mortgages, were less busy this past week with residential lending activity. Home purchase financing took the biggest hit.
For the seven-day period that finished on July 21, the U.S. Mortgage Market Index from Mortgage Daily, an origination forecasting tool based on rate-lock volume at OpenClose, was 152.
Compared to the preceding week, the index — which is not adjusted for seasonal factors — retreated 12 percent. A 14 percent decline was recorded versus the same week one year prior.
From:: Financing
The volume of home-lending activity at Fifth Third Bancorp ascended from the previous quarter, as did mortgage income and the size of the servicing portfolio.
Earnings before income taxes were $494 million in the three months ended June 30, growing from $427 million in the same three-month period last year.
Those metrics, as well as other financial and other operational results, were presented in the Cincinnati-based bank-holding company’s second-quarter earnings report.
From:: Financing
The federal government has negotiated a settlement with a man who is accused of abusing the federally insured reverse mortgage program.
Alexander Olympus Zarris was marketing condominium units at a development that is located in Tarpon, Springs, Florida.
Zarris targeted elderly buyers and utilized the Federal Housing Administration’s home-equity conversion mortgage program to finance the units.
From:: Financing
Mortgage banking economists have improved their outlook for loan originations during the current quarter. Full-year expectations have risen for three months in a row.
From July 1, 2017, through Oct. 31, home-lending volume is expected to reach $455 billion. In the final quarter of this year, production is projected at just $348 billion.
The trough will occur in the first quarter of next year, when mortgage originations are expected to come in at only $345 billion.
From:: Financing
An impressive improvement was reported for weekly mortgage rates. On a monthly basis, rates on residential loans for U.S. veterans were the lowest.
In June, thirty-year note rates on single-family loans averaged 4.27 percent, according to Ellie Mae Inc.’s June 2017 Origination Insight Report.
Mortgage rates deflated compared to the preceding month, when the average was 4.33 percent. But rates ascended from 3.97 percent the same month last year.
From:: Financing