Foreclosures | Mortgages | Financing
As quarterly earnings increased at MGIC Investment Corp., new business improved and the share of insured loans that were past due turned lower.
Income before income taxes at the Milwaukee-based mortgage insurance company worked out to $181 million during the three months ended June 30.
Earnings data, as well as other operational and financial performance metrics, were revealed by MGIC in its second-quarter 2017 earnings report.
From:: Financing
An unexpected move last month by a residential mortgage-backed securities trustee has created new risk for investors in non-agency deals issued prior to the financial crisis.
Wells Fargo Bank, N.A., as trustee for RMBS transactions, in June notified bond investors that it would withhold some of the funds from clean-up calls of 20 transactions.
The move was made so that the Sioux Falls, South Dakota-based financial institution can establish reserve accounts to cover current and future legal expenses on the deals.
From:: Financing
Even though apartment loan securitizations slipped last month at the Government National Mortgage Association, overall issuance moved higher.
There were $1.8428 trillion in Ginnie Mae mortgage-backed securities outstanding as of mid-2017, according to data reported by the government-owned entity.
The Washington-based organization’s book of business expanded from $1.8305 trillion as of May 31. As of June 30, 2016, the total came to $1.6925 trillion.
From:: Financing
Over the past year, there has been a shift in mortgage market share among government programs. Meanwhile, credit conditions contracted from the previous month.
Conventional residential loans accounted for 64 percent of all mortgages that were closed during June 2017, unchanged from the same month last year.
Another 22 percent of loans funded last month were insured by the Federal Housing Administration, and a 10th were guaranteed by the Department of Veterans Affairs.
From:: Financing
A quarter-over-quarter improvement was reported by U.S. Bancorp for its residential loan originations and its mortgage revenues.
During the three months that ended on June 30, the Minneapolis-based financial institution earned $2.1 billion in income before income taxes.
U.S. Bank disclosed the results, in addition to other operational and financial metrics, as part of its second-quarter 2017 earnings report.
From:: Financing
More people completed applications for loans secured by residential properties this past week, and it was refinance activity that drove the increase.
The Market Composite Index for the week that finished on July 14 climbed a seasonally adjusted 6 percent from the preceding seven-day period.
When seasonal factors are excluded, a one-third increase was recorded for the index, which is representative of the volume of retail residential loan applications.
From:: Financing
More than $600 million in loans are behind an offering of Ginnie Mae mortgage servicing rights. Nearly half of the loans are secured by properties in Texas.
Bids are being accepted for MSRs on 3,033 mortgages that have an aggregate unpaid principal balance of $616 million. The loans are serviced on behalf of Ginnie.
Based on the loan count, 47 percent of the properties securing the loans are located in Texas, 14 percent are in Tennessee, and 13 percent are in Arkansas.
From:: Financing
The Federal Home Loan Mortgage Corp. was responsible for a drop in monthly refinances of government-sponsored enterprise residential loans. It was the sixth month in a row of declines.
Retail loan originators generated 116,882 refinances of single-family loans that are owned or backed by Fannie Mae and Freddie Mac during May.
That was the lowest number of GSE refinances since May 2014, when there were 107,320 Fannie and Freddie mortgages refinanced.
From:: Financing
Delinquency on securitized commercial real estate loans soared more than 20 basis points last month and is expected jump at least 50 BPS more by year-end.
Delinquency of at least 60 days on loans that are included in commercial mortgage-backed securities was 3.72 percent as of mid-year 2017.
The past-due CMBS rate surged 22 basis points when compared to May 31, 2017. That was the biggest month-over-month spike since July 2011, when the rate peaked out at 9.01 percent.
From:: Financing
For the second month in a row, confidence among the country’s home builders weakened. Leading the latest decline were builders in the South.
A barometer of U.S. single-family home builder confidence, the Housing Market Index, was 64 as of July 2017 — the lowest it’s been since November 2016.
Although an index above 50 means more builders see conditions as good than those who see them as poor, the index fell for the second consecutive month from a downwardly revised 66 in June.
From:: Financing