Tag: finance

While there was little change in quarterly mortgage originations at JPMorgan Chase & Co., the residential servicing portfolio declined as mortgage assets grew.

Income before income tax expense at the bank-holding company came to $9.7 billion in the three months ended June 30, surging from $8.3 billion the prior quarter.

Those details, along with other operational and financial results, were presented by the New York-based organization in its second-quarter 2017 earnings report.

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From:: Financing

Quarterly residential loan originations accelerated at Wells Fargo & Co. and are likely headed even higher despite industry forecasts to the contrary.

The San Francisco-based bank-holding company revealed in its second-quarter 2017 earnings report $8.1 billion in income before income tax expense.

Earnings were stronger than $7.6 billion during the preceding three-month period. In the same three months last year, Wells Fargo earned $8.2 billion.

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From:: Financing

The performance of residential loans that are serviced by the nation’s financial institutions improved on a quarter-over-quarter basis. But the number of foreclosures started and finished worsened.

As of the first quarter of this year, 4.4 percent of all closed-end first-lien mortgages and home-equity loans serviced by banks were delinquent at least 30 days or in the foreclosure process.

The non-current rate for such bank-serviced assets improved compared to the final quarter of last year, when the rate was 5.3 percent, and the same quarter last year, when it stood at 5.1 percent.

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From:: Financing

An increase in fixed rates on residential loans this past week is likely to be followed by little movement in mortgage rates over the upcoming week.

In the Primary Mortgage Market Survey from Freddie Mac for the week that ended on July 13, thirty-year fixed rates averaged 4.03 percent.

Long-term rates worsened compared to the previous week, when the average was 3.96 percent. They were also higher than 3.42 percent in the same week last year.

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From:: Financing

A healthy increase in mortgage originations was reported by Lake Michigan Credit Union. Also expanding was the organization’s servicing portfolio.

As of mid-2017, the financial institution serviced 58,949 single-family loans that had an unpaid aggregate principal balance of $9.263 billion.

The Grand Rapids, Michigan-based firm revealed those metrics and more as part of the Mortgage Daily Second Quarter 2017 Mortgage Origination Survey.

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From:: Financing

The sale of a portfolio of home-equity lines of credit that are both performing and non-performing has been successfully executed.

A large bank has completed the sale of approximately $52 million in performing and non-performing HELOCs.

The buyer in the transaction, which involved HELOCs that are seasoned and in first-lien position, was a large fund.

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From:: Financing

Monthly business turned lower at the Federal Housing Administration, and a further decline is likely. Meanwhile, delinquency deteriorated.

Residential loans that were endorsed by FHA in April numbered 96,878, while the aggregate principal balance of the loans was $19.719 billion.

That was according to an analysis by Mortgage Daily of operational data released by the Department of Housing and Urban Development.

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From:: Financing

A new offering will provide the successful bidder with mortgage-servicing rights on at least $720 million in government-sponsored enterprise loans — though the amount could be much more.

The co-issue flow offering is for MSRs on between $60 million and $90 million per month in Fannie Mae and Freddie Mac residential loans.

The seller, an independent mortgage banker with a strong retail presence in Illinois, is requesting a 12-month commitment with minimum three month pricing commitments that are renewed.

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From:: Financing

A massive settlement reached by the Royal Bank of Scotland Group plc brings to more than $7 billion the amount the bank has paid in actions related to mortgage-backed securities.

Since 2014, RBS entities have agreed to MBS-related settlements with the state of Connecticut, Federal Housing Finance Agency, National Credit Union Administration and pension funds.

In all, those settlements have cost the European financial institution in excess of $1.6 billion.

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From:: Financing

Despite a week-over-week decline in new applications for mortgages, the volume of people applying for loans to finance a home purchase has strengthened from a year ago.

During the week ended July 7, the Market Composite Index declined more than 7 percent from the prior week. The index was adjusted to reflect the Fourth of July holiday.

The index, which is a measure of retail residential loan application volume, plummeted 26 percent from the week ended June 30 without any adjustments made for seasonality.

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From:: Financing