Foreclosures | Mortgages | Financing
Changes to down payment requirements for its first-time homebuyer program have been made by the Federal Home Loan Mortgage Corp.
The changes impact Freddie Mac’s Home Possible Advantage Mortgages. The program is an affordable option for first-time homebuyers and other qualified borrowers.
McLean, Virginia-based Freddie is making the changes in order to ensure continued access to sustainable solutions for borrowers with limited down payment savings.
From:: Financing
As was the case for all industries, monthly employment expanded in the mortgage sector. The positive news hurt interest rates. Still, unemployment inched higher, and wage growth stalled.
U.S. companies increased nonfarm payroll employment by a robust 222,000 jobs during June, according to data published Friday by the Bureau of Labor Statistics.
Job growth increased compared to the previous month, when an upwardly revised 152,000 employees were added. But the expansion came up well short of the same month last year during the Obama administration when nonfarm employment surged by an upwardly revised 297,000.
From:: Financing
Long-term interest rates on residential loans took a giant leap this past week, and there is a good chance that they will be even higher in the next report.
During the seven days that concluded on July 6, thirty-year fixed rates averaged 3.96 percent in the Primary Mortgage Market Survey from Freddie Mac.
Interest rates surged from one week prior, when the average was 3.88 percent, and one year prior, when long-term mortgage rates averaged 3.41 percent.
From:: Financing
Compared to a month earlier, the number of consumers who resorted to bankruptcy last month was down by 4 percent.
Including filings made by businesses and consumers, there were 66,757 new bankruptcies that were filed in the month of June 2017.
The volume of new cases filed with U.S. Bankruptcy Courts retreated from the preceding month, when the total came to 69,668.
From:: Financing
Plans are in the works for the government-sponsored enterprises to begin supporting the market for manufactured housing.
Financing for manufactured housing is provided through chattel loans, which are secured by the structure and not the land.
But without the land as security, the value of the manufactured home depreciates, whereas traditional homes rise in value.
From:: Financing
Within the next couple of months, several Federal Reserve officials revealed at a recent meeting that they want to reduce massive asset holdings.
Minutes of the policymaking Federal Open Market Committee’s June 13 and June 14 meeting were released on Wednesday.
The minutes indicated several officials wanted to start unloading Treasury and mortgage bonds accumulated through Quantitative Easing during the next couple months.
From:: Financing
The founder of a mortgage service provider that was sold to First American Title who was also active in the Republican party has died.
After working his way through the ranks at Title Insurance and Trust, Dale L. Dykema founded T.D. Service Financial in 1964.
T.D. bills itself as one of the nation’s largest in providing technology-supported services to the mortgage industry in numerous areas.
From:: Financing
Federally insured reverse mortgage production was barely changed on a month-over-month basis. But there was a nice year-over-year improvement.
During June 2017, the Federal Housing Administration endorsed 4,837 home-equity conversion mortgages, not much different than 4,854 the prior month.
However, there was a substantial increase in volume versus the same month last year, when FHA mortgagees generated 3,771 HECM endorsements.
From:: Financing
While the quarterly rate of past-due payments on consumer credit at financial institutions deteriorated, home-equity loan performance improved.
Delinquency of at least 30 days on consumer credit assets that are owned by banks landed at 1.56 percent as of the first quarter of this year.
The rate, which reflects performance on eight types of closed-end installment loan categories, worsened by 5 basis points from the prior period.
From:: Financing
An increase in applications for loans to finance a home purchase more than offset a modest decline in the volume of applications for mortgage refinances.
Mortgage loan originators generated a seasonally adjusted 1 percent more in new loan applications in the week that concluded on June 30 than a week prior.
That was according to the Market Composite Index, a measure of retail residential loan applications. Without seasonal adjustments, volume still rose a percent.
From:: Financing