Tag: finance

A week-over-week decline in new mortgage activity was led by a big drop in demand for adjustable-rate mortgages and refinances. One bright spot was jumbo business, which overcame price deterioration.

In the seven days that concluded on June 23, the Mortgage Market Index from Mortgage Daily was 134. The index is an indication of upcoming originations based on OpenClose rate-lock volume.

An 18 percent decline from the previous week was recorded for the index, which is not adjusted for seasonal factors. Compared to the same week last year, the MMI has retreated 14 percent.

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From:: Financing

A loan officer who originates reverse mortgages has been charged with committing mortgage fraud and not completing promised home repairs.

Mark Steven Diamond is a loan originator who has offices in Illinois. He also handles home repairs for homeowners who were solicited by Cynthia Wallace.

Diamond’s customer prospects are homeowners between 62 and 97 years old. Diamond went after clients who had the most equity in their homes.

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From:: Financing

After peaking during the current quarterly period, single-family loan production is projected to retreat for the foreseeable future.

During the three months ended June 30, 2017, U.S. residential loan originations are expected total $512 billion, the biggest quarter of the year.

New mortgage volume is then expected to decline to $469 billion in the third quarter and $377 billion in the final-three months of the year.

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From:: Financing

The founder and owner of Detroit-based Quicken Loans Inc. has been ranked as the richest person in the state of Michigan.

Dan Gilbert has an estimated net worth of nearly $6 billion, according to Forbes.com’s latest rankings of the richest individuals in every state.

In addition to Quicken — Gilbert is the majority owner of the Cleveland Cavaliers, has over 100 business and real estate ventures, and owns more than 90 Detroit properties.

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From:: Financing

A surge in new home sales in the South and the West was enough to offset a plunge in residential sales in the Northeast and Midwest.

On a preliminary basis, the sale of 58,000 new, privately owned, single-family houses were completed during all of May 2017.

New home sales edged up from an upwardly revised 57,000 the one month prior and an upwardly revised 53,000 one year prior.

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From:: Financing

The latest ranking of Latino mortgage originators is out, and PrimeLending is the employer of the No. 1 producer. The overall group nudged up annual lending.

Production for the country’s 250 top-producing Latino loan originators amounted to 33,345 loans with an aggregate principal balance of $8.19 billion in 2016.

That was stronger than during the preceding year, when the top-250 Latino originators generated 32,783 in single-family loan closings for $8.107 billion.

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From:: Financing

Residential loan delinquency again turned lower at the Federal Home Loan Mortgage Corp., this time to the lowest level in nearly a decade.

The month-end balance of the secondary lender’s total mortgage portfolio was $2.0332 trillion as of May, according to its Monthly Volume Summary: May 2017.

McLean, Virginia-based Freddie Mac grew its portfolio from $2.0301 trillion one month earlier and $1.9577 trillion twelve months earlier.

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From:: Financing

Over at Caliber Home Loans Inc., staffing has expanded by more than 1,500 employees during the past 12 months. Also expanding was its mortgage servicing portfolio.

There were 427,029 single-family loans with a collective unpaid principal balance of $96.376 billion serviced by the Irving, Texas-based company as of March 31, 2017.

Caliber revealed those details, as well as other operational metrics, as part of the Mortgage Daily First Quarter 2017 Mortgage Origination Survey.

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From:: Financing

A decade has elapsed since the rate of serious mortgage delinquency was as low as it was in May. The foreclosure rate also fell to a 10-year low.

As of the end of last month, there were 2.348 million single-family loans that were either 30 days past due or in the foreclosure inventory.

The number diminished from April, when 2.505 million mortgages were past due, and May 2016, when there were 2.727 million delinquent loans.

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From:: Financing

A small portfolio of non-performing single-family loans that are owned by the Federal National Mortgage Association has been auctioned off.

The loan sale, which was initially marketed beginning on May 10, includes 123 mortgages that have a collective unpaid principal balance of $32 million.

The Fannie Mae loans are divided into two community impact pools that consist of residential loans with a concentration in New York and New Jersey.

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From:: Financing