Foreclosures | Mortgages | Financing
Serious delinquency on first-lien home loans took a nice tumble last month. But the same can’t be said for the past-due rate on second mortgages.
Ninety-day delinquency on consumer credit — including bank cards, car loans and first and second mortgages — was 0.86 percent as of May.
That is according to the Composite Consumer Credit Default Index, which improved by 4 basis points when compared to one month previous.
From:: Financing
Mortgage industry service providers are helping home lenders with their marketing and advertising. Meanwhile, two credit unions won marketing awards.
American Financial Resources Inc. selected Cedar Knolls, New Jersey-based Marketsmith Inc. to develop and execute key digital marketing initiatives for 2017.
According to Marketsmith, AFR is utilizing its service for both its retail division, eLEND, and its wholesale lending operations, AFR Wholesale.
From:: Financing
A previously announced agreement for PHH Corp. to sell mortgage servicing right on government-sponsored enterprise residential loans has been executed.
Back in December 2016, Mount Laurel, New Jersey-based PHH disclosed plans to sell its MSRs on $72 billion in loans to New Residential Mortgage LLC.
PHH indicated at the time that a subservicing agreement with New Residential has it subservicing 480,000 loans underlying the MSRs for an initial period of three years.
From:: Financing
In addition to raising its estimate of first-quarter refinances, Fannie Mae boosted its forecast for refinance production during the following two quarters.
From April 1, 2017, through mid-year, overall U.S. originations — including purchase financing and refinancing — are expected to total $462 billion.
Home lending is then projected to recede to $423 billion in the third quarter and to $363 billion during the final-three months of this year.
From:: Financing
A week-over-week surge in conventional activity was the primary driver of a rise in new mortgage business, though cashout refinance and adjustable-rate activity also jumped.
The Mortgage Market Index from Mortgage Daily, an indication of upcoming originations based on OpenClose rate-lock volume, was 163 in the week ended June 16.
Compared to the previous week, the index, which reflects no adjustments for seasonal factors, moved up 4 percent. But it was down 8 percent versus one year earlier.
From:: Financing
Radian Guaranty Inc. has increased the allowable maximum loan-to-value ratio on some of its mortgage insurance products.
The Philadelphia-based firm said that its eligibility for temporary buydowns for LTV ratios up to 97 percent has been significantly expanded.
The expansion applies to both its One Underwrite and manually underwriting products. Cashouts are excluded, as are investment properties with a temporary buydown.
From:: Financing
As the quarterly volume of residential loan production sank, credit unions successfully captured a bigger piece of the U.S. mortgage market.
Single-family loan originations during the period that began on Jan. 1, 2017, and concluded on March 31 amounted to an estimated $353 billion.
he volume of mortgages made included activity from federally insured banks, federally regulated credit unions and state-licensed non-banks.
From:: Financing
The completion of new housing units strengthened last month. But new construction slowed, and multifamily dragged down permits.
Permit issuing places issued a preliminary 112,900 building permits for privately owned housing units during just the month of May 2017.
Last month’s activity ascended from an downwardly revised 102,600 the preceding month and an upwardly revised 110,300 a year prior.
From:: Financing
Even though fixed interest rates on residential loans moved higher this past week, there is a good chance they will be lower in next week’s report.
Average commitment rates on 30-year fixed-rate mortgages were 3.91 percent in Freddie Mac’s Primary Mortgage Market Survey for the week ended June 15.
Long-term rates increased from the preceding week, when the 30-year mortgage was 3.89 percent — the lowest average since the week ended Nov. 10, 2016.
From:: Financing
Government-supported refinance production plunged to the lowest level on record as overall refinances of government-sponsored enterprise loans sank to a three-year low.
The number of Fannie Mae and Freddie Mac residential loans that were refinanced during the month of April 2017 amounted to 117,956 mortgages.
Based on data maintained by Mortgage Daily, that turned out to be the slowest month for GSE refinances since May 2014, when the total was 107,320.
From:: Financing