Foreclosures | Mortgages | Financing
Changes next month by the credit reporting agencies aren’t expected to have a significant impact on Fannie Mae’s policies or requirements.
In July, Equifax, Experian and TransUnion will implement a public record data standard designed to improve credit report accuracy.
The planned changes, dubbed the National Consumer Assistance Plan, will eliminate most civil judgments and tax liens from credit reports.
From:: Financing
A $3 billion portfolio of government-sponsored enterprise single-family loans that are reperforming has been successfully sold through an auction.
A winning bidder has been announced for three pools of reperforming Fannie Mae mortgages. Marketing of the loans began in May.
The transaction involves the sale of 13,500 residential loans that have an aggregate unpaid principal balance of $2.99 billion.
From:: Financing
It’s been nearly a decade since the rate of serious mortgage delinquency has been this low. Early stage delinquency, meanwhile, sank to a 17-year low.
U.S. single-family loans that were delinquent at least 30 days or in the foreclosure inventory accounted for 4.4 percent of all loans outstanding as of March 31.
Mortgage delinquency retreated versus one month previous, when the non-current rate on residential loans was previously reported at 5.0 percent.
From:: Financing
Mobile mortgage applications have recently been developed for credit unions and foreign national borrowers as well as real estate agents and home builders.
A report from Malauzai Software indicated that 54 percent of active digital banking users are using mobile banking. The share surpasses 70 percent for the best in-class financial institutions.
Malauzai reported that one-quarter of end users exclusively use the mobile channel. At the best in-class financial institutions, this share rises to 44 percent.
From:: Financing
Mortgage bankers have grown slightly more optimistic about their expectations for refinance originations during the third quarter of this year.
Overall home lending volume, including refinancing and purchase financing, is expected to total $463 billion during the second-quarter 2017.
Loan production is then expected to fall to $440 billion three months later and $348 billion during the final-three months of this year.
From:: Financing
While some mortgage banking firms are handling new hires one at a time, others are recruiting entire teams of retail loan originators.
An entire retail mortgage banking team that handles markets along the California Central Coast was hired earlier this year by Provident Savings Bank FSB.
The team — including 16 retail production employees and seven fulfillment employees — will operate out of a new location in Atascadero, California.
From:: Financing
Despite a year-over-year retreat in securitizations on behalf of the Government National Mortgage Association, there was a month-over-month bump.
As of May 31, the collective unpaid principal balance outstanding on Ginnie Mae mortgage-backed securities came to $1.8305 trillion.
The total, along with a number of other metrics, were determined from an analysis of monthly data published by the Washington-based firm.
From:: Financing
A Texas Republican is behind legislation that would dismantle much of the Dodd-Frank Wall Street Reform and Consumer Protection Act put in place to prevent another crisis.
The House took a major step to roll back tougher federal oversight of the financial system Thursday when it passed Rep. Jeb Hensarling’s Financial CHOICE Act of 2017..
The bill would dismantle many of the Dodd-Frank regulatory reforms enacted in 2010. But the Senate is expected to draft a more moderate bill in order to avoid a filibuster.
From:: Financing
A winning bidder has been announced for nearly $600 million in non-performing government-sponsored enterprise residential loans.
The transaction involves 3,400 Federal National Mortgage Association mortgages that have an aggregate unpaid principal balance of $581 million.
Three pools are involved in the sale, which was initially marketed on May 10 in collaboration with Wells Fargo Securities LLC;and The Williams Capital Group LP as advisors.
From:: Financing
With government activity leading the way, weekly new mortgage business leapt higher from the holiday week. Rates on jumbo mortgages became less attractive.
For the week ended June 9, the Mortgage Market Index from Mortgage Daily was 157. The index is an indication of upcoming originations based on OpenClose rate-lock volume.
The MMI, which is not adjusted for seasonal factors, jumped 36 percent compared to the preceding week — which included the Memorial Day holiday.
From:: Financing