Foreclosures | Mortgages | Financing
Contracts executed for the sale of pre-owned single-family properties diminished last month. But a sharp increase was reported for the West.
For April 2017, the Pending Home Sales Index, which is a forward-looking indicator based on contract signings, worked out to 109.8.
Compared to the prior month, the inventory of pending home sales retreated more than a percent. It was off more than 3 percent from a year prior.
From:: Financing
Monthly securitizations of single-family loans backed by the agencies moved up from a month earlier but retreated compared to a year earlier.
Between Fannie Mae, Freddie Mac and Ginnie Mae, $94.344 billion in fixed-rate mortgage-backed securities were issued during May.
Agency issuance ascended 3 percent from the preceding month and brought year-to-date securitization volume to $502.523 billion.
From:: Financing
After less than four years as an independent, publicly traded company, Stonegate Mortgage Corp. has, itself, been acquired.
The Indianapolis-based company was founded in 2005 by Jim Cutillo, who led Stonegate through an initial public offering in late 2013.
After that it acquired Crossline Capital Inc., a wholesale lending unit of Nationstar Mortgage Holdings Inc. and Medallion Mortgage Co.
From:: Financing
Following a month when it fell to the lowest level ever, the 11th District Cost of Funds Index jumped to the highest level since last summer.
COFI was calculated to be 0.645 percent as of April. That was the highest elevation for the index since August 2016, when it landed at 0.703 percent.
The index ascended from 0.583 percent in March 2017 — the lowest level on record for COFI based on data going back to July 1981.
From:: Financing
Secondary activity inched higher last month at the Federal National Mortgage Association. Serious mortgage delinquency was the lowest since January 2008
Fannie Mae’s total book of business ended April 2017 at $3.1640 trillion, according to a monthly summary of operational data for the secondary lender.
The book expanded from one month earlier, when the total was $3.1605 trillion. The growth was more significant versus $3.1006 trillion one year earlier.
From:: Financing
A regulation that was adopted in Louisiana restrained price competition among appraisers, according to a legal action that was filed against the state’s appraisal board.
The Louisiana Real Estate Appraisers Board, a state agency controlled by licensed real estate appraisers, adopted a regulation that became effective in November 2013.
The regulation implemented a requirement that appraisal management companies pay appraisers “customary and reasonable” fees — allegedly an unlawful restriction of price competition.
From:: Financing
Contracts executed for the sale of pre-owned single-family properties diminished last month. But a sharp increase was reported for the West.
For April 2017, the Pending Home Sales Index, which is a forward-looking indicator based on contract signings, worked out to 109.8.
Compared to the prior month, the inventory of pending home sales retreated more than a percent. It was off more than 3 percent from a year prior.
From:: Financing
A 123-year old financial institution that was able to weather the Great Depression was unable to survive the Great Recession.
Fayette County Bank was originally established on Jan. 1, 1894. It is located in Saint Elmo, Illinois, a town near the midpoint between Indianapolis and St. Louis.
Although the bank was able to stay in business for over a century, it came under the scrutiny of the Illinois Department of Financial and Professional Regulation – Division of Banking.
From:: Financing
This summer, the Federal National Mortgage Association is updating its automated underwriting system with more relaxed requirements for ratios, credit and adjustable rates.
Desktop Underwriter Version 10.1 will be implemented by Fannie Mae during the weekend of July 29, the secondary mortgage lender revealed in a notice Tuesday.
With the changes, the maximum debt-to-income ratio can go as high as 50 percent. DTI ratios between 45 percent and 50 percent will no longer need compensating factors.
From:: Financing
U.S. home values again escalated, with some pockets seeing stronger growth. Price gains on the West Coast continue to lead the nation.
The 20-City Case-Shiller Home Price Index was 195.39 in March, the most-recent month for which home value data is available.
Home prices, based on the 20-city index, were 1 percent higher than in February. Compared to the a year earlier, they were up 5.9 percent.
From:: Financing