Tag: finance

Monthly securitizations at the Government National Mortgage Association bounced off the one-year low experienced in March. The book of business continued to grow.

The unpaid principal balance of Ginnie Mae mortgage-backed securities outstanding concluded April 2017 at $1.8196 trillion according to an analysis of operational data.

Ginnie’s book of business expanded from a month earlier, when the total was $1.8055 trillion, and a year earlier, when there were $1.6734 trillion in MBS outstanding.

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From:: Financing

New mortgage business took a giant leap following Mothers Day. Although jumbo rates deteriorated, new jumbo activity doubled during the latest seven-day period.

An indicator of upcoming residential loan originations, the U.S. Mortgage Market Index from Mortgage Daily and OpenClose, was 185 in the week ended May 19.

The index, which is determined based on average rate-lock volume per OpenClose user, jumped 26 percent when compared to the preceding week.

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From:: Financing

Hundreds of new jobs are expected to be added at Movement Mortgage LLC as a result of the opening of a new facility in Virginia.

The Indian Land, South Carolina-based organization on Thursday celebrated the grand opening of a new operations center in Norfolk, Virginia.

On hand for a ribbon-cutting ceremony at the new location were Virginia Gov. Terry McAuliffe and Norfolk Mayor Kenny Alexander.

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From:: Financing

A guilty plea has been made by a former mortgage loan originator at JPMorgan Chase & Co. who is accused of causing more than $30 million in losses to his employer.

The alleged crimes took place between January 2006 and July 2007 when Ross D. Pickard worked as a senior loan officer for JPMorgan Chase Bank, N.A.

Pickard helped prime-quality clients with the financing of real estate throughout the Florida communities of Bradenton, Clearwater, Orlando and Sarasota.

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From:: Financing

The past week saw a decline in interest rates on residential loans. The outlook for the next seven days is for an even bigger reduction in rates.

Home loans that closed during April 2017 had an average 30-year note rate of 4.41 percent, up 2 basis points from the preceding month.

A far more substantial increase in mortgage rates was recorded compared to the same month last year, when the average was 4.10 percent.

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From:: Financing

Movement Mortgage LLC saw a decline in quarterly home lending volume, though less than at many of its peers. Still, the company managed to increase the number of people on its payroll.

A total of 2,783 residential loans with a collective unpaid principal balance of $0.273 billion were serviced by the Indian Land, South Carolina-based firm as of March 31, 2017.

That is according to data submitted as part of Movement’s participation in the Mortgage Daily First Quarter 2017 Mortgage Origination Survey.

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From:: Financing

Investors have only a couple days to bid on a dozen or so residential loans that were underwritten to agency standards but kicked back.

A large non-bank originator is looking to sell approximately 13 mortgages that have an aggregate unpaid principal balance of $3.1 million.

The offering includes conventional mortgages, loans
insured by the Federal Housing Administration and loans guaranteed by the Department of Veterans Affairs.

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From:: Financing

The former reverse mortgage lending unit of failed IndyMac Bank FSB has agreed to a government settlement that will cost it $89 million.

Former IndyMac-subsidiary Financial Freedom Senior Funding Corp. was once one of the largest reverse mortgage originators in the country.

When Pasadena, California-based IndyMac failed in July 2008, Financial Freedom became the property of OneWest Bank FSB.

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From:: Financing

The Federal Home Loan Mortgage Corp. has expanded the pool of loans that are eligible for its collateral representation and warranty relief.

On mortgages that are evaluated through Freddie Mac’s Selling System, certain loans will soon be eligible to be considered for relief.

Among the newly eligible programs will be cashout refinance mortgages. Additionally added to the list are special purpose cash-out refinance mortgages.

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From:: Financing

Prospective mortgage borrowers turned their attention away from home financing to Mothers Day as refinance applications led a drop in overall activity.

For the week ended May 12, the Market Composite Index — a measure of mortgage application volume — declined a seasonally adjusted 4 percent from a week earlier.

Even when there are no seasonal adjustments made, new U.S. residential lending applications were still down 4 percent from the week that ended on May 5.

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From:: Financing