Foreclosures | Mortgages | Financing
Fannie Mae economists have increased their estimates of home purchase financing for last year, this year and next year. Even last year’s estimated refinances grew.
The Washington-based secondary mortgage lender expects second-quarter 2017 residential originations by all U.S. lenders to come in at $454 billion.
Home lending is then expected to fall to $414 billion three months later and $362 billion during the final-three months of this year.
From:: Financing
Stearns Lending LLC’s chief executive officer is stepping down. A former Walter Investment Management Corp. executive is stepping in.
The Santa Ana, California-based mortgage banker issued a statement indicating that Brian Hale is stepped down as CEO on Monday.
Hale took the CEO role in May 2012. Originations under his leadership have gone from less than $6 billion in 2011 to $26 billion during 2016.
From:: Financing
Monthly refinances of government-sponsored enterprise single-family mortgages plummeted to the lowest volume in more than a year.
An analysis of Federal Housing Finance Agency data indicates that there were 143,456 Fannie Mae and Freddie Mac loans refinanced in March.
GSE refinancings have not been that low since February 2016, when 130,076 residential loans backed or owned by Fannie or Freddie were refinanced.
From:: Financing
Customers of a mortgage document management company are being warned about fraudulent emails with links that can infect users’ computers.
DocuSign Inc., which provides digital signature services, reports 200 million users at more than 300,000 companies located in 188 countries.
On May 9, the San Francisco-based firm issued an alert warning clients about a malicious email campaign that contained a link to a contaminated Word Document.
From:: Financing
Quarterly single-family mortgage delinquency, including on government loans, has improved, and the foreclosure rate is the lowest in a decade.
Including foreclosures, the 30-day rate of past-due payments on single-family mortgages concluded the first quarter of this year at 6.10 percent.
Delinquency declined compared to the final quarter of last year, when 6.33 percent of all home loans were past due or in the foreclosure inventory.
From:: Financing
Month-over-month weakness in the pace of building permits and completed construction was led by the Northeast. But national activity rose from a year earlier.
April 2017 saw 102,900 new privately owned housing units authorized in permit-issuing places. Volume slowed from an upwardly revised 112,500 the prior month.
But the number of permits issued ascended by a nominal amount compared to the same month last year, when there were an upwardly revised 101,900 permits issued.
From:: Financing
First and second mortgages that are considered to be seriously delinquent made up a smaller share of overall loans last month.
The composite rate of 90-day delinquency on bank cards, car loans and first and second mortgages was 0.90 percent as of April 2017.
Consumer delinquency improved compared to the preceding month, when the rate was 0.94 percent. But performance deteriorated from 0.86 percent a year previous.
From:: Financing
Just two weeks after the Supreme Court weighed in on the matter, the city of Philadelphia is moving forward with a discrimination lawsuit against Wells Fargo & Co.
Earlier this month, the Supreme Court decided that the city of Miami could move forward with its Fair Housing Act lawsuit against Wells Fargo.
Miami alleges that the San Francisco-based financial institution violated the Fair Housing Act by targeting blacks and Latinos with predatory home loans.
From:: Financing
Among other things, Genworth Mortgage Insurance has loosened loan-to-value ratios and jumbo guidelines on some programs.
On investment properties, the Raleigh, North Carolina-based company said that it has reduced its credit score requirements.
Genworth has expanded its mortgage insurance guidelines on loan amounts that are between $650,001 and $1 million.
From:: Financing
Following a monthly decline in confidence, the outlook among the country’s home builders grew more optimistic. Expectations for the next six months drove the increase.
The Housing Market Index, which is a gauge of how home builders view the single-family market, was 70 for the month of May.
Any number that is more than 50 is an indication that there are more home builders who view conditions as good than who see them as poor.
From:: Financing