Foreclosures | Mortgages | Financing
The country’s mortgage bankers have grown modestly more optimistic about the projected volume of refinances during the current quarter.
Total single-family loan originations, including purchase financing and refinancing, are expected to reach $463 billion during the second quarter.
Business is then forecasted to retreat to $424 billion during the following quarter and $348 billion in the final-three months of this year.
From:: Financing
Although debt-ridden millennials had been averse to home buying, conditions for the generation are changing — as is their appetite for home ownership.
The spring homebuying season is expected to be one of the busiest in recent years, with nearly 3 million first-time homebuyers expected to enter the housing market this year.
A majority of new homebuyers are likely to be younger consumers experiencing improved employment prospects and driving increased household formation.
From:: Financing
More than $3.6 billion in government-sponsored enterprise mortgages are being auctioned off. The loans are non-performing and re-performing.
One offering has 3,600 non-performing Fannie Mae loans with a collective unpaid principal balance of $613 million. Bids are due by June 1.
Washington-based Fannie is selling the residential loans from its investment portfolio, which was previously reported at $269 billion as of March 31.
From:: Financing
Years after home lenders began settling charges of discrimination against women on maternity leave, one credit union didn’t get the message it’s illegal.
From June 2011 through October 2014, Mortgage Daily covered 15 settlements for $7.3 million with mortgage firms over alleged maternity discrimination.
The biggest and most-recent settlement was between the Department of Housing and Urban Development and Wells Fargo Home Mortgage in October 2014 for $5 million.
From:: Financing
Walter Investment Management Corp. experienced a much smaller quarter-over-quarter decline in mortgage originations than most of its peers.
In its first-quarter 2017 earnings report, Walter revealed net income before income taxes of $4 million, swinging from a $279 million loss a year earlier.
Income at the Fort Washington, Pennsylvania based organization was $27 million during the quarter that ended three months earlier.
From:: Financing
Loan originations moved lower at PHH Mortgage and are likely down even more in the current quarter. The servicing portfolio was further reduced.
During the first-three months of this year, PHH suffered a $105 million loss before income taxes, worsening from $49 million one year previous.
Those details, along with other operating and financial metrics, were discussed by Mount Laurel, New Jersey-based PHH Corp. in its first-quarter 2017 earnings report.
From:: Financing
Loan originators were busier taking applications for new mortgages last week. Both purchase financing and refinancing activity accelerated.
A seasonally adjusted 2 percent increase from the previous seven-day period was recorded for the Market Composite Index for the week ended May 5, 2017.
The index, which is a measure of retail residential loan application volume, moved up 3 percent without seasonal adjustments compared to the preceding week.
From:: Financing
Home lending at Impac Mortgage Holdings Inc. turned sharply lower — plunging by half from the previous period. The servicing portfolio, though, grew.
Net earnings before income taxes at Impac amounted to $5 million during the period that initiated on Jan. 1, 2017, and concluded on March 31.
The Irvine, California-based company disclosed the results, in addition to other financial and operational metrics, in its first-quarter 2017 earnings report.
From:: Financing
During the second month of this year, the preliminary volume of home loans that were closed was lower than any month in the last 16 years.
For just the month of February, U.S. mortgage bankers originated 330,552 residential loans with an aggregate principal balance of $89.987 billion.
That turned out to be the slowest month for home lenders since February 2001, when there were 384,386 mortgages funded for $65.870 billion.
From:: Financing
Loan originations and servicing contracted on a quarter-over-quarter basis at Fairway Independent Mortgage Corp. But headcount continued to expand.
At the conclusion of March 2017, the Sun Prairie, Wisconsin-based firm serviced 20,146 residential loans with a collective unpaid principal balance of $4.207 billion.
Fairway disclosed the data, in addition to other operational metrics, as part of the Mortgage Daily First Quarter 2017 Mortgage Origination Survey.
From:: Financing