Foreclosures | Mortgages | Financing
As quarterly home lending activity slowed late last year, the risk that the newly made loans would default moved higher.
Mortgage originations during the final-three months of last year worked out to $488 billion, down from $505 billion the prior period.
But the nation’s residential loan production picked up compared to the first quarter of last year, when volume came to just $320 billion.
From:: Financing
Even though quarterly new business took a tumble at National MI — earnings held up and the book of business continued to grow.
From the period that started at the beginning of this year and ended on March 31, income before income taxes worked out to $7 million.
Those details and other operational and financial metrics were provided in parent-NMI Corp.’s earnings report for the first-quarter 2017.
From:: Financing
After taking a breather for seven days, fixed interest rates on residential loans are likely to escalate in the next report.
Thirty-year fixed rates averaged 4.02 percent in Freddie Mac’s Primary Mortgage Market Survey for the week that ended on May 4.
That was minimally less than 4.03 percent the prior week. But long-term rates deteriorated compared to 3.61 percent the same week last year.
From:: Financing
In addition to swinging to a quarterly loss, Stonegate Mortgage Corp. saw a big downturn in its single-family lending volume.
For the first-three months of 2016, Stonegate suffered a $5 million loss before income taxes, swinging from a $37 million prior-quarter profit.
Those details and more were provided by the Indianapolis-based mortgage banking firm in its first-quarter 2017 earnings report.
From:: Financing
Despite a quarter-over-quarter drop in commercial real estate originations, a year-over-year gain was led by the government-sponsored enterprises and industrial property lending.
An estimated $111 billion in commercial mortgages were closed during the first-three months of this year. The total includes multifamily production.
CRE loan originations tumbled from the final-three months of last year, when commercial mortgage production was estimated at approximately $153 billion.
From:: Financing
After ascending to the highest level in two years, the number of consumers who resorted to bankruptcy moved lower last month.
A collective 67,670 new commercial and non-commercial U.S. bankruptcy cases were filed during the month of April 2017.
The total tumbled from the previous month, when there were an upwardly revised 81,610 bankruptcy filings made.
From:: Financing
For the first time in seven months, credit conditions in single-family lending have become more restrictive, though the tightening was minimal.
The Mortgage Credit Availability Index, a standardized quantitative index that is focused only on mortgage credit, was 183.0 in April 2017.
A slight dip was recorded versus 183.4 the preceding month. It was the first time the index moved lower since August 2016, when it was 164.7.
From:: Financing
Just two days after over $0.4 billion was collected for losses suffered on residential mortgage-backed securities by failed corporate credit unions, recoveries have climbed past $5 billion.
On Monday, the National Credit Union Administration announced that it collected $445 million from UBS to settle RMBS losses at two failed corporate federal credit unions.
That brought RMBS recoveries collected on behalf of several failed corporate credit unions to $4.8 billion.
From:: Financing
Although new business tumbled at Genworth Mortgage Insurance Corp., earnings were significantly better and the book of business grew.
Parent Genworth Financial Inc. earned $332 million from continuing operations before income taxes during the three months ended March 31, 2017.
The earnings results, along with a host of other operational and financial metrics, were revealed in its first-quarter 2017 earnings report.
From:: Financing
Home lending activity was off at Ocwen Financial Corp., though not as much as at its peers. Losses rose from the prior quarter but fell from a year prior.
The West Palm Beach, Florida-based organization experienced a pre-tax loss of $30 million during the period started on Jan. 1, 2017, and ended March 31.
Ocwen provided the numbers, along with other operational and financial results, in its earnings report for the first quarter of this year.
From:: Financing