Tag: finance

For several months in a row now, the risk of home loan applications having bad or bogus data has been on the rise. Issues tied to robust real estate sales might be a factor.

The frequency that information submitted in residential loan application has defects, fraudulence and misrepresentation was 4 percent greater last month than in February 2017.

That is according to the Loan Application Defect Index March 2017. The index reflects estimated mortgage loan defect rates over time.

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From:: Financing

An expansion in the size of its residential loan servicing portfolio was reported by Quicken Loans Inc. Originations, meanwhile, retreated.

The total mortgage servicing portfolio at the Detroit-based lender was $251.0 billion at the conclusion of the three months ended March 31.

Quicken delivered the number, plus other operational metrics, as part of the Mortgage Daily First Quarter 2017 Mortgage Origination Survey.

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From:: Financing

A transaction involving the sale of mortgage servicing rights on nearly $3 billion in government loans, including past-due accounts, has closed.

The residential loans are either insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.

Mortgages that are included in the portfolio, some of which are delinquent, have an aggregate unpaid principal balance of $2.7 billion.

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From:: Financing

New mortgage refinance activity tumbled this past week, dragging down overall home-lending activity. Government lending business, though, held up.

The U.S. Mortgage Market Index from Mortgage Daily and OpenClose, which does not reflect seasonal adjustments, was 152 in the week ended April 28.

That was a 7 percent drop from the preceding week for the index, which is an indication of upcoming loan originations based on OpenClose rate-lock volume.

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From:: Financing

This week’s mortgage rates bounced off of the 2017 lows they descended to last week but are not likely to move higher over the next week.

For the entire month of March, conventional 30-year fixed rates on loans up $424,100 that were used to finance a home purchase averaged 4.24 percent.

The average, which was based on a small survey of mortgage lenders by the Federal Housing Finance Agency, fell from 4.41 percent a month earlier.

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From:: Financing

As has been the trend this earnings season, mortgage originations declined on a quarter-over-quarter basis at loanDepot LLC. But the payroll grew.

The Foothill Ranch, California-based mortgage banking company serviced $34.096 billion in residential loans as of March 31, 2017.

loanDepot delivered the figure, as well as other operational data, as part of the Mortgage Daily First Quarter 2017 Mortgage Origination Survey.

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From:: Financing

The inventory of single-family properties that are under contract eased last month, with pending home sales in the Northeast and West leading the weakening.

On a seasonally adjusted basis, the Pending Home Sales Index was 111.4 as of March 2017. The index is an indication of upcoming sales based on contract signings.

Pending home sales eased from the preceding month by less than a percent. Compared to the same month last year, however, the index inched up less than a percent.

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From:: Financing

Despite retreating new business at Radian Group Inc., earnings improved, the book of business expanded and loan performance was better.

Pretax income at the Philadelphia-based company during the period that started on Jan. 1 of this year and concluded on March 31 came to $115 million.

Income improved from the first quarter of last year, when $102 million was earned. It was also better than $98 million in the final quarter of last year.

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From:: Financing

Secondary activity bounced off a monthly low but just barely at the Federal Home Loan Mortgage Corp. Loan performance was better than it’s been in nine years.

At the conclusion of March 2017, Freddie Mac’s total mortgage portfolio stood at $2.0292 trillion. The balance grew from $2.0212 trillion as of the prior month.

An even bigger expansion has been made compared to the same date last year, when the McLean, Virginia-based secondary lender’s total portfolio was $1.9554 trillion.

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From:: Financing

A new offering of mortgage servicing rights on as much as $600 million in government-sponsored enterprise loans has an East Coast concentration.

MSRs on between $35 million and $50 million per month of Fannie Mae and Freddie Mac loans are available through a co-issue servicing offering.

It is estimated that one-quarter of the loans will be secured by Florida properties, 18 percent by New Jersey residences and 14 percent by Maryland homes.

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From:: Financing