COFI Cools

Author:  //  Category: Mortgage

The Federal Home Loan Bank of San Francisco reported that the cost of funds for its member banks declined 23 basis points in June from May. Member institutions are based in Arizona, California and Nevada. In June 2008, the index was 123 BPS higher

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COFI Cools

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Colonial Warns of Failure

Author:  //  Category: Mortgage

In March, Colonial BancGroup announced that Taylor, Bean & Whitaker was leading a $300 million investment in the struggling financial institution. In its second-quarter 2009 earnings report, Colonial said Taylor Bean exercised an option to abandon the transaction. “Management has concluded that there is substantial doubt about Colonial’s ability to continue as a going concern,” the report said.

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Colonial Warns of Failure

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Originations Soar at Citi

Author:  //  Category: Mortgage

Second-quarter residential originations jumped 42 percent from the first quarter, according to data reported to MortgageDaily.com by the New York-based company. Citi stopped reporting origination data in its earnings reports. Compared to a year earlier, volume was 12 percent better

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Originations Soar at Citi

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M.I. Volume Turns Higher

Author:  //  Category: Mortgage

June mortgage insurance volume inceased by more than 700 policies written from May, data reported by the Mortgage Insurance Companies of America indicated. The dollar volume of new polices increased by nearly $1 billion. Based on an increase in new applications during June, upcoming business is likely to improve.

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M.I. Volume Turns Higher

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Brokers Lose RESPA Lawsuit

Author:  //  Category: Mortgage

A federal judge ruled in favor of the U.S. Department of Housing and Urban Development in a lawsuit filed by the National Association of Mortgage Brokers, the trade group announced. The brokers were hoping to block the upcoming rule change to the Real Estate Settlement and Procedures Act. At issue is the requirement for mortgage brokers to disclose yield spread premiums while mortgage bankers don’t have to disclose service-released premiums.

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Brokers Lose RESPA Lawsuit

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Delinquency Higher, Foreclosure Starts Lower

Author:  //  Category: Mortgage

U.S. residential delinquency of at least 60 days ended June at 20 basis points above May, HOPE NOW reported. Compared to a year earlier, delinquency was up 241 BPS. But foreclosure starts during June fell by 3,000 from May.

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Delinquency Higher, Foreclosure Starts Lower

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Fannie Volume, Delinquency Surge

Author:  //  Category: Mortgage

During June, Fannie Mae’s new business acquisitions climbed to the highest level since September 2003, the Washington, D.C.-based company reported in its monthly summary. But residential delinquency of at least 90 days climbed 26 basis points in May from April — reaching another all-time high. Multifamily delinquency rose 14 BPS in May to the highest level on record based on MortageDaily.com data going back to 2001.

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Fannie Volume, Delinquency Surge

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Billion Dollar Producer Emerges

Author:  //  Category: Mortgage

Second-quarter mortgage production at Wintrust Financial Corp. were $1.5 billion, according to earnings data. Volume more than tripled from a year earlier. A December 2008 acquisition boosted Wintrust’s annual originations by more than $1.5 billion.

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Billion Dollar Producer Emerges

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[News] California, Florida Cities Dominate Foreclosure Rankings

Author:  //  Category: Mortgage

Sun Belt cities continue to be pummeled by foreclosures, with California and Florida heavily dominating the list of worst-affected communities, according to new data from the foreclosure management firm RealtyTrac.

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[News] California, Florida Cities Dominate Foreclosure Rankings

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ARM Share Up as 15-30 Year Spread Widens

Author:  //  Category: Mortgage

The spread between the 15-year and the 30-year fixed-rate average rose to 56 basis points in Freddie Mac’s latest weekly survey. The spread is at the the widest it has been since March 2008. As fixed rates have been increasing more rapidly than adjustable-rate mortgages, the ARM application share rose to 5.5% in the latest Mortgage Bankers Association’s Weekly Mortgage Applications Survey.

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ARM Share Up as 15-30 Year Spread Widens

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