Mortgage Information

First-quarter home-loan fundings fell more than 10 percent from the fourth quarter at PHH

Residential delinquency of at least 90 days improved 7 basis points in March at Freddie Mac.

The last time delinquency declined at Freddie was in May 2007.

Purchases and issuances, meanwhile, edged up 6 percent.

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Freddie Delinquency Lower, Purchases Higher

SecoLink Settlement Services is preparing to close down by June 30.

The First American Corp. holds a 51 percent stake in the SecoLink.

The other 49 percent is owned by KeyBank

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1st American Unit Closing

A new apartment financing program was announced by Prudential Mortgage Capital Co.

The program is a short-term loan for multifamily properties.

It can be used to finance the purchase or refinance of multifamily properties that are not eligible for financing with either Fannie Mae or Freddie Mac.

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Non-Agency Multifamily Program Launched

The number of mortgage insurance policies written during March shot up by nearly half from February, according to data from the Mortgage Insurance Companies of America.

Based on dollar volume, businsess was up a quarter.

At the same time, the number of primary defaults declined 8 percent from the previous month.

Compared to the previous year, defaults were down one-quarter.

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M.I. Firms Post Strong March

The Mortech-MortgageDaily.com Mortgage Market Index for the week ended April 28 improved to 228 from 224 last week.

The jumbo 30 year jumped to 5.84% from last week’s 5.79%.

The latest activity pushed the spread between the conventional and jumbo 30-year mortgage to 73 BPS from 68 BPS in the previous report.

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Business Up as Jumbo Spread Widens

The U.S. Department of Housing and Urban Development’s Office of Inspector General has split the Midwest region into two regions, an OIG

The right technology can help loan officers keep up with the many fees listed in the new Good Faith Estimate, attendees were told at the Mortgage Bankers Association’s annual mortgage technology conference.

Technology helps in keeping track of all the entries, including those still needed, and limiting changes to only those allowed.

“It’s not a good faith estimate; it’s a binding offer,” cautioned one panelist.

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Technically Compliant

TORONTO, Ontario, April 29, 2010 — At a time when Canadian consumers are sitting on record levels of debt, the country’s corporate sector finds itself facing the opposite situation with its debt levels at record lows. This puts Corporate Canada in a strong position to withstand future interest rate hikes, finds a new report from CIBC World Markets Inc.
The report notes that corporate …

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Corporate Canada’s low debt levels will lessen pain of rate hikes: CIBC World Markets Inc.

TORONTO, Ontario, April 29, 2010 — After engineering a massive fiscal offensive in 2009, and keeping up the fight against recession in 2010, Canadian governments will soon be pulling back on spending, putting a drag on growth in 2011, finds a new report from CIBC World Markets Inc.
“With the lightest net debt burden in the G7, Canada has greater flexibility to go slow on deficit …

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Government restraint will exert major drag on growth in 2011: CIBC World Markets Inc.