FHA, Purchase Activity Tumbles

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As prospective borrowers settled into a long weekend, inquiries for government-insured loans and purchase financing took the biggest hit. Not even low mortgage rates that are on a declining trajectory could halt the overall holiday slowdown. Jumbo mortgage inquiries, however, picked up.

Loan originators pulled 7 percent fewer inquiries than a week earlier, placing the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the week ended Aug. 31 at 208. The index was off by nearly a quarter compared to a year earlier.

A 12 percent decline from the week ended Aug. 24 in inquiries for Federal Housing Administration loans helped pull down overall activity. FHA inquiries were 11 percent less than the same week last year. FHA

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Membership Grows as Number of Credit Unions Shrinks

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The nation’s credit unions are expanding their collective base of members, and fewer institutions are servicing the new members. The sector has seen several quarters of lending growth as earnings and capital strength also improved.

First mortgage lending by federally insured credit unions increased by 1.7 percent during the quarter ended June 30.

All but one lending category saw increased activity in the latest three-month period.


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The Romney-Ryan Budget: Turning Medicare Into a Boon for the Insurance Industry and a Bust for Seniors

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… a thoroughly informed decision? The sub-prime mortgage crisis offers an important lesson …

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The Romney-Ryan Budget: Turning Medicare Into a Boon for the Insurance Industry and a Bust for Seniors

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Funds And Games

Author:  //  Category: Mortgage

… would pocket $50B shorting the sub-prime mortgage market, this game tempted players … to nab the highly-sought interest-only mortgage “teaser rate,” letting them turn …

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Funds And Games

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FHA  Delinquency Worse But Production Up

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The origination of government-insured mortgages picked up last month but might have weakened in August thanks to a drop in new refinance applications. Federally insured reverse mortgage volume tumbled in July, though new applications have rebounded. The rate of seriously delinquent government mortgage inched up again.

The Federal Housing Administration endorsed 4 percent more in mortgages during July than in June. However, subsequent endorsement activity is poised to slip based on new applications, which fell in July.

Originations were also better than July 2011 by 27 percent.


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FHA  Delinquency Worse But Production Up

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G-Fee Increase Tackles Industry Concentration

Author:  //  Category: Mortgage

Government data indicates that conventional agency originations are becoming too concentrated among a small group of mega-lenders. It also found that 15-year borrowers are subsidizing rates for 30-year borrowers. So higher guarantee fees are being implemented to tackle both of these issues.

An annual report on single-family guarantee fees at Fannie Mae and Freddie Mac released Friday found that average g-fees at the two secondary lenders were 28 basis points during 2011.

A year earlier, the average was 26 BPS.


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G-Fee Increase Tackles Industry Concentration

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Mortgage Insurers Expand Activity

Author:  //  Category: Mortgage

New mortgage insurance business strengthened last month to the highest level since before the global financial crises erupted. Outstanding policies expanded for the second consecutive month. But defaults inched up.

Mortgage insurance volume was 7 percent better during July than in June. Even better yet, activity more than doubled from July 2011 – when volume still included business from PMI Mortgage Insurance Co. and Republic Mortgage Insurance Co.

In fact, based on historical data, mortgage insurance activity hasn’t been this good since just before the global financial crisis erupted in August 2008.


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Mortgage Insurers Expand Activity

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Hard Money Lender Denies Investor Fraud Charges

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21st Century Financial Resources Inc. was a hard-money lender that depended on investors for lending capital. The former chief of the company has pleaded not guilty to allegations she deceived investors.

Linda Kennedy shut down her company, 21st Century Financial Resources Inc., in August 2007. At the time, she blamed the company’s demise on a reduction in revenues.

The subprime mortgage market fell apart in 2007, with nearly 170 mortgage-related firms closing their doors. So the demise of 21st Century could easily be written off as another subprime casualty. But prosecutors have a different hypothesis.


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Perspectives of the Socialist Equality Party

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… major geographic sector. The 2008 sub-prime mortgage collapse in the United States … fraudulent financial instruments associated with sub-prime mortgages flowed directly from the separation …

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Perspectives of the Socialist Equality Party

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Citigroup in $590-mn settlement of subprime lawsuit

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Citigroup in $590-mn settlement of subprime lawsuitJessica Silver-Greenberg / Aug 31, 2012 … the bank’s exposure to subprime mortgage debt on the eve of … mid-October 2007, Citigroup represented that subprime exposure in its investment banking …

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