COFI Slips to Near Record Low

Author:  //  Category: Mortgage

A minuscule decline in the 11th District Cost of Funds Index has it teetering very near its lowest level on record.

COFI, which is used as an index on a small share of adjustable-rate mortgages, was down less than a basis point in October.

In fact, the 11th District index level for October was within a single basis point of the record-low reached in August.


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Fannie’s New Business, Residential Delinquency Down

Author:  //  Category: Mortgage

Although new monthly business subsided at the Federal National Mortgage Association, so did delinquency on its residential loans.

New business acquisitions at Fannie Mae came to seven percent less during the month of October than it did a month previous.

The secondary activity, along with other operational metrics, were reported by the Washington-based company in a monthly summary.


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Appraisal Fraud Warning on Reverse Mortgages

Author:  //  Category: Mortgage

A warning has been issued about the use of fraudulent appraisals on the refinance of government-insured reverse mortgages.

The bogus valuation reports are allegedly being utilized to enable the refinance of home-equity conversion mortgages.

Residential property values are being fraudulently inflated by between 60 percent and 100 percent on the HECM transactions.


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Ginnie MSR Offering Has Big Service Fee

Author:  //  Category: Mortgage

An offering of mortgage servicing rights on more than $0.6 billion in Government National Mortgage Association loans comes with an attractive service fee.

Bids are currently being accepted for MSRs on approximately 5,430 Ginnie Mae residential loans with an aggregate principal balance of $604 million.

All of the mortgages are fixed rate, and 98 percent of them were originated through the retail channel. A hundred percent of the mortgages are owner-occupied.


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Weekly Mortgage Market Index Drops, ARMs Sink

Author:  //  Category: Mortgage

New mortgage activity fell last week, though — given the Thanksgiving holiday and Black Friday — the decline was modest. Adjustable-rate business sank.

A 19 percent drop from a week prior left the U.S. Mortgage Market Index from OpenClose and Mortgage Daily at 107 for the week ended Nov. 27.

The index, a representation of average per-user rate locks by clients of OpenClose, was down 12 percent compared to the same week one year earlier.


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After subprime collapse, nonbank lenders again dominate riskier mortgages

Author:  //  Category: Mortgage

… crop of mortgage companies, particularly those with ties to now-defunct subprime lenders … symbolize the excesses of the subprime mortgage boom. Kurland maintains that PennyMac … in: alternative to qualified mortgages. These higher-rate mortgages might feature interest-only payment …

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Aberdeen may need a shelter from the storm

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… than the specific mechanics of subprime credit, mortgage-backed securities and collateralised debt …

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James Quinn: Aberdeen may need a shelter from the storm

Author:  //  Category: Mortgage

… than the specific mechanics of subprime credit, mortgage-backed securities and collateralised debt …

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Growing Non-Bank Mortgage Sector Raises Concerns

Author:  //  Category: Mortgage

A growing group of non-bank firms are grabbing a bigger share of risker government-insured mortgage originations and making loans that don’t meet Qualified Mortgage requirements.

Prominent among today’s non-bank home lenders are PennyMac Loan Services LLC, AmeriHome Mortgage Corp. and Stearns Lending Inc. — all based in Southern California.

In addition to sharing the same geographic location, each of these companies have senior executives who previously worked for former subprime giant Countrywide Financial Corp.


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Northeast, West Drive Up U.S. Pending Home Sales

Author:  //  Category: Mortgage

It wasn’t a big increase, but monthly pending sales of U.S. residential properties inched up thanks to improvements in the Northeast and West.

As of October, the Pending Home Sales Index was 107.7. The index is a forward-looking indicator that is based on contract signings.

That worked out to an 0.2 percent increase over the previous month — when the index had fallen to its lowest level since January of this year.


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