COFI Up Again to 2.5 Year High

Author:  //  Category: Mortgage

The 11th District Cost of Funds Index increased again the past month, this time rising to the highest level in two and a half years.

As of August 2016, COFI, which is utilized to determine rate changes on some adjustable-rate mortgages, was 0.703 percent.

The last time that the index was as high as it was last month was in February 2014, when it was calculated to be 0.709 percent.


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COFI Up Again to 2.5 Year High

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Black, Low Income Share of Purchase Financing Rises

Author:  //  Category: Mortgage

On loans used to finance a home purchase, lower-income and black borrowers saw their share rise. But a decline was noted on refinances.

Between 2014 and 2015, the number of mortgages originated was up by 1.4 million units. That worked out to an increase of 22 percent.

On just mortgage refinances, production was up by 36 percent from 2014. Purchase financing loans saw a year-over-year rise of 13 percent.


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Incomes are rising, but don’t trust GOP to make it a trend

Author:  //  Category: Mortgage

… as payday loan rates and subprime mortgages.
The removal of meaningful consumer …

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Incomes are rising, but don’t trust GOP to make it a trend

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Subprime mortgages could put housing market in another bubble

Author:  //  Category: Mortgage

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Subprime mortgages could put housing market in another bubble

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Bigger Drop in Fraud Risk on Gov Apps than Conv

Author:  //  Category: Mortgage

Last month, potential fraud on new residential loan applications was no different than in July. A decline in risk on conventional applications was exceeded by the decline on government transactions.

The U.S. Loan Application Defect Index — which estimates the frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage applications — was 70 in August.

Although there was no change from the previous month for the index, the risk of application has improved compared to the same month last year — with the index retreating 4 percent from August 2015.


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Losses on stretched subprime auto loans will deepen into year-end

Author:  //  Category: Mortgage

… compared with the mortgage fiasco. Investors hear the word “subprime” and “have … they’re reminded of the subprime mortgage market, Melinda Zabritski, a director … lending market. Read: Subprime car loans aren’t subprime mortgages yet still worry …

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Losses on stretched subprime auto loans will deepen into year-end

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Mortgage Performance Stable as Balances Decline

Author:  //  Category: Mortgage

… (OCC) shows a universe of mortgage loans that
are performing in … graphics is the decline in
mortgages, in both number and UPB … banks. 
 
 
The share of those mortgages that were current and
performing … as prime with Alt-A and subprime loans each
comprising shares in …

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Fannie’s Biz at 3-Yr High, Delinquency at 8-Yr Low

Author:  //  Category: Mortgage

New business was higher than it’s been in three years at the Federal National Mortgage Association, while a new eight-year low was recorded for delinquency.

In its August 2016 Monthly Summary, Fannie Mae said its total book of business finished August at $3.1130 trillion — the biggest it’s been since April 2015.

The Washington-based organization’s total portfolio grew from $3.1032 trillion one month earlier and was also greater than $3.1013 trillion one year earlier.


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Fannie’s Biz at 3-Yr High, Delinquency at 8-Yr Low

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This Is Why Congress Is After Wells Fargo CEO Stumpf

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… Fargo or have taken out mortgages.” During the hearing, Rep. Jeb … Texas said he had a mortgage with the bank and wished … employees. Comparing that or the sub-prime mortgage crisis to what happened at …

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FHA Settlement for BBT

Author:  //  Category: Mortgage

Allegations that Branch Banking & Trust Co. certified government-insured mortgages that didn’t meet program requirements have been settled.

From Jan. 1, 2006, until Sept. 30, 2014, BB&T is accused of falsely certifying residential loans insured by the Federal Housing Administration.

The alleged actions on FHA loans by the Winston-Salem, North Carolina-based financial institution were in violation of the False Claims Act.


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FHA Settlement for BBT

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