Mortgage Information

Third-quarter home-loan production will exceed the second quarter by 7 percent, Freddie Mac reported in its economic outlook.

Refinance share is projected to account for 78 percent of this quarter’s originations.

Second-quarter refinance share was 75 percent.

Original post:
Residential Originations Rise with Refis

During July, foreclosures were filed on 4 percent more U.S. properties than in June, RealtyTrac reported.

But in California, which had more filings than any other state, foreclosures fell 3 percent.

U.S. real-estate-owned filings jumped 9 percent last month, the report said.

Read the rest here:
CA Foreclosures Improve; US Deteriorates

Select Portfolio Servicing Inc.’s primary servicer and special servicer quality ratings for subprime mortgages were upgraded by Moody’s Investors Services.

In addition, Select’s primary servicer rating for second liens was raised by the ratings agency.

An improvement in Select’s collections and loss mitigation loan level performance compared to its peers was the primary driver behind the ratings actions.

Source:
Upgrade to Select’s Servicer Ratings

The subprime servicer quality rating for CitiMortgage Inc. was raised by Moody’s Investors Service.

Moody’s noted “solid” performance at the servicer’s call center based on customer service and collections.

Outbound collection calls are prioritized through a proprietary behavioral scoring model.

Here is the original post:
Citi’s Subprime Servicer Rating Raised

The Federal Housing Administration had planned to implement a new FHA mortgage insurance premium structure in September.

But this past week, the industry “voiced strong concern about having system changes ready in time to meet” the deadline, a letter said.

So the new premium implementation date has been delayed until October.

Changes in FHA Premiums Delayed

The Federal Housing Administration says it has taken nearly 1,500 administrative sanctions against lenders during 2010.

The actions include reprimands, probations, suspensions and financial penalties.

The Office of Inspector General at the U.S. Department of Housing and Urban Development is currently looking at 15 lenders that have high default rates on FHA loans.

Read the original:
Nearly 1,500 FHA Actions in 2010

Freddie Mac noted that while mortgage rates have shattered the record lows set in 2003, originations this year are expected to come in at less than half of 2003’s level.

Freddie said cash is one reason for the lackluster activity.

Another factor is falling home prices.

See the original post here:
Why Record Rates aren’t Moving Mortgage Market

Concerned about a slowing of the economic recovery, the Federal Reserve decided to resume buying U.S. Treasury bonds in an effort to hold down long-term interest rates.

In response, the 10-year Treasury note yield fell 5 basis point from Monday to Tuesday.

The 10-year yield was the lowest it’s been in 15 months.

Read the original here:
15-Month Low for 10-Year Yield

PHH

Banking regulatory agencies are required to issue an interim final rule on appraiser independence within 90 days of the enactment of financial reform legislation, a news release from InHouse Inc. said.

The interim final rule replaces the Home Valuation Code of Conduct, the release said.

“While HVCC is going away in name only, it will be replaced by more stringent appraiser independence laws in which violations are unlawful,” InHouse’s president warned in the statement.

See original here:
HVCC Being Replaced