West Leads Modest Rise in Existing Home Sales

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The first increase in existing home sales during the last four months was led by sales in the West. Hurricanes likely restrained activity in the South.

Sales of pre-owned single-family houses, townhomes, condominiums and co-operatives during September were determined to be a preliminary 465,000 units.

Last month’s existing home sales brought the total for all nine months that have elapsed so far this year to 4.204 million residential units.


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West Leads Modest Rise in Existing Home Sales

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Peter Boutell, Lending a Hand: Income qualify yourself for a mortgage

Author:  //  Category: Mortgage

… in the mortgage business. Except for the years during the subprime era … in the neighborhoods.
Unfortunately, when mortgage lenders attempt to offer online … mortgage professional will make your home buying experience much smoother.
Local mortgage

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Weekly VA Mortgage Business Rises to 4-Month High

Author:  //  Category: Mortgage

rospective mortgage origination activity ascended from the holiday week, with adjustable-rate mortgages seeing the strongest gain. Lending activity for veterans climbed to the highest level in over four months.

During the seven days that concluded on Oct. 20, the U.S. Mortgage Market Index from Mortgage Daily, which is determined based on rate-lock volume at OpenClose, was 149.

Compared to the previous seven-day period that included Columbus Day, the index jumped 16 percent. The index, a barometer of prospective loan closings, is not adjusted for seasonal factors.


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SunTrust’s Mortgage Income, Originations Drop

Author:  //  Category: Mortgage

Home lending and mortgage earnings weakened from a year ago at SunTrust Banks Inc., though earnings improved on a quarter-over-quarter basis. Delinquency deteriorated.

From July 1, 2017, through Sept. 30, income before the provision for income taxes was $765 million, according to SunTrust’s third-quarter earnings report.

Income at the Atlanta-based bank-holding company improved from $691 million a year prior and was also up from $752 billion in the prior quarter.


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Stearns Lending Cutting Southern California Jobs

Author:  //  Category: Mortgage

Well over a hundred mortgage jobs are being eliminated by Stearns Lending LLC. The impacted employees are located in the Golden State.

Data provided last year by the Santa Ana, California-based mortgage banking firm indicated national staffing exceeded 2,000 people.

Headcount had more than doubled from  five years earlier, when Stearns Lending employed fewer than a thousand people.


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Tracker mortgage overview: Which banks are playing ball?

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… redress and compensation.
Start Mortgages
Subprime mortgage lender Start Mortgage, which closed to new … mortgages and has notified the Central Bank of this.
Stepstone Mortgage Funding
Subprime lender Stepstone Mortgage Funding, which was …

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Apartment Lending Sets Another Record

Author:  //  Category: Mortgage

After ascending to the highest level on record in 2015, apartment lending activity again established a new record last year.

The origination of new loans to finance residential properties that have at least five units amounted to $269.2 billion during all of 2016.

Last year’s originations turned out to be the biggest single year for multifamily mortgage production ever.


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Monthly Mortgage Rates Lowest Since Last Year

Author:  //  Category: Mortgage

Last month, interest rates on single-family loans fell to their lowest level since last year. In addition, there was a nice week-over-week improvement in long-term rates.

Thirty-year note rates averaged 4.21 percent on residential loans that were closed in September. That was the lowest average since it was 4.05 percent in December 2016.

Mortgage rates averaged 4.27 percent in August 2017. But 30-year note rates were worse than in September of last year, when the average was just 3.75 percent.


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New Wholesaler Staffed By Millennials

Author:  //  Category: Mortgage

A new wholesale mortgage lender is opening for business in a handful of states with plans to quickly expand to several more. Staffing is dominated by millennials.

Princeton Mortgage Corp. says it is a full-service mortgage banking firm. The Pennington, New Jersey-based company was founded in 1983.

On Thursday, a news release indicated that the the lender is opening a new wholesale division. The unit is expected to start doing business this month.


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BB&T Mortgage Lending, Income Sink from Yr Earlier

Author:  //  Category: Mortgage

Quarterly mortgage earnings and originations significantly deteriorated from a year earlier at BB&T Corp., while mortgage delinquency worsened from the previous period.

In its earnings report for the third quarter, the Winston-Salem, North Carolina-based bank-holding company disclosed $942 million in income before income taxes.

Earnings improved from $915 million during the same three-month period last year. But income was modestly off from the preceding quarter, when $978 million was earned.


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