Quicken Loans Founder Wealthiest in Michigan

The founder and owner of Detroit-based Quicken Loans Inc. has been ranked as the richest person in the state of Michigan.

Dan Gilbert has an estimated net worth of nearly $6 billion, according to Forbes.com’s latest rankings of the richest individuals in every state.

In addition to Quicken — Gilbert is the majority owner of the Cleveland Cavaliers, has over 100 business and real estate ventures, and owns more than 90 Detroit properties.


Source: Mortgage Daily

South, West Drive Up U.S. Home Sales

A surge in new home sales in the South and the West was enough to offset a plunge in residential sales in the Northeast and Midwest.

On a preliminary basis, the sale of 58,000 new, privately owned, single-family houses were completed during all of May 2017.

New home sales edged up from an upwardly revised 57,000 the one month prior and an upwardly revised 53,000 one year prior.


Source: Mortgage Daily

Top Latino Mortgage Originator Is At PrimeLending

The latest ranking of Latino mortgage originators is out, and PrimeLending is the employer of the No. 1 producer. The overall group nudged up annual lending.

Production for the country’s 250 top-producing Latino loan originators amounted to 33,345 loans with an aggregate principal balance of $8.19 billion in 2016.

That was stronger than during the preceding year, when the top-250 Latino originators generated 32,783 in single-family loan closings for $8.107 billion.


Source: Mortgage Daily

9-Yr Low for Freddie's Single-Family Delinquency

Residential loan delinquency again turned lower at the Federal Home Loan Mortgage Corp., this time to the lowest level in nearly a decade.

The month-end balance of the secondary lender’s total mortgage portfolio was $2.0332 trillion as of May, according to its Monthly Volume Summary: May 2017.

McLean, Virginia-based Freddie Mac grew its portfolio from $2.0301 trillion one month earlier and $1.9577 trillion twelve months earlier.


Source: Mortgage Daily

Mortgage Servicing, Staffing Expand at Caliber

Over at Caliber Home Loans Inc., staffing has expanded by more than 1,500 employees during the past 12 months. Also expanding was its mortgage servicing portfolio.

There were 427,029 single-family loans with a collective unpaid principal balance of $96.376 billion serviced by the Irving, Texas-based company as of March 31, 2017.

Caliber revealed those details, as well as other operational metrics, as part of the Mortgage Daily First Quarter 2017 Mortgage Origination Survey.


Source: Mortgage Daily

Decade Low for Serious Mortgage Delinquency

A decade has elapsed since the rate of serious mortgage delinquency was as low as it was in May. The foreclosure rate also fell to a 10-year low.

As of the end of last month, there were 2.348 million single-family loans that were either 30 days past due or in the foreclosure inventory.

The number diminished from April, when 2.505 million mortgages were past due, and May 2016, when there were 2.727 million delinquent loans.


Source: Mortgage Daily

Small Portfolio of Fannie Mae Loans Sold

A small portfolio of non-performing single-family loans that are owned by the Federal National Mortgage Association has been auctioned off.

The loan sale, which was initially marketed beginning on May 10, includes 123 mortgages that have a collective unpaid principal balance of $32 million.

The Fannie Mae loans are divided into two community impact pools that consist of residential loans with a concentration in New York and New Jersey.


Source: Mortgage Daily

100s of Mortgage-Related Hirings in Florida

Hundreds of hirings are planned for a mortgage service provider that is opening up a location in Florida next month.

Genpact — which provides a variety of services across multiple industries — is opening a new office in Jacksonville, Florida.

A Genpact spokeswoman said that when the office opens, it will provide mortgage processing services for one particular client.


Source: Mortgage Daily

Record Prices, Market Time as Existing Home Sales Up

Monthly sales of pre-owned residential properties rose. Record prices are being paid for existing homes as properties fly off the market. Time on market was a record low.

On a preliminary basis, there were 555,000 existing single-family homes, townhomes, condominiums and co-operatives sold during May.

That was greater than the revised 447,000 in the preceding month and the single best month for existing home sales since June 2016’s volume of 582,000.


Source: Mortgage Daily

Refi Share Thins, Conventional Metrics Strong

Refinances accounted for a smaller share of last month’s home lending. Conventional refinance share was the widest. Conventional closing rates and turn times were the best.

Conventional loans made up 63 percent of all single-family loans that were closed during May. That was moderately thinner than the 64 percent share the same month last year.

But the share of production that was for mortgages insured by the Federal Housing Administration was no different than in May 2016, when it was also 23 percent.


Source: Mortgage Daily