Wells Helps Over 2k With Downpayment Help in 2016

More than 2,000 home-purchase transactions were enabled this year as a result of a Wells Fargo & Co. program that provides down payment assistance.

Since 2012, the San Francisco-based company reports that it has helped 12,725 homebuyers with down payment assistance grants and homebuyer education.

That worked out to over $327 million invested by Wells Fargo to support local economic recovery and advance neighborhood revitalization in 48 communities.

Source: Mortgage Daily

Florida Metros Lead Monthly Home Price Growth

On a month-over-month basis, cities in Florida dominated home price gains. On a year-over-year basis, a pair of Northwest cities continued to lead.

As of October of this year, the S&P CoreLogic Case-Shiller Composite-20 Index came in at a level of 191.79, rising 0.1 percent from the prior month.

An even more substantial increase has been recorded for the index compared to the same month last year, with a 5.1 percent year-over-year increase.

Source: Mortgage Daily

CMBS Delinquency Dips But Expected to Worsen

An improvement was recorded in the performance of securitized commercial real estate loans, though deterioration is forecasted for next year.

As of Nov. 30 of this year, delinquency of at least 30 days on loans that are included in commercial mortgage-backed securities was 2.98 percent.

The 30-day rate moved down 5 basis points compared to the end of the previous month, when delinquency had moved higher by 13 basis points.

Source: Mortgage Daily

Midwest Leads Gain in New Home Sales

A sharp month-over-month increase in new home sales in the Midwest region was out front of an improvement on a national basis.

The sale of new single-family houses that were sold during the entire month of November 2016 came to a preliminary 41,000 units.

New home sales slowed from the previous month, when the number was 45,000, and an upwardly revised 36,000 a year previous.

Source: Mortgage Daily

Mortgage Business Tumbles Heading Into Holidays

Moving into the holiday weekend, new mortgage business turned sharply lower. After surging in the previous report, jumbo lending activity plummeted.

An indication of upcoming originations, the U.S Mortgage Market Index from Mortgage Daily and OpenClose, was 113 in the week ended Dec. 23.

The index, which is not adjusted for seasonal factors, tumbled 26 percent from a week earlier. But compared to the same week last year, it was up 3 percent.

Source: Mortgage Daily

Trio of RMBS Legal Actions Exceed $12 Billion

A trio of legal actions by the government are related to toxic residential mortgage-backed securities and include two settlements for more than $12 billion.

The actions were taken by the Department of Justice against three European financial institutions over their alleged roles in the issuance and sale of RMBS.

They are likely the last major RMBS actions to be taken as part of the Obama administration’s aggressive prosecution of banks blamed for the financial crisis.

Source: Mortgage Daily

Mortgage Rates Surge to Over 2.5-Year High

Weekly mortgage rates surged to the highest level in more than two-and-a-half years, and the outlook is for them to stay put.

Thirty-year note rates averaged 3.81 percent on all residential loans that were closed during the month of November 2016.

Mortgage rates climbed 5 basis points from the previous month, while they were down from 4.23 percent a year previous.

Source: Mortgage Daily

Home Values and Prices Move Higher

National home values and Home Price Indices have gained more than 6 percent on a year-over-year basis, though one forecast has a smaller gain over the next year.

The Federal Housing Finance Agency reported Thursday that its seasonally adjusted purchase-only HPI was 240.2 in October, up 0.4 percent from the prior month.

FHFA’s index is based on home-sales data collected on residential loans that are purchased or guaranteed by Fannie Mae and Freddie Mac, which it regulates.

Source: Mortgage Daily

FHA Business Holds Up, But Delinquency Worsens

Residential business held up at the Federal Housing Administration, with refinances accounting for a bigger share of endorsements. But monthly loan performance deteriorated.

FHA finished the first month of its fiscal-year 2017 with insurance in force on 8,460,037 single-family loans, home-equity conversion mortgages and Title I loans for $1.2538 trillion.

The agency’s book of business was 8,461,151 loans for $1.2518 trillion as of Sept. 30, 2016, while it stood at 8,410,847 insured loans for $1.2261 trillion as of Nov. 30, 2015.

Source: Mortgage Daily

Mortgage Delinquency Up, Foreclosures Down

Although mortgage delinquency has deteriorated for three consecutive months, the number of loans in foreclosure fell to an almost 10-year low.

Residential loans that were delinquent at least 30 days or in the foreclosure pre-sale inventory numbered 2.761 million as of Nov. 30, 2016.

That was 55,000 more non-current loans than as of the end of the prior month. But it was 428,000 fewer units than as of the same point last year.

Source: Mortgage Daily