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1st Mortgage 90-Day Rate Down 3 Mths in Row

Last month’s rate of serious mortgage delinquency moved lower and has shown improvement now for three consecutive months. Miami’s drop was biggest.

Based on the Composite Consumer Credit Default Index, delinquency of at least 90 days on consumer credit worked out to 0.86 percent in June.

The rate– which reflects the performance of automobile loans, bank cards and first and second mortgages — retreated 3 basis points from one month previous


Source: Mortgage Daily

BofA Earnings, Mortgage Originations Up

Quarterly earnings were stronger at Bank of America Corp. as originations improved. The payroll expanded, and the residential and commercial mortgage portfolios grew.

Charlotte, North-Carolina-based BofA disclosed in its second-quarter earnings report $8.5 billion in income before income taxes.

Results exceeded the second quarter of last year, when it earned $8.1 billion, and three months earlier, when earnings worked out to $8.4 billion.


Source: Mortgage Daily

Monthly Issuance Rises at Ginnie Mae

A modest improvement was made in monthly securitization volume at the Government National Mortgage Association. But a year-over-year drop was also reported.

Issuance of Ginnie Mae mortgage-backed securities amounted to $36.999 billion during June, according to data released Monday by the government-owned organization.

Securitizations surpassed the $35.321 billion in issuance the preceding month. But business has retreated from $41.526 billion in the same month last year.


Source: Mortgage Daily

Citi's Home Lending Up, Mortgage Earnings Down

As company-wide earnings improved at Citigroup Inc., mortgage income fell. Headcount, servicing and single-family assets were all lower, and delinquency was higher. But residential loan originations rose.

Income from continuing operations before income taxes came to $5.9 billion during the three months ended mid-2018, according to Citi’s second-quarter earnings report.

An improvement was noted compared to the same-three months last year, when the New York-based financial institution earned $5.7 billion. Earnings slipped, though, from $6.1 billion the preceding quarter.


Source: Mortgage Daily

Mortgage Originations Up at Chase, Servicing Down

Although quarterly mortgage earnings deteriorated from a year ago at JPMorgan Chase & Co., company-wide income rose. Mortgage originations fell, as did servicing and headcount.

The New York-based company said in its second-quarter earnings report that income before income tax expense was $10.6 billion in the three months ended June 30.

Chase’s earnings were better than the $9.7 billion in profits a year prior. Income was slightly off, though, from $10.7 billion earned in the first-three months of this year.


Source: Mortgage Daily

Fmr Trump Lawyer Got $3.5 Mil Mortgage Before Raid

Just days before his home and office were raided by the FBI, President Donald Trump’s former personal lawyer took out a $3.5 million non-traditional mortgage.

Michael Cohen was Trump’s personal lawyer who reportedly paid $130,000 in 2016 to Stormy Daniels, who claims she had sex with the President.

Cohen is under criminal investigation for bank fraud and campaign finance violations, and his house, office and hotel were raided by FBI agents in April.


Source: Mortgage Daily

Wells Fargo's Home Lending Heightens, Headed Higher

Company-wide earnings deteriorated at Wells Fargo & Co. But it boosted quarterly home lending volume, and the current quarter is poised for further escalation. Correspondent share tumbled.

From April 1 through June 30, income before income-tax expense came to $7.1 billion, the San Francisco-based bank-holding company revealed in its second-quarter earnings report.

Wells Fargo’s income descended from the same three-month period last year, when it earned $8.1 billion. But results were better than the previous three-month period, when income was $6.7 billion.


Source: Mortgage Daily

Purchases Lead Weekly Mortgage Business Up

New mortgage activity picked up from the holiday week, with home-purchase financing leading the way. But the cashout share of business diminished to the most narrow level since last year.

During the week ended July 13, the Mortgage Daily U.S. Mortgage Market Index jumped 37 percent from the preceding seven-day period. No adjustment was made to the prior week for the Fourth of July.

The index, an indication of upcoming originations based on average per-user rate-lock volume for clients of OpenClose, dropped 22 percent versus the week that concluded a year previous.


Source: Mortgage Daily

Tiny GSE MSR Portfolio For Sale

Mortgage servicing rights on less than $200 million in government-sponsored enterprise loans with a three-state concentration are being marketed for sale to the highest bidder.

Bids are currently being accepted for MSRs on 990 single-family loans that had an aggregate unpaid principal balance of $0.182 billion as of May 31.

A fifth of the properties securing the loans are located New Jersey, 19 percent are in Indiana, and 11 percent are in Pennsylvania. No other state has a double-digit concentration.


Source: Mortgage Daily

Escalation Reported for Mortgage Rates

The short-term report is that interest rates on residential loans turned higher this past week. The medium-term outlook is for more of the same.

For all of June, customers shopping rates at LendingTree for a loan to finance a home purchase were offered an average annual percentage rate of 5.00 percent.

But for prospective borrowers who had the highest credit scores — at least 760 — the average APR last month worked out to 4.86 percent.


Source: Mortgage Daily

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