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Mortgage Bankers Nudge Up Q1 Refi Forecast

Over the past month, mortgage bankers have grown more optimistic about the volume of refinances that will be originated during the first-three months of this year.

Total single-family production by all U.S. lenders, including purchase financing and refinances, is forecasted to reach $346 billion during the first-quarter 2018.

Mortgage originations are then projected to jump to $450 billion during both the following three months and during the third quarter.


Source: Mortgage Daily

Pool of Investor Mortgages Being Auctioned

A pool of non-owner occupied home loans with a three-state concentration are being auctioned off to the highest bidder.

Bids are being taken on a pool of roughly 780 performing residential loans that have an aggregate unpaid principal balance of $39 million.

The non-recourse mortgages are investor transactions. No losses have been recorded for the portfolio since the program began.


Source: Mortgage Daily

Mortgage Biz Up From Yr Ago, Rate-Term Share Sinks

Compared to a year ago, more borrowers locked in rates on their home loans this holiday week. A slowdown in refinance activity continued, with rate-term transaction share at its most narrow point on record. Government business also saw a big decline.

A more than 7 percent decrease from last week was recorded for the Mortgage Daily U.S. Mortgage Market Index for the seven days that ended on Feb. 23. The drop was insignificant given that the week included Presidents Day.

The index increased 6 percent from the same-seven days last year. No adjustments are made for seasonal factors to the MMI, which is based on average per-user rate-lock volume by OpenClose clients.


Source: Mortgage Daily

Mortgage Delinquency Sinks, Foreclosure Starts Soar

As last year’s hurricanes continue to have an impact on the performance of mortgages, delinquency tumbled and new foreclosure filings soared.

At the conclusion of January, there were 2.539 million U.S. residential loans that were either 30 days or more past due or in foreclosure.

Included in the non-current mortgage inventory were 2,202,000 mortgages that were not in foreclosure and 337,000 loans in the foreclosure pre-sale inventory.


Source: Mortgage Daily

Weekly, Monthly Rates Up Again, Likely to Continue

Mortgage rates increased on a weekly and monthly basis to the highest level since 2014, and more ascension is expected. Rising rates are driving more borrowers into adjustable-rate mortgages.

Average 30-year note rates on single-family loans that were closed during January 2018 were 4.33 percent, according to Ellie Mae Inc.’s January 2018 Origination Insight Report.

Rates have risen for three consecutive months and stand at their highest level since May 2017. Thirty-year note rates were 4.28 percent the prior month and 4.31 percent a year prior.


Source: Mortgage Daily

Record Purchase Lending at Guild, Staffing Grows

Annual home lending held up at Guild Mortgage Co., which reported an all-time high for purchase-money volume. Staffing expanded, but the servicing portfolio was slashed.

At the conclusion of 2017, the San Diego-based mortgage banking firm serviced 4,177 single-family loans with a collective unpaid principal balance of $0.948 billion.

Guild, which provided the details and more as part of the Mortgage Daily Fourth Quarter 2017 Mortgage Origination Survey, slashed its servicing portfolio from 182,560 loans for $36.540 billion as of Sept. 30.


Source: Mortgage Daily

Some Credit Scores Rise After Changes to Reporting

Changes to the reporting of public records on credit bureaus last year have begun to yield improvements to credit scores for some consumers.

The National Consumer Assistance Plan was launched in March 2015 by the three major credit repositories — Equifax, Experian and TransUnion.

Behind the development of the plan was a settlement between the three credit bureaus and attorneys general from more than 30 states.


Source: Mortgage Daily

Trade Group Chief Apologizes to Quicken Loans

The president of a state mortgage trade group has apologized to Quicken Loans Inc. for statements he was quoted as making for a news story about discrimination.

In the article, which was published by Michigan Radio, data from The Center for Investigative Reporting) and the Associated Press was cited pointing to ongoing mortgage discrimination against blacks and Hispanics.

According to the data, a pattern of greater denial rates for people of color than for their white counterparts was found in the conventional mortgage market.


Source: Mortgage Daily

IRS Clarifies Home Equity Interest Deductibility

A clarification has been issued by the Internal Revenue Service about the deductibility of interest that is paid on home-equity and junior-lien products.

The Tax Cuts and Jobs Act of 2017 was approved by Congress and signed into law last year by President Donald Trump and enacted on Dec. 22.

Under the law, joint taxpayers can deduct interest on home loans up to $750,000. Married taxpayers filing separately can each deduct interest on loans up to $375,000.


Source: Mortgage Daily

Refi Share Surges as Lenders Relax Requirements

Last month saw a significant surge in refinance share. While loan-to-value ratios tightened, other metrics were more flexible. Turn times have sped up over the past year.

Of all single-family loans closed during January, 67 percent were conventional mortgages, more than the 66 percent share in the first month of last year.

Mortgage insured by the Federal Housing Administration accounted for 19 percent of last month’s production, less than 21 percent a year previous.


Source: Mortgage Daily

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