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West to Continue Leading Home Price Gains

Home prices in western areas have led national home values higher. Over the next year, the West is expected to be out front of national gains — which are predicted to weaken.

The S&P CoreLogic Case-Shiller Composite-20 Index, a closely watched barometer of U.S. home values, was 206.67 as of February 2018.

Compared to the previous month, the index indicates that home prices have ascended 0.7 percent. The increase was 6.8 percent versus the same month last year.


Source: Mortgage Daily

Refi Share of Apps Down Further as Rates Rise

As interest rates on home loans have climbed to the highest level in more than four years, the share of applications for refinances has fallen to a decade-low. Government share was diminished again.

In the seven-day period that ended on April 20, the Market Composite Index dipped less than 1 percent from the preceding week on a seasonally adjusted basis.

Without factoring in seasonal data, however, the index — a measure of retail residential loan application volume — increased 1 percent from the week ended April 13.


Source: Mortgage Daily

Genworth Lowers Mortgage Insurance Premiums

Premiums are being reduced by the mortgage insurance subsidiary of Genworth Financial. Also taking place is the implementation of rate adjustors.

Genworth Mortgage Insurance said Tuesday that it is cutting it national rates for borrower-paid monthly premiums and single premiums.

In addition, the Richmond, Virginia-based company is introducing two rate adjustors for its borrower-paid mortgage insurance rate plans.


Source: Mortgage Daily

West Drives New Home Sales to Post-Crisis High

Fueled by the West, the number of new homes sold last month was more than during any month since the financial crisis. Sales in the Northeast, however, suffered.

Sales of new U.S. single-family homes came to 68,000 units in March — the single biggest month for new home sales since July 2008, when the total was also 68,000.

The data, jointly reported Tuesday by the Census Bureau and the Department of Housing and Urban Development, indicate so far this year, 172,000 new homes have been sold.


Source: Mortgage Daily

Year-Over-Year Gain in Flagstar Home Lending

With the help of a recent acquisition, Flagstar Bancorp Inc. was able to make a year-over-year gain in mortgage originations. Ongoing reductions continued, though, for the primary servicing portfolio.

In the first-three months of this year, income before income taxes came to $44 million, according to the Troy, Michigan-based firm’s first-quarter earnings report.

Income improved compared to the first-three months of last year, when Flagstar earned $40 million. But earnings fell from $51 million in the previous three months.


Source: Mortgage Daily

HomeStreet Lays Off Dozens of Mortgage Employees

Quarterly home lending tumbled at HomeStreet Inc. Mortgage losses piled up, hurting company-wide profits. Dozens of mortgage jobs were eliminated during the most-recent quarter.

The first-three months of 2018 brought income before income taxes of $8 million, according to the Seattle-based bank-holding company’s first-quarter 2018 earnings report.

Results deteriorated from the same three-month period last year, when income was $13 million. An even bigger decline was made versus the $17 million earned in the final-three months of last year.


Source: Mortgage Daily

Existing Home Sales Rise Again, NE Most

For the second consecutive month, the sale of pre-owned residential properties escalated. The biggest month-over-month gain was in the Northeast.

Sales of existing U.S. single-family homes, townhomes, condominiums and co-operatives during March came to 434,000, bringing to 1.066 million the year-to-date total.

Applying seasonal adjustments, last month’s annual rate of existing home sales worked out to 5.60 million, inching up a percent from the previous month’s rate.


Source: Mortgage Daily

Fox News Host Defends HUD Multifamily Loans

As Fox News host Sean Hannity deals with revelations that he shares the president’s attorney, he is now addressing questions about his government-insured apartment loans.

Hannity bought two Georgia multifamily properties in 2014 using nearly $18 million from a Department of Housing and Urban Development program created through the National Housing Act.

But when Hannity interview HUD Secretary Dr. Ben Carson last year, he didn’t disclose disclose to HUD or to his audience that he had the HUD loans.


Source: Mortgage Daily

Q1 Mortgage Origination Forecast Lifted

The estimate of single-family loan originations for the first-three months of this year has been boosted by 15 percent only to be offset by a lower outlook for the remainig three quarters this year.

From Jan. 1, 2018, through March 31, mortgage originators closed an estimated $373 billion in new U.S. residential loans. The total refects both refinances and loans to finance home purchases.

National production is expected to jump to $441 billion this quarter and ascend to $478 billion in the third quarter before descending to $428 billion in the final-three months of this year.


Source: Mortgage Daily

Refis Offset Purchase Drop in Mortgage Market Index

DALLAS — (April 23, 2018) A week-over-week decline in new purchase-money activity was more than offset by an increase in refinance business. But the year-over-year tumble in purchases more than offset the surge in refinances.

During the week that concluded on April 20, the U.S. Mortgage Market Index from Mortgage Daily was virtually unchanged from the preceding seven-day period. No seasonal adjustments are made to the index.

However, the index, an indicator of upcoming residential loan originations based on average per-user rate locks by customers of OpenClose, has descended 12 percent compared to the same week last year.


Source: Mortgage Daily

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