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South Leads Drop in Existing Home Sales

Although the number of residential properties sold last month was the highest in years, the annual rate was still lower. The South had the biggest impact on national sales.

The sale of 601,000 single-family homes, townhomes, condominiums and co-operatives were consummated during all of June 2017.

That was the most existing home sales for any single month in at least two years. Sales were 555,000 in May 2017 and a downwardly revised 582,000 in June 2016.

Source: Mortgage Daily

Multifamily CMBS 60-Day Rate Surges

The rate of late payments on securitized commercial real estate loans backed by apartment buildings soared more than a hundred basis points last month.

Conduit loans included in commercial mortgage-backed securities had a 7.07 percent sixty-day delinquency rate as of June 30.

That was a 10-basis-point ascension from the end of the previous month. Loans securitized in 2007 were largely responsible for the worsened performance.

Source: Mortgage Daily

Weekly Mortgage Market Index Retreats, Jumbo Up

Loan originators, except those who originate jumbo mortgages, were less busy this past week with residential lending activity. Home purchase financing took the biggest hit.

For the seven-day period that finished on July 21, the U.S. Mortgage Market Index from Mortgage Daily, an origination forecasting tool based on rate-lock volume at OpenClose, was 152.

Compared to the preceding week, the index — which is not adjusted for seasonal factors — retreated 12 percent. A 14 percent decline was recorded versus the same week one year prior.

Source: Mortgage Daily

Quarter-Over-Quarter Mortgage Gains at Fifth Third

The volume of home-lending activity at Fifth Third Bancorp ascended from the previous quarter, as did mortgage income and the size of the servicing portfolio.

Earnings before income taxes were $494 million in the three months ended June 30, growing from $427 million in the same three-month period last year.

Those metrics, as well as other financial and other operational results, were presented in the Cincinnati-based bank-holding company’s second-quarter earnings report.

Source: Mortgage Daily

Alleged HECM Scheme Settled

The federal government has negotiated a settlement with a man who is accused of abusing the federally insured reverse mortgage program.

Alexander Olympus Zarris was marketing condominium units at a development that is located in Tarpon, Springs, Florida.

Zarris targeted elderly buyers and utilized the Federal Housing Administration’s home-equity conversion mortgage program to finance the units.

Source: Mortgage Daily

Q3 Mortgage Origination Forecast Lifted

Mortgage banking economists have improved their outlook for loan originations during the current quarter. Full-year expectations have risen for three months in a row.

From July 1, 2017, through Oct. 31, home-lending volume is expected to reach $455 billion. In the final quarter of this year, production is projected at just $348 billion.

The trough will occur in the first quarter of next year, when mortgage originations are expected to come in at only $345 billion.

Source: Mortgage Daily

Mortgage Originations, Servicing Up at SunTrust

In addition to lifting its quarterly home lending, SunTrust Banks Inc. grew its residential loan servicing portfolio. But mortgage earnings deteriorated.

Income before the provision for income taxes at the bank-holding company amounted to $752 million during the three months that concluded on June 30.

Atlanta-based SunTrust provided the details, along with additional operational and financial metrics, in its earnings report for the second quarter of this year.

Source: Mortgage Daily

Mortgage Rates Retreat, VA Rates Lowest

An impressive improvement was reported for weekly mortgage rates. On a monthly basis, rates on residential loans for U.S. veterans were the lowest.

In June, thirty-year note rates on single-family loans averaged 4.27 percent, according to Ellie Mae Inc.’s June 2017 Origination Insight Report.

Mortgage rates deflated compared to the preceding month, when the average was 4.33 percent. But rates ascended from 3.97 percent the same month last year.

Source: Mortgage Daily

New Business Surges at MGIC, Defaults Sink

As quarterly earnings increased at MGIC Investment Corp., new business improved and the share of insured loans that were past due turned lower.

Income before income taxes at the Milwaukee-based mortgage insurance company worked out to $181 million during the three months ended June 30.

Earnings data, as well as other operational and financial performance metrics, were revealed by MGIC in its second-quarter 2017 earnings report.

Source: Mortgage Daily

Foreclosure Decline Offsets Rise in Mortgage Lates

A slight drop in the foreclosure rate was more than enough to offset a modest bump in mortgage delinquency. Serious delinquency has improved for six consecutive months.

The number of residential loans that were either delinquent at least 30 days or in the foreclosure inventory came to 2.342 million as of the midpoint of this year.

Included in the June 30 total were 1.932 million mortgages that were at least 30 days delinquent but not in foreclosure and 410,000 loans in the foreclosure inventory.

Source: Mortgage Daily

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