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Mortgage Industry News for the Mortgage Industry

Last Build Date: Fri 17 Nov 2017 22:44 GMT


Purchases Pull Down Weekly Mortgage Business

Fri 17 Nov 2017 22:44 GMT

Home purchase financing activity tumbled during the week that included Veterans Day, dragging down overall business. But cashout refinance activity was the strongest it's been in over four years.

The U.S. Mortgage Market Index from Mortgage Daily, a reflection of average per-user rate-lock volume at OpenClose, was 150 in the week ended Nov. 17.

Compared to the prior seven-day period, the index, an indication of upcoming originations that is not adjusted for seasonal factors, moved down nearly 8 percent.

Permits, Completed Construction Up on Multifamily

Fri 17 Nov 2017 21:56 GMT

A month-over-month rise in permit activity and a burst in completed construction was driven by increased apartment activity. Home builders broke ground on more homes.

U.S. housing units authorized by permit-issuing places came to 112,100 units in October, bringing year-to-date volume to 1,067,200 through the end of last month.

The Census Bureau and the Department of Housing and Urban Development jointly released the new construction report Friday.

Consumer Chief Fired by Wells Fargo

Fri 17 Nov 2017 18:46 GMT

Wells Fargo & Co. has fired its head of consumer lending over communication he had with a former employee. The interaction didn't involve recent scandals at the bank.

Franklin Codel was named head of Wells Fargo Home Lending in August 2015. A little more than a year later, he took over all of consumer lending as senior executive vice president.

Codel first came on board at Wells Fargo in 2004. In addition, he previously spent eight years at predecessor Norwest Mortgage.

Mortgage Delinquency Soars, Hurricanes Blamed

Fri 17 Nov 2017 17:51 GMT

The quarterly non-current mortgage rate surged 58 basis points, with government-insured performance taking the biggest beating. Much of the blame was ascribed to the effects from the recent hurricanes.

Single-family loans that were at least 30 days late or in the foreclosure inventory accounted for 6.11 percent of all outstanding mortgages as of Sept. 30.

That was worse than as of mid-2017, when the non-current rate was 5.53 percent. The rate also deteriorated from the same date last year, when it landed at 6.07 percent.

Mortgage Rates Worsen, Further Rise Forecasted

Thu 16 Nov 2017 21:20 GMT

While interest rates on residential loans improved last month, more recently they have ascended to the highest level in four months. The forecast is for further escalation.

Thirty-year note rates on single-family loans closed during October averaged 4.20 percent. The average improved a basis point from the previous month.

But there has been substantial deterioration in long-term mortgage rates compared to a year prior, when the average was 3.76 percent.