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Mortgage Industry News for the Mortgage Industry

Last Build Date: Thu 21 Sep 2017 22:58 GMT


Mortgage Rates Rise, VA Rates Lowest

Thu 21 Sep 2017 22:58 GMT

After nearly two months without an increase, mortgage rates moved higher this past week. Rates on home loans for veterans remain the lowest.

On single-family mortgages that were closed during the month of August, thirty-year note rates averaged 4.27 percent.

The average rose 2 basis points from the preceding month. Compared to the same month a year ago, the average has ascended 50 BPS.

Finance of America Increases Correspondent Focus

Thu 21 Sep 2017 18:57 GMT

Finance of America Mortgage revealed a new unit that will target small financial institutions. Included in the offering are correspondent acquisitions.

As part of the Mortgage Daily Mortgage Origination Survey, the lender reported that it closed nearly $8 billion in single-family loans during the first half of this year.

But all of the Horsham, Pennsylvania-based mortgage banking firm's loan production was generated through the retail and wholesale lending channels.

Fed Action Possible in Wells Fargo Account Scandal

Thu 21 Sep 2017 17:42 GMT

Just a day after documents emerged indicating that the penalty for Wells Fargo & Co.'s fake account scandal could have been far greater, the Federal Reserve Board chair has suggested it might take action.

Internal Consumer Financial Protection Bureau documents released by Republican lawmakers indicate that the regulator could have fined Wells Fargo more than $10 billion for its illegal sales practices.

Instead, the CFPB settled in September 2016 with the San Francisco-based bank-holding company for just $100 million -- though that was the largest penalty ever imposed by the bureau.

Mortgage Delinquency Up, Hurricane Impact Begins

Thu 21 Sep 2017 16:27 GMT

While the foreclosure rate eased last month, mortgage delinquency edged higher. Loan performance is beginning to be impacted by hurricane activity.

As of Aug. 31, 2017, there were 2.389 million U.S. residential loans that were either at least 30 days delinquent or in the process of foreclosure.

The total included 2.003 million mortgages that were past due at least 30 days and another 385,000 properties in the foreclosure pre-sale inventory.

Refis to Pull Down Mortgage Originations in 2018

Thu 21 Sep 2017 15:15 GMT

Although the annual volume of loans to finance a home purchase are forecasted to grow, a drop in projected refinances will drag down overall activity.

During the three months ended Sept. 30, single-family loan originations, including refinances and purchase financing, are expected to come to $500 billion.

National mortgage production from all U.S. home lenders is then projected to fall to $413 billion during the final-three months of this year.