Lenders originated $4.93 billion of rural housing loans with a U.S. Department of Agriculture guarantee during the fourth quarter of last year, 33.2 percent more than volume reported during the same period the year prior, according to the Housing Assistance Council’s report on USDA Rural Housing program obligations. USDA provided guarantees under the Section 502 Guaranteed Rural Housing Loan program to 34,412 rural housing loans in the fourth quarter, up from 26,889 loans ($3.7 billion) at the end of 2015. The program is the largest of the USDA’s single-family housing programs. For the Section 502 Direct Guarantee program, guarantees exceeded $196.6 million (1,492 loans), up from $174.7 million (1,334 loans) at the end of 2015. Very low-income (VLI) loan obligations as a percentage of taxpayer funds allocated to the USDA direct loan guarantee program were 38.9 percent, exceeding the ...
But the numbers need to be put into perspective: Agency MBS production in the first two months of 2017 was up 36.3 percent from the same period last year…
The bank statement loans and TRID exceptions prompted Fitch to apply higher loss severities to the MBS, which play a role in credit enhancement levels…
Caliber Home Loans, Dallas, this week agreed to buy most of Banc of California’s mortgage operations, the nonbank’s second acquisition of the past seven months, and a possible harbinger of more activity to come. Mortgage M&A consultant Chuck Klein of Mortgage Banking Solutions said his advisory firm is now involved in at least six different deals. Rick Roque of Menlo Financial predicted that by the time this deal-cycle plays out, 20 percent of nonbanks could disappear via a purchase of one sort or another. Klein recently attended...
More defects and fraudulent information were found in mortgage applications in December and January, according to the First American Loan Application Defect Index. Analysts blame the increase on the dwindling share of less risky refinance transactions. January numbers show that the frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications increased 5.8 percent in January compared with December. “This month, the Loan Application Defect Index continued...
Although sales of existing and newly constructed homes were both up in January 2017, a slump in the number of contracts signed for existing homes may be a harbinger of a rough spring market. A low supply of homes on the market, especially in the Midwest and West, caused a lull in pending home sales at the beginning of the year, according to a National Association of Realtor index based on contract signings. The Pending Home Sales Index showed that the number of homes with a contract in January was the lowest it’s been since January 2016. Existing home sale gains (up 3.3 percent in January) showed...
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