Earlier this week, GR promoted two senior vice presidents – James Elliot and Chris Knapp – giving them additional responsibility over sales and recruiting…
California is a jumbo mortgage gold mine that’s dominated by banks, giving Banc of California an enviable starting point. BoC is also differentiating itself by focusing on non-qualified mortgages and avoiding the retail channel. BoC contributed $122.9 million of jumbo loans to a new mortgage-backed security from JPMorgan Chase. Selling loans into the securitization market is a significant shift for BoC, which had previously only contributed eight mortgages to a jumbo MBS issued in 2014 ...
FHA single-family endorsements rose 2.0 percent in the third quarter from the prior quarter as more borrowers took out purchase loans and nonbanks remained in control of the market during the period. The FHA endorsed $62.1 billion of forward mortgages during the third quarter, which brought total production over the first nine months of 2017 to $182.7 billion (excluding reverse mortgages), a 2.5 percent decline from 2016. Fixed-rate loans continued to comprise nearly all of FHA’s business. Adjustable-rate endorsements totaled $935.3 million for the first nine months of 2017, up from $701.7 million a year ago. FHA purchase activity was up 4.4 percent to $48.5 billion in the third quarter while annual volume increased 2.6 percent from 2016. Purchase loans accounted for 73.6 percent of total FHA endorsements for the nine-month period. Of the $182.7 billion of FHA loans endorsed during the ... [Charts]
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