Across the board, lenders are reporting stellar origination growth from the first to second quarters of the year, but the last two application surveys from the Mortgage Bankers Association showed weekly declines of 1.9% and 1.1%, respectively…
According to new figures released by Black Knight, mortgage prepayments declined by 7.5% in June despite mortgage rates being under the 4.0% threshold. The data analytics firm said it was the first decline in prepays in five months. Go figure…
Lending Tree is not an originator as such, but acts as a middleman between originators and funders. Its menu includes not only residential mortgages but auto and business loans, credit cards and student debt.
Although it was a relatively strong quarter for the company, the depository disclosed a $30 million “partial” charge tied to the failure of Live Well Financial, a Richmond, VA-based reverse mortgage lender that closed its doors in early May.
This is the third deal from WAMCO this year, following a $945.5 million transaction in May and a $285.6 million bond in February. The company brought out only one deal last year.
The figures are not adjusted for seasonal factors, and FHA/VA default rates often trend lower in the first quarter. FHA home equity conversion mortgages are not included in the data.
Back in early June, the share price of Fannie/Freddie common was rallying, reaching $3.16 (for the former) and $3.07 for the latter. If you had bought in at those prices, today you’d be looking at losses of 23.1% and 24.7%, respectively.
Banks and other lenders typically hire third-party collectors to recoup debt or sell the accounts to debt buyers. There are approximately 9,330 debt collectors/buyers in the U.S., said the bureau.
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