Mortgages

 

Bank Regulators Waive Appraisals in Hurricane Areas - Tue 17 Oct 2017
In an effort to help the recovery of areas impacted by the recent hurricanes, federal banking regulators have temporarily waived the requirement for an appraisal.

Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 requires federally regulated financial institutions to use state certified or licensed appraisers to perform appraisals on loans.

But Section 2 of the Depository Institutions Disaster Relief Act of 1992 authorizes regulators to make exceptions to statutory and regulatory appraisal requirements of Title XI for areas that the president declares a major disaster.


5-Month High for GSE Refinances - Tue 17 Oct 2017
The volume of government-sponsored enterprise loans that were refinanced ascended to the highest level in five months -- though government supported refinances remain weak.

Refinances of loans backed or owned by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. totaled 124,997 units during August.

The last time that GSE refinances were this strong was in March, when primary mortgage originators refinanced 143,455 single-family loans.


Mortgage Origination Outlook Boosted By $249 Bil - Tue 17 Oct 2017
The latest forecast for overall residential loan production this year and next year has been beefed up by nearly $250 billion. But last year's estimate of purchase financing was cut.

During the fourth quarter, $427 billion in single-family loans are expected to be originated by U.S. home lenders. The total includes loans to finance a home purchase and refinances.

Business is then expected to tumble to $359 billion in the first-three months of next year then rise to $476 billion during the second-quarter 2018.


GSE G-Fees Decline - Tue 17 Oct 2017
Driven by competitive market pressures, average guarantee fees charged by the government-sponsored enterprises for residential loans rose last year.

During 2016, average g-fees on single-family loans that were acquired or guaranteed by Fannie Mae and Freddie Mac worked out to 57 basis points.

That turned out to be a 2-basis-point improvement for all of the GSE's loan products when compared to the average for the preceding year.


Serious Mortgage Delinquency Inches Up, Could Worsen - Tue 17 Oct 2017
There was an up tick last month in the rate of serious mortgage delinquency. Recent natural disasters could push the rate ever higher over the next few months.

As of Sept. 30, ninety-day delinquency on consumer credit -- including auto loans, bank cards and mortgages -- worked out to 0.88 percent based on the Composite Consumer Credit Default Index.

Consumer credit delinquency worsened by 2 basis points compared to the previous month. A 4-basis-point increase was recorded versus the rate as of the same month last year.


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