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Purchases Pull Down Weekly Mortgage Business
11/19/2017 12:28 AM
Home purchase financing activity tumbled during the week that included Veterans Day, dragging down overall business. But cashout refinance activity was the strongest it"s been in over four years.....The U.S. Mortgage Market Index from Mortgage Daily, a reflection of average per-user rate-lock volume at OpenClose, was 150 in the ...Read More
Permits, Completed Construction Up on Multifamily
11/19/2017 12:28 AM
A month-over-month rise in permit activity and a burst in completed construction was driven by increased apartment activity. Home builders broke ground on more homes.....U.S. housing units authorized by permit-issuing places came to 112,100 units in October, bringing year-to-date volume to 1,067,200 through the end of last month.....The...Read More
Consumer Chief Fired by Wells Fargo
11/19/2017 12:28 AM
Wells Fargo & Co. has fired its head of consumer lending over communication he had with a former employee. The interaction didn"t involve recent scandals at the bank.....Franklin Codel was named head of Wells Fargo Home Lending in August 2015. A little more than a year later, he took over all of consumer lending as senior executive vice p...Read More
Mortgage Delinquency Soars, Hurricanes Blamed
11/19/2017 12:28 AM
The quarterly non-current mortgage rate surged 58 basis points, with government-insured performance taking the biggest beating. Much of the blame was ascribed to the effects from the recent hurricanes.....Single-family loans that were at least 30 days late or in the foreclosure inventory accounted for 6.11 percent of all outstanding mortgages...Read More
Mortgage Rates Worsen, Further Rise Forecasted
11/19/2017 12:28 AM
While interest rates on residential loans improved last month, more recently they have ascended to the highest level in four months. The forecast is for further escalation.....Thirty-year note rates on single-family loans closed during October averaged 4.20 percent. The average improved a basis point from the previous month.....But ther...Read More