Office, Industrial Originations Up
Commercial banks and life insurers increased their quarterly originations of commercial mortgages, with office and industrial loan production picking up. But a big drop in conduit and agency business as well as a decline in hotel and health-care fundings helped drag overall commercial activity lower.
Commercial real estate loan originations fell 12 percent from the second quarter in the Mortgage Bankers Association's Q3 2009 Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
Volume sank by more than half from a year earlier.
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PHH Fundings Off, Big MSR Write-Downs
Quarterly home-loan volume fell and is likely to fall further at PHH Mortgage. Profits at the production unit weren't near enough to offset a big decline in the value of mortgage servicing rights.
GMAC Surpasses Citi in Quarterly Originations
GMAC Financial Services has replaced Citigroup Inc. as the fourth biggest residential lender in the country. But losses at the mortgage unit -- more than $13 billion since 2007 -- kept GMAC in the red.
Reverse Volume Drops
Reverse mortgage originations fell last month -- though the biggest lender managed a gain.
USA Mortgage Originations Surpass $1 Billion
Business is booming at USA Mortgage, which has exceeded $1 billion in annual volume.
Fannie's Performance Worsens
While Fannie Mae's massive book of business climbed -- secondary purchases fell, residential delinquency reached another record and multifamily delinquency maintained its record level.
HFF Business Picks Up
HFF Inc. saw quarterly originations of commercial mortgages climb, though volume was still down by half from last year.
Flagstar Performance Deteriorates
Home loan production sank as Flagstar Bancorp Inc. reported a massive quarterly loss. But the company's new chief, who was also elected chairman of the board, is moving quickly to stop the bleeding.
Agency Issuance Tumbles
Agency issuance of fixed-rate mortgage-backed securities sank last month -- with volume down by one-third for MBS issued by the Federal National Mortgage Association and the Government National Mortgage Association.
Wholesalers Lead Mortgage Banking Profits Higher
As originations increased, refinances retreated and credit scores rose -- mortgage banking firms saw an increase in profitability. Improved earnings were most pronounced at wholesale lenders.
