Business, Earnings Improve at MGIC
New quarterly business was solidly higher at MGIC Investment Corp., as were earnings. Also improving was the rate of delinquency on its book of business.
GSE Mortgage Refinances Bounce Off 7-Yr Low
After plunging to the weakest level in at least seven years, government-sponsored enterprise refinance volume bounced up to the second-slowest month during the period. HARP production fell to a new low.
US Bank Grows Mortgage Assets, Lifts Originations
U.S. Bancorp increased home lending activity and expanded the size of its residential investment portfolio. But mortgage earnings deteriorated, while servicing was reduced.
Mortgage Credit Conditions Tighten
Average credit scores increased on last month's mortgage production, while averaged debt-to-income ratios declined. The tighter credit conditions came as refinances continued to make up a diminishing share of mortgage production.
Home-Equity Lending Set to Grow
A new report predicts that borrowing against home equity is poised for growth. Lenders can maximize this opportunity by personalizing marketing based on how individual consumers use these loans.
Mortgage Apps Drop Again, Jumbo-Conf Spread Doubles
For the second consecutive week, fewer applications were completed for home loans. As long-term mortgage rates climbed to a seven-year high, the jumbo-conforming spread doubled.
First Republic Bank's Mortgage Originations Tumble
A 15 percent quarter-over-quarter reduction was reported for First Republic Bank's home-lending volume. As the servicing portfolio was reduced, residential assets expanded.
Home Purchase Financing Outlook Boosted $120 Bil
Mortgage bankers have lifted their latest forecast for the origination of loans to finance house purchases by $120 billion over the next three years. There was even a modest bump in the three-year refinance outlook.
Record BofA Pre-Tax Earnings as Home Lending Drops
Quarterly record pre-tax earnings were reported by Bank of America Corp. In the mortgage business, loan production tumbled on a linked-quarter and year-over-year basis.
Citi Mortgage Originations and Delinquency Up
Citigroup Inc. nudged up quarterly home lending. But the residential servicing portfolio continued its contraction, delinquency deteriorated, and mortgage earnings were weaker.