Home Equity Business Grows at CA Credit Unions
Despite a tumble in first-mortgage production at California's credit unions, outstandings grew. Home-equity production and outstandings, however, jumped.
Subprime Share Up as Mortgage Originations Fall
Although the volume of mortgages closed has fallen, the share that are considered subprime has inched higher. Home-equity originations have strengthened.
Bank HEL Delinquency Moves Lower
While the quarterly rate of late payments on bank-owned home-equity loans moved lower, the performance of other housing-related assets has worsened.
Wholesale Lenders Promote Non-QM, Alt-A Programs
Several wholesale mortgage lenders are now offering Non-QM programs. Other recently announced offerings include Alt-A, jumbo and nonprime programs.
Serious 2nd Mortgage Delinquency Soars
A modest improvement was reported for the rate of serious delinquency on first mortgages. But the rate took an ugly turn on second mortgages.
Freddie Takes Steps to Ease Affordable Housing Crisis
Steps being taken by Freddie Mac to address the affordable housing crisis include making more financing available for single-family homes, manufactured housing and rural properties.
Jumbo, Reverse and Nonprime RMBS Issuance to Rise
Issuance of residential mortgage-backed securities filled with jumbo mortgages, nonprime loans and reverse mortgages is forecasted to rise next year, while credit standards are likely to ease.
1st Mortgage Lates Up, 2nd Mortgage Rate Spikes
While the rate of serious delinquency on residential loans in senior position was minimally higher last month, junior-lien loans saw significant escalation.
LOS Providers Prepare for HMDA Reporting Changes
Multiple loan origination systems are ready for upcoming changes to Home Mortgage Disclosure Act reporting requirements. Meanwhile, an LOS has been designed for hard-money lenders.
Mortgage Earnings, Originations Decline at Regions
Regions Financial Corp. reported that its mortgage originations declined, as mortgage earnings tumbled. The financial institution reduced the size of its servicing portfolio. Home-equity delinquency deteriorated.