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Continued Deterioration in Origination Quality

 

As home lenders and investors have recently been a little more relaxed about credit qualifications compared to just after the crisis, mortgage quality has weakened. Still, quality is better than before the crisis.

During the past three years, the quality of residential loans originated has weakened, though credit quality remains far stronger than the early 2000s and the late 1990s.

Components of borrower character like credit scores are the strongest feature of current mortgage originations, and they have weakened little over the past few years.


 

Best Mortgage Lenders By Category

 

A report based on a recent survey of consumers who were shopping for a residential loan has identified the best home lenders in a variety of categories -- including government programs, jumbo loans and online services.

The 10-question survey of prospective mortgage borrowers found that before they applied for a home loan, 40 percent checked their credit report or credit score.

Saving for a down payment was cited by 36 percent. More than a quarter reported that they paid down debt, while nearly a quarter indicated they reduced spending.


 

Business Falls to 6-Month Low at Freddie

 

New business at the Federal Home Loan Mortgage Corp. retreated to its lowest level in six months. Delinquency, meanwhile, remained at its lowest level in a decade.

When September was over, Freddie Mac's total mortgage portfolio stood at $2.1513 trillion -- including a $0.2278 trillion in mortgage investments and $1.9235 trillion in outstanding mortgage-related securities and other guarantees.

The McLean, Virginia-based company revealed the metrics in its Monthly Volume Summary, which indicated that the book of business had expanded from $2.1472 trillion a month earlier and $2.0568 trillion a year earlier.


 

Large Agency MSR Offering Hits Market

 

Bids are being sought for servicing rights on a large portfolio of agency mortgages. The offering has a moderate concentration of Golden State and Sunshine State loans.

Mortgage servicing rights on 20,168 residential loans that had a collective unpaid principal balance of $5.232 billion as of Sept. 30 are being sold through the auction process.

Included in the offering are MSRs on $2.005 billion in Fannie Mae loans, $0.310 billion in Freddie Mac mortgages, and $2.917 billion in Ginnie Mae l loans.


 

Mortgage Rates Up 92 BPS From Year Ago

 

Over the past year, weekly fixed interest rates on single-family loans have soared 92 basis points. But little change was reported from last week, and more of the same is expected.

On conventional loans utilized to finance a home purchase with amounts up to the conforming mortgage limit of $453,100, thirty-year fixed rates averaged 4.77 percent during September.

Compared to the previous month, conforming interest rates slipped a single basis point. Mortgage rates have soared, however, 63 BPS from September 2017.