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Mortgage Biz Slips, Purchases Down Most

 

New mortgage activity slowed down this week, and purchase financing took the biggest hit. At the other end of the spectrum were refinances, which jumped from a week ago. Refinance and government share both widened, as did the jumbo-conforming spread

A 1 percent week-over-week drop was recorded for the Mortgage Daily U.S. Mortgage Market Index for the seven-day period that concluded on July 20. No seasonal adjustments are made to the MMI.

The index, which provides a peek into upcoming mortgage originations based on average per-user rate-lock volume for OpenClose clients, declined 13 percent from the same week last year.


 

Fraud Alleged by Quicken Affiliate in Huge Lawsuit

 

A valuation affiliate of Quicken Loans Inc. is accusing HouseCanary of using fraud to obtain a more than $700 million verdict in an ongoing lawsuit.

In March, a Bexar County District Court jury in Texas awarded HouseCanary a $706.2 million judgment against Quicken Loans-affiliate Amrock Inc.

At issue was valuation technology that was allegedly misappropriated by Amrock. The two had originally began doing business together in January 2015.


 

SF Endorsements Up, Delinquency Down at FHA

 

Monthly new business was moderately higher in the Federal Housing Administration's residential business, while loan performance improved. But commercial mortgage endorsements plunged.

Data reported by the Department of Housing and Urban Development indicate FHA insurance was in force on 8,613,099 residential loans for $1.3269 trillion as of May 31.

Reflected in the total were $1.1795 trillion in single-family loans, $0.1464 trillion in home-equity conversion mortgages and $0.0010 trillion in Title I loans.


 

For Sale: MSRs on Over $3.5 Bil in Ginnie Loans

 

The servicing on more than $3.5 billion in Government National Mortgage Association loans are being auctioned off to the highest bidder. There is a modest concentration in the Lone Star State.

The offering is for mortgage servicing rights on 21,356 Ginnie Mae residential loans that had an aggregate unpaid principal balance of $3.589 billion as of June 30.

Texas is the location of properties securing 24 percent of the mortgages, while another 12 percent are secured by Ohio properties.



 

Stabilization in Mortgage Rates Could Continue

 

Mortgage rates were little changed this past week, and one short-term outlook has them staying put for the next week. Another forecast has quarterly rates not changing at all next year.

Single-family loans closed during June had a 30-year note rate of 4.90 percent. The rate rose from 4.84 percent the preceding month and 4.27 percent a year previous.

Thirty-year rates on conventional transactions were 4.92 percent last month. On loans insured by the Federal Housing Administration, the average was 4.94 percent.