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Title Industry Posts Loss in 1Q Despite Increase in Refis
July 2, 2009
In spite of seeing an uptick in business because of the refinance boom during the first quarter, according to data collected by the American Land Title Association, title underwriters had an operating loss of $127.5 million and a net loss of $117.4 million for the first quarter 2009.
Click here for more.Primary New Mortgage Insurance Drops to 2009 Low
July 1, 2009
May was the worst month of the year so far in terms of primary new insurance written by the members of the Mortgage Insurance Cos. of America.
Click here for more.Analysts: Index Shows MBS Buys' Benefits Almost Gone
July 1, 2009
A report from analysts at Keefe, Bruyette and Woods said the decline in this week's refinance component of the Mortgage Bankers Association Market Composite Index suggests that any benefit from the Federal Reserve's agency mortgage-backed securities purchase program has largely dissipated.
Click here for more.Trial Period May Be Reducing Number of Modifications
July 1, 2009
The number of completed loan modifications has fallen in April and May as servicers put more loans through a 90-day trial period as required by the Obama administration's Home Affordable Modification program.
Click here for more.Lack of Repercussion, Loss of Hope Lead to Strategic Defaults
June 29, 2009
New research from Northwestern University shows that so-called strategic defaults on mortgage loans — when homeowners with negative equity walk out on properties — are driving the crisis.
Click here for more.Analysis
Originations Soar by 68%
By Paul Muolo
WASHINGTON-Thanks to record low mortgage rates, residential funders originated $462 billion in product during the first quarter, a 68% jump from the dismal fourth quarter, according to exclusive survey figures compiled by National Mortgage News.
Refinancings and fixed-rate production dominated the business and many lenders are now reporting strong profits.
Also, this newspaper found that among the mega-lenders, firms that still use loan brokers were outproducing their competitors. For instance, Wells Fargo & Co. and Bank of America, ranked first and second, respectively, in originations during the period, with gains of 50% and 133% compared to the first quarter of 2008.
Both still have a wholesale/broker presence.
But the No. 3 and No. 4 four ranked funders - Chase and CitiMortgage - saw their volumes fall 28% and 40%, respectively. Chase has exited wholesale with Citi scaling way back.
At press time there were signs that a lack of available warehouse credit was restraining the ability of non-banks to originate new loans and compete against depositories.
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