Adjustable-rate mortgages made up only 13% of thrift originations in the first quarter, down 44% from the level recorded a year earlier, according to the Office of Thrift Supervision.It marked the second consecutive quarter in which the percentage of total originations represented by ARMs was in the lower teens. But this time it prompted thrifts to sell $177.7 billion in mortgages into the secondary market -- the highest level of sales since the third quarter of 2003. Thrifts generally specialize in ARMs, and these depository institutions like to sell fixed-rate mortgages and hold ARMs in portfolio. Overall, the ARM share for all lenders was 11% in the first quarter, compared with 25% in the same quarter of 2006, according to the Federal Housing Finance Board. Freddie Mac's forecast calls for the ARM share of the mortgage market to be 12% in 2007, down from 21% in 2006.
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
7h ago -
The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
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Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
April 23 -
Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
April 23