Thrift institutions posted record profits in the second quarter as single-family originations jumped 20% from those of the prior quarter to $169.4 billion, according to the Office of Thrift Supervision.Lower mortgage rates increased loan demand, the OTS said. However, the percentage of adjustable-rate mortgages fell to 42% of loan production from 50% in the first quarter. And refinancings declined to 30% of loan production from 37% in the prior quarter. The OTS said its examiners are closely monitoring newer types of loans, such as interest-only ARMs, as well as home equity lines of credit. But troubled loans at thrifts are at a record low. Meanwhile, thrifts reported record earnings for the third consecutive quarter even though the value of mortgage servicing assets declined by $112.6 million in the second quarter. Earnings totaled $4.03 billion, up 1% from those of the first quarter and up 20% from those of the second quarter of 2004.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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