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Tag Archives: Refinance

Refinance Surge Adds to Chase’s Strong Q2 Finish

Rallying investors by end of day Friday, JPMorgan Chase posted strong earnings from the second-quarter, with Home Affordable Refinance Program modifications helping boost income for the laggardly mortgage servicing unit year-over-year. For mortgage production and servicing, the financial institution fielded $604 million in net income over the second quarter, a figure that trumps a net loss of $649 million from the past year. Mortgage production rose to $931 million in pretax income for the lender.

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Mortgage Applications Slide as Interest Rates Fall

Mortgage applications fell 2.1 percent from the week before, according to the Mortgage Bankers Association. The trade group found declines for applications amid new historic lows for mortgage rates. According to the MBA, average contract interest rates for home loans broke new records across the board. New lows for interest rates included the 30-year fixed-rate mortgage with conforming balances (3.79 percent), the 30-year loan with jumbo loan balances (4.05 percent), and the 15-year loan (3.15 percent). Five-year and one-year adjustable-rate mortgages likewise fell to a new low of 2.71 percent.

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High-LTV Originations See Sharp Increase Under HARP

Overall, mortgage originations declined in April. However, originations for loans with high loan-to-value ratios have been on the rise the past few months with April as no exception, according to the latest data from Lender Processing Services. The percentage of non-FHA originations has also been on the rise since for several months, and it did not drop off in April. In fact, non-FHA loan originations have risen steadily since November 2011 when they took up 20.2 percent of total loan originations to 33.8 percent in April.

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Commercial Real Estate Group Taps Into Refinancing Rush

In Maryland, Sunrise Senior Living, Inc., is taking advantage of the recent refinancing boom. The real estate company has announced changes to its loan for Bethesda's Fox HIll assisted living community, noting that Sunrise has opted to refinance the existing mortgage.

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Mortgage Applications Drop as Interest Rates Post New Lows

application

Mortgage applications decreased 6.7 percent over the week ending June 19, while interest rates also fell, finding new lows in some categories, according to the Mortgage Bankers Association. Refinances still make up a majority of applications ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô 78 percent for the week, slightly lower than the 79 percent share recorded the previous week. The amount of refinance applications fell 8 percent over the week. HARP 2.0 refinance applications stood at 20 percent three weeks ago but have been at 24 percent for the past two weeks.

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Guilty Plea Entered in $2M Mortgage Fraud Case

A Michigan man pleaded guilty to defrauding SunTrust Mortgage Inc. on a $2 million mortgage. Robert Martin Tolentino, of Grand Rapids, Michigan, pleaded guilty in a federal court in Tallahassee, Florida. The plea was announced by Pamela C. Marsh, U.S. Attorney for the Northern District of Florida. Tolentino applied in October 2006 for refinancing of his residential property on St. George Island. In the application, he falsely represented that his monthly salary was $48,000 to $60,000 a month.

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Study: New HARP Bill Would Result in 13M New Refinances

If it becomes law, a Senate bill could increase the number of homeowners who refinance under the Home Affordable Refinance Program by up to 13 million. That's the consensus reached by professors with Columbia University Business School, which released the study on Thursday. The study sketched the likely effects of a bill recently co-sponsored by Sens. Barbara Boxer and Robert Menendez. Researchers said that new HARP modifications could lead to roughly $35 billion in savings for homeowners, a number that could help stem the rate of foreclosure activity nationally.

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Mortgage Demand Picks Up for Ellie Mae in May

Demand for mortgages increased in May, according to a report released by Ellie Mae Wednesday. The Origination Insight Report for May 2012 showed that the average loan-to-value on closed loans jumped up above the 80 percent mark for the first time since the company began tracking in August 2011. Ellie Mae attributed the increase to an easing of LTVs on conventional refinances. The average LTV on conventional refinance in May was 72 percent, a slide up from April's 69 percent. Closed conventional refinances with LTVs of 95 percent or higher jumped up to 11 percent in May.

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FOMC Moves Modestly to Boost Economy

Fed

With a lone dissent, the Federal Open Market Committee Wednesday voted no change in the target federal funds rate but agreed to expand its program to stimulate the economy by purchasing Treasury securities. The action is expected to keep mortgage rates at record lows. After the meeting, the FOMC released its quarterly forecast of the economy and interest rates with more members of the Committee seeing higher rates in 2014 than in the prior forecast. The FOMC said "growth in employment has slowed in recent months and the unemployment rate has declined but remains elevated."

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