Commercial Mortgage Volume Down
While quarterly commercial mortgage production has tumbled from last year, volume has recently stabilized. Meanwhile, fundings for health care properties have soared. Commercial loan securitizations have all but disappeared, though commercial banks have recently begun picking up some of the slack.
Second-quarter commercial mortgage originations fell 2 percent from the first quarter, the Mortgage Bankers Association reported today.
Loans on industrial properties fell 23 percent, while multifamily property fundings were down 14 percent and retail property loan volume was off 7 percent.
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Help With Rising FHA Activity
The volume of loans insured by the Federal Housing Administration has spiked this year, new data indicate. Two firms are helping mortgage companies that are struggling to understand and comply with recent changes to the FHA program while trying to keep up with increased activity.
Government Originations to Double
As rates rise and conventional originations slide, government mortgage originations are projected to more than double.
Stiffer Underwriting at Banks
A new survey from the Federal Reserve indicated more banks continued to constrict mortgage guidelines. The report indicated the number of banks that make subprime loans has fallen by more than half during the past 12 months.
Recovery In Process at Lenders One
After a steep decline in the last quarter of 2007, Lenders One Mortgage Cooperative is seeing a recovery in loan originations.
Mixed Results at PHH
PHH Corp. saw an improvement in servicing income and an increase residential originations, making it a top-10 lender during the latest quarter. Production earnings, delinquency and its servicing portfolio, however, deteriorated.
2008 Origination Forecast
A new report said residential mortgage originations this year are expected to fall nearly 20 percent from last year and nearly 50 percent from their all-time high. A recovery may be as far off as four years.
ResCap Earnings, Originations Worsen
Residential Capital LLC saw net income deteriorate and mortgage production erode. But one bright spot was a surge in government originations.
M.I. Volume Near Decade Low
As new mortgage insurance activity fell to its lowest point in nearly a decade, the amount of primary insurance in-force reached an all-time record. Defaults improved for the second straight month.
Mixed Results at Fannie
Fannie Mae saw quarterly mortgage purchases rise. But monthly volume fell as delinquency rose for the 12th consecutive month.
