US Bank's Mortgage Revenues, Lending & Lates Down
Company-wide earnings improved at U.S. Bancorp, but mortgage income worsened. Home-lending volume was solidly lower. As residential servicing and assets grew, delinquency decreased.
Mortgage Originations Shift from FHA to Conv
Compared to a year ago, conventional share has increased at the expense of government-insured share. Rising rates are impacting refinance share and, in turn, closing times.
Business, Delinquency Decline at MGIC
As has been the case for mortgage bankers, new quarterly business fell at MGIC Investment Corp. Also declining was the rate of late payments. But the book of business expanded.
Purchases Out Front of Jump in Mortgage Apps
With purchase-money applications leading the way, weekly applications for home loans made a healthy ascension. Refinance share, however, continued to weaken.
FHA Business Sinks to 3-Year Low
Residential production at the Federal Housing Administration was the lowest it's been in three years. An improvement was reported for single-family delinquency.
Earnings Jump at BofA as Originations Sink
Quarterly earnings climbed at Bank of America Corp., while home-lending activity tumbled. The company stopped reporting mortgage earnings and servicing.
Q2 Mortgage Refinance Outlook Increases
The second-quarter forecast for refinance originations has been raised -- though the gain came at the expense of expected second-half production.
PNC Mortgage Originations, Servicing & Assets Fall
Company-wide earnings improved at The PNC Financial Services Group Inc. But mortgage originations sank, while residential servicing and assets were diminished.
Mortgage Revenues, Originations Sink at Citi
A marked decline was recorded for quarterly mortgage revenues and originations at Citigroup Inc. The company continued to reduce residential servicing and assets.
First Republic Earnings, Mortgage Assets Increase
Although quarterly home lending was significantly lower at First Republic Bank, residential asset holdings expanded and earnings were stronger.