Mortgage approvals hit their highest level of 2010 last month, according to the British Bankers Association.
In the third consecutive month of rises, a total of 36,709 home loans were granted in May.
However, the figure was below the 27-month high reached in December 2009, attributable to the stamp duty holiday and severe cold weather.
Andrew Montlake of [...]
Posts Tagged ‘Mortgage Bankers’
Mortgage Approval Rise Shows ‘Stable Market’
June 23rd, 2010 by Mortgage Writer
Tags: credit card, economic recovery, interest rates, loan, loans, Mortgage Bankers, Mortgage Bankers Association, mortgage brokers, mortgage rates, mortgages
more...Hey, Mortgage Industry: Nobody Trusts You
May 25th, 2010 by Mortgage Writer
The mortgage banking industry knows it’s not the most popular kid on the block right now, but it tried to put a positive face on the state of the industry during a convention in New York on Monday.
The session kicked off with a feel-good video with uplifting messages such as “A Noble Profession” that flashed [...]
Tags: fannie mae, financial, Freddie Mac, global economy, homeowners, investors, Mortgage Bankers, Mortgage Bankers Association, mortgage market, mortgage rates, US Economy
Prosecutors comb through Wall Street’s mortgage deals
May 14th, 2010 by Mortgage Writer
Wall Street’s biggest banks are facing a new legal onslaught, as regulators and state and federal prosecutors pore over their activities in the mortgage market in the run-up to the credit crisis.
Andrew Cuomo, the attorney-general of New York state, has opened an investigation into whether any of the eight leading banks misled the credit rating [...]
Tags: bank of america, banks, brokers, economy, financial, Goldman Sachs, interest rates, mortgage, Mortgage Bankers, mortgage brokers, US Economy, wall street
AIG swings to a first-quarter profit
May 7th, 2010 by Mortgage Writer
Firm’s mortgage insurance business posts first profit in three years
Insurance giant American International Group Inc. said Friday it swung to a first-quarter profit as pre-tax earnings in its core operations more than doubled, and its mortgage-insurance arm posted its first growth in three years.
For the recent period, the New York firm /quotes/comstock/13*!aig/quotes/nls/aig (AIG 35.80, -0.96, [...]
Tags: bank of america, business, economic recovery, economy, federal reserve, financial, mortgage, Mortgage Bankers, news, US Economy
One Firm Refused to Aid a Goldman C.D.O. Plan
April 29th, 2010 by Mortgage Writer
A little-known investment firm has found itself caught up in the Securities and Exchange Commission’s fraud case against Goldman Sachs, The Wall Street Journal reported.
GSC Group, based in New Jersey, was contacted by Goldman back in January 2007 and asked to find mortgage-backed securities for an intricate synthetic collateralized debt deal that the bank was [...]
Tags: banks, CEO, economy, financial, Goldman Sachs, mortgage, Mortgage Bankers, US Economy, wall street
U.K. Bankers Shunned by Mortgage Lenders Turn to Private Banks
April 23rd, 2010 by Mortgage Writer
April 23 (Bloomberg) — Employees in London’s financial services industry are turning to private banks for luxury home loans as the biggest mortgage lenders are deterred by limits on cash bonuses.
Lending by private banks climbed by as much as 40 percent in the past year, according to Private Finance, a London-based broker that arranges mortgages [...]
Tags: financial, investors, mortgage, Mortgage Bankers, Mortgage Bankers Association, mortgage lenders, news
End of an era
April 3rd, 2010 by Mortgage Writer
Mortgage-rate rise marks last of rock-bottom loans.
The era of rock-bottom mortgage rates ended with a crush of work for mortgage brokers and bank-loan officers.
It started Monday with a flood of homebuyers looking for last-minute approvals to sneak in under the wire before interest-rate increases went into effect the next morning — signalled in announcements by [...]
Tags: mortgage, Mortgage Bankers, Mortgage Bankers Association, mortgage rates
Mortgage Investors Corporation: Choosing the Wrong Refinancing Lender can be a Costly Mistake for Veterans
March 31st, 2010 by Mortgage Writer
Refinancing a home loan is an extremely stressful process for anyone, but for the men and women of the military, the process can be especially difficult. American service members often work with ever-changing deployment dates and short windows of stateside leave so they think they have to rush through the home [...]
Tags: investors, mortgage, Mortgage Bankers, mortgage investors, US Economy
Community Banks Taking Mortgage Market Share
November 4th, 2009 by Mortgage Writer
How much money are mortgage bankers, including management, making? According to the MBAA, average profit per loan is up nicely versus the first quarter moving to over $1,300 on each loan originated in the second quarter. In addition, production volumes were up and average pull through went from 67% up to 73%! READ MORE
Although the [...]
Tags: foreclosures, loan, Mortgage Bankers, mortgage brokers, mortgage business, mortgage rates, mortgage securities, tax credit, treasury
Primer on MI Rescission; Updates from Wells, Flagstar, Freddie, PMI, FAMC; Rates Lower
November 3rd, 2009 by Mortgage Writer
Mortgage banking is a numbers game. Although the illustration above might remind some of their CFO, in other circles it might illustrate what some mortgage bankers are facing right now: MI rescissions. Rescissions are not new. But what is this chatter about MI companies and their rash of rescinding coverage? One well-informed person wrote to [...]
Tags: borrower, foreclosure, Freddie Mac, investor, lender, loan, Mortgage Bankers, REO, short sales, wells fargo
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