Homebuilder NVR, Inc. saw profit growth slow to begin 2024, but results from both construction and mortgage segments point to sustained interest in newly built properties. The parent company of Ryan Homes, NVHomes and Heartland Homes reported net income of $394.3 million for the three months ending March 31, equivalent to $116.41 per diluted share.
Mortgage borrowing moved sideways again last week, struggling to gain momentum, with rates volatile after stronger-than-expected economic reports. The Mortgage Bankers Association’s Market Composite Index, a measure of loan application volume based on surveys of the trade group’s members, still managed to eke out a seasonally adjusted 0.1% uptick compared to the prior survey, posting
The bad times got worse in the fourth quarter as lenders reported the most money lost per loan originated since the Mortgage Bankers Association started keeping records. Independent mortgage bankers and bank mortgage subsidiaries lost $2,109 per loan produced in the period ended Dec. 31, driven by an increase in related expenses. It makes seven
The Federal Home Loan Bank of San Francisco has begun accepting mortgages underwritten using Vantagescore 4.0, one of the advanced credit metrics that other government-related entities are also on track to adopt. The move announced Monday could help broaden the credit box and contribute to housing initatives for racial equity, according to Teresa Bryce Bazemore,
Hilltop Holdings residential mortgage originations business is still operating at a loss, as both total volume and gain-on-sale margins in the fourth quarter were lower on a year-over-year basis as well from the prior three months. Primelending reported a pretax loss of $15.9 million for the fourth quarter, compared with a loss of $8.2 million
Mortgage company mergers, size reductions and shutdowns have reduced loan product offerings to their lowest level in over a decade in December, the Mortgage Bankers Association found. The group’s Mortgage Credit Availability Index was 92.1, down 4.6% from November’s 96.5. It is also 10.8% down from 103.3 for December 2022. “Credit availability declined in December
More than half of buyers in younger generations are interested in seeing if they can use “house hacking” — or rental income — as a way to afford homes, Zillow found in a recent survey. And some loan officers, like John Birke of Movement Mortgage, have developed marketing aimed at tapping into this interest on
Real estate investors showed signs of resilience amid 2023’s rate volatility, as third-quarter purchases surpassed pre-pandemic levels according to Corelogic. Between July and September, large and mega investors (those who own 100 properties or more on average) acquired between 8,000 to 10,000 homes each per month, up by about 1,000 from third quarter 2019, the
The Federal Housing Finance Agency’s Home Price Index increased in October from September, but at a more modest pace than what the S&P CoreLogic Case-Shiller data showed. This data also highlighted some profound regional variations during the month. “U.S. house price gains remained strong over the last 12 months.” said Nataliya Polkovnichenko, supervisory economist in
The latest downturn in mortgage rates is a happy holiday gift for originators, as indicators are that the push below 7% has brought consumers back into the market. Freddie Mac’s Primary Mortgage Market Survey for the week of Dec. 21 reported a large 28 basis point drop in the 30-year fixed rate loan to 6.67%