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Independent Firms' Profits Rose in 2Q
American Banker (11/03/09) P. 8
The rise in refinancings enabled independent mortgage banks to record a 28 percent increase in origination profits, to $1,358 per loan, in the second quarter, according to the Mortgage Bankers Association. A survey of 292 lenders revealed that 96 percent logged a pretax profit, up from 85 percent in the first quarter and 53 percent in the fourth quarter. "The big increase in production volume allowed lenders to spread their fixed costs over a larger number of loans, thus increasing net profits," said MBA's Marina Walsh.
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Fed Pushes Bankers on Pay Overhauls
Wall Street Journal (11/03/09) P. A2; Paletta, Damian; Lucchetti, Aaron
The Federal Reserve has put top bankers on notice to begin overhauling employees' pay packages now, ahead of the central bank finalizing its proposed compensation rules later this year. The hope is that executives from the top U.S. financial institutions will quickly determine whether their pay schedules jibe with the Fed's recent proposal aimed at curbing certain bonuses. Companies have until Feb. 1 to submit a list of the changes they will make to align their pay structures with the central bank plan. The Fed wants to prohibit banks from awarding incentives that drive loan officers and others to take unnecessary risks that could ultimately undermine the bank's health.
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Refinancers Save $3 Billion in a Year
Washington Post (11/03/09) Razzi, Elizabeth
Homeowners who refinanced during the third quarter lowered their interest rates by an average of 1.1 percentage points and could save $3 billion collectively over the first 12 months of their new loan, according to Freddie Mac. The number of refi borrowers who took cash out fell to its lowest share in six years, slipping to 36 percent. Also, the median age of the previous loan was 3.5 years; and the median appreciation of the refinanced home was 0 percent, compared to 16 percent a year ago and 34 percent in 2006.
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U.S. Pending Home Sales Surge
New York Times (11/03/09)
The National Association of Realtors reports a 6.1 percent gain in its Pending Home Sales Index in September, marking the highest level in nearly three years. On a year-over-year basis, pending home sales are up 21.2 percent; and experts attribute the eight consecutive monthly gains to the federal tax credit for first-time buyers. Meanwhile, the Commerce Department reports an 0.8 percent increase in construction spending in September.
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U.S. Commercial Property Up in 3rd Quarter -- Index
Reuters (11/03/09) Jonas, Ilaina
According to the MIT Center for Real Estate's transaction-based index, prices for investment-grade commercial real estate increased 4.4 percent in this year's third quarter, potentially heralding an end to the sector's year-long downward spiral. The improvement is not only the first positive price change in the index in over a year, it is the biggest gain since the market downturn started in the summer of 2007. The index tracks the prices that institutional investors pay or receive when buying or selling such commercial properties as apartment communities, office buildings and shopping centers.
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Residential Finance News |
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MBA Letter to Hill Voices Concerns with 'Risk Retention' Provision in Bill
As the House Financial Services Committee considers a bill that would address systemic risk in the financial services industry, the Mortgage Bankers Association sent a letter to key committee members voicing its "very strong" opposition to a provision that would require additional risk retention for residential and commercial mortgage financing and securitization.
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Pending Home Sales Rise Again
The National Association of Realtors reported yesterday that pending home sales rose for the eighth consecutive month in September.
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Q/A with Jerome Coonen and Scott Stein of Xetus Corp.
Jerome Coonen, CEO of Xetus Corp., Palo Alto, Calif., and Scott Stein, Xetus' vice president of sales and marketing, discuss the company's recent venture into the growing subordination market, as well as other trends in the mortgage technology space.
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QuoteLink
"The big increase in production volume allowed lenders to spread their fixed costs over a larger number of loans, thus increasing net profits. At the same time, purchases picked up as home buyers with good credit took advantage of low interest rates."
--MBA Associate Vice President of Industry Analysis Marina Walsh, from MBA's Quarterly Mortgage Bankers Performance Report released yesterday.
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