First Loan Mortgage Second Time
Mortgage Lenders Fund Record Loans - Production News From ...
DALLAS, Aug. 7 /PRNewswire/ -- Several major mortgage bankers originated a record volume of loans, according to second quarter financial data analyzed by MortgageDaily.com, the dominant source of online news for the mortgage industry.
NovaStar Financial Inc. closed $2.8 billion in mortgages during the second quarter -- $1.0 billion more than first quarter. The Kansas City, Mo.-based lender said the latest numbers represented an all-time record. Most of the real estate investment trust's business was delivered by mortgage brokers.
Melville, N.Y.-based American Home Mortgage Investment Corp. also saw all- time high production during the second quarter, with $14.9 billion in fundings. "Our production business experienced record originations, record market share, a strong gain-on-sale margin and improved warehouse income," said CEO Michael Strauss in the earnings statement.
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The mortgage of a lifetime
YOUNG home buyers struggling to break into the property market are for the first time being offered mortgages that could last a lifetime.
GE Money has become the first Australian lender to offer 40-year mortgages, while at least two banks have started testing consumer reaction to 50-year loans.
With property prices again on the rise in Melbourne and the Reserve Bank of Australia expected this week to announce the second interest rate rise in three months, other lenders are expected to follow suit.
A spokeswoman for Westpac said the bank would consider introducing 40 and 50-year mortgages while the Commonwealth Bank said: "If our customers are interested in a term of that length, of course we would look at it."
Extended mortgages were first offered in the United States two years ago where they were aimed at average and low-income earners unable to enter hyper-inflated housing markets.