Wells Fargo Breaks 25% Market Share

According to a report in the National Mortgage News, Wells Fargo continued to dominate the origination landscape in the third quarter, funding $90 billion of product and amassing a market share of just over 25%—the largest reading ever for one lender. 

For more information on this check the following website: 

http://www.nationalmortgagenews.com/nmn_features/wells_breaks_25_percent-1027886-1.html

PrivoCorp has processed mortgages for various companies, but our proportion is not indicative of the marketshare of Wells Fargo. PrivoCorp is a contract mortgage processing company that is licensed in various states in the country. For more info about PrivoCorp  visit us @ http://www.privocorp.com/

After Starting Out Weaker, Mortgage Rates Finish Strong

According to Mortgage News Daily a strong Treasury auction and an uneventful policy statement from the Federal Reserve paved the way for mortgage rates to improve to their best levels since late September/early October today. Although the improvements haven't translated to a lower Best-Execution rate, the costs involved in obtaining those rates should be slightly lower today than they were last Thursday (12/8/11).

Today's auction of 10yr Treasuries showed extremely high demand and at lower rates than markets had been trading. Although mortgage rates are not based on US Treasuries, the Mortgage-Backed-Securities (MBS) that DO influence rates are similar to Treasuries and tend to trade in the same direction, even if it's by different amounts. 

After spending weeks at an average 4.0% Best-Execution, rates recently dropped to the next rung lower on the ladder at 3.875% late last week. Two days of marginal weakness was beginning to reintroduce 4.0% Best-Ex rates at several lenders. Rates were on a path higher again this morning, and 4.0% continued to proliferate, but the solid improvement this afternoon renders that phenomenon all but non-existent.

For the entire article please visit:

http://www.mortgagenewsdaily.com/consumer_rates/239509.aspx

PrivoCorp is the fastest processor of conventional and FHA mortgages in the country. For more information about our services, please visit http://www.privocorp.com/

Happy Thanksgiving to our clients and associates

To all PrivoCorp's clients and associates.

Hope Black Friday was great!!

Mortgage Apps are up 10.3%

Mortgage applications jumped 10.3% for the week ending Nov. 4, a sign that continued low interest rates are starting to entice consumers, according to new figures compiled by the Mortgage Bankers Association and contract mortgage processors like PrivoCorp are happy about the volumes ...

According to the MBA, refis are now 78.6% which is a good sign given that lending standards are higher and more people are getting their homes refinanced to capitalize on the lower interest rates in the country. This means that borrowers now have the ability to keep more income to themselves to either save or for other consumption activity which will be good for the economy as a whole.

PrivoCorp - is one of the fastest growing contract mortgage processing companies based out of Austin TX

Metlife exiting as well?

Metlife has been one of the more active lenders in the market these days. After 3 years of hard work in the market, Metlife had become the 12th largest in the space. It would be nice to understand the real reason for the decision to exit the residential mortgage space. Watch this blog for more details.

PrivoCorp has processed mortgages that have been placed with Metlife, but not worked with Metlife directly. PrivoCorp is a contract mortgage processing company that is licensed in various states in the country.