Roostify has hired Courtney Keating Chakarun to serve as chief marketing officer. She joins from CoreLogic, where she served as senior vice president of marketing and innovation.

“As Roostify advances along the growth trajectory powered by our world class customers and emphasis on digital innovation, strong and focused marketing leadership is imperative to position ourselves for continued success,” said Rajesh Bhat, CEO of Roostify. “Courtney’s extensive leadership experience, marketing prowess and proven track record of driving growth will be great assets to Roostify, and we’re excited to welcome her to company.”

Chakarun joined CoreLogic in 2014, where she championed marketing and developed a plan for growth and innovation.  Prior to CoreLogic, she spent over a decade in various leadership roles at GE, most recently leading new product innovation, mobility, and consumer research insights for retail finance division, now known as Synchrony Financial, of GE Capital’s Retail Finance.

“Roostify has built an impressive position in the digital lending space and they are true innovators,” said Chakarun. “Most of all, I’m excited to be a part of a team that puts the customer first.” I look forward to contributing to the company’s next phase of growth and amplifying Roostify’s brand and customer value.”

Fannie Mae reported net interest income of $5.4 billion in the third-quarter derived primarily from guaranty fees on its $3.3 trillion portfolio.

In fact, more than 75 percent of Fannie Mae’s net interest income in the third quarter of 2018 was derived from the loans underlying Fannie Mae mortgage backed securities in consolidated trusts, which primarily generate income through guaranty fees. Fannie Mae’s net income of $4.0 billion for the third quarter of 2018 compares to net income of $4.5 billion for the second quarter of 2018.

Through Fannie’s single-family and multifamily business segments, the company provided $140 billion in the third quarter, or 726, 000 home purchases, re-financings and rental units.

Fannie Mae plans to pay, $4 billion in addition to the $171.8 billion in dividends it’s already paid, to the Department of Treasury by Dec. 31.

The single-family guaranty book of business continued to grow in the third quarter of 2018, with the average fee 43 basis points, unchanged with the previous quarter. Fannie provided $122 billion in funding for 360,000 home purchases and 160,000 refinancings. The single-family serious delinquency rate was 0.82% as of Sept. 30, 2018, compared with 1.24% as of Dec. 31, 2017, and 1.01% as of Sept. 30, 2017.

The single-family serious delinquency rate increased in the latter part of 2017 due to the impact of Hurricanes Harvey, Irma, and Maria in 2017, but has since resumed its prior downward trend because many delinquent borrowers in the affected areas have resolved their loan delinquencies by obtaining loan modifications or through resuming payments and becoming current on their loans.

The company’s single-family serious delinquency rate could take a hit in the short term as a result of the hurricanes that occurred late in the third and early in the fourth quarters, which caused some borrowers to miss their payments and could affect delinquency rates. But Fannie doesn’t anticipate their having a material impact on the company’s credit losses or loss reserves. The single- family serious delinquency rate will continue to decline, but at a more modest pace than in the past several years.

Multifamily net income was $549 million in the third quarter, compared with $504 million in the second quarter of 2018. The increase in net income in the third quarter was an increase in guaranty fee revenue as the multifamily guaranty book grew during the quarter, though the fee amounts declined.

New multifamily business volume was $18.2 billion in the third quarter of 2018, an increase from $14.5 billion in the second quarter of 2018. Multifamily new business volume totaled $44.0 billion for the first nine months of 2018. The multifamily serious delinquency rate decreased to 0.07%, as of September 30, from 0.11% as of Dec. 31, 2017.

More Californians could afford to purchase a home in the third quarter as flat home prices and stable interest rates combined to improve California housing affordability.

The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in third-quarter 2018 edged up to 27 percent, from 26 percent in the second quarter of 2018 and was down from 28 percent in the third quarter a year ago, according to C.A.R.'s Traditional Housing Affordability Index from the California Association of Realtors. It was below 30 percent for five of the past eight quarters. California's housing affordability index hit a peak of 56 percent in the first quarter of 2012.

The Index measures median-priced, single-family home in California. C.A.R. also reports affordability indices for regions and select counties within the state. The index is considered the most fundamental measure of housing well-being for home buyers in the state.

A minimum annual income of $125,540 was needed to qualify for the purchase of a $588,530 statewide median-priced, existing single-family home in the third quarter of 2018. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $3,140, assuming a 20 percent down payment and an effective composite interest rate of 4.77 percent. The effective composite interest rate in second-quarter 2018 was 4.7 percent and 4.16 percent in the third quarter of 2017.

Conversely, housing affordability for condominiums and townhomes fell in third-quarter 2018 compared to the previous quarter with 35 percent of California households earning the minimum income to qualify for the purchase of a $479,390 median-priced condominium/townhome, down from 36 percent in the second quarter. An annual income of $102,260 was required to make monthly payments of $2,560.

Compared with California, more than half of the nation's households (53 percent) could afford to purchase a $266,900median-priced home, which required a minimum annual income of $56,930 to make monthly payments of $1,420.

Key points from the third-quarter 2018 Housing Affordability report include:

• Housing affordability improved from third-quarter 2017 in 10 tracked counties and declined in 33 counties. Affordability in five counties remained flat.
• In the San Francisco Bay Area, affordability improved from a year ago in San Francisco and Marin counties, primarily due to higher wages. Affordability fell in six counties (Alameda, Contra Costa, Napa, San Mateo, Solano, and Sonoma). Affordability held steady in Santa Clara County.
• In Southern California, affordability improved only in Ventura, and dropped in four counties (Orange, Riverside, San Bernardino, and San Diego) compared to a year ago. Affordability in Los Angeles County was unchanged.
• In the Central Valley, Fresno and Madera counties saw an improvement in affordability from third-quarter 2017. Housing affordability decreased from a year ago in eight counties (Kings, Merced, Placer, Sacramento, San Benito, San Joaquin, Stanislaus and Tulare). Affordability held steady only in Kern County.
• In the Central Coast region, only Santa Barbara experienced a year-to-year improvement in affordability, while three counties (Monterey, San Luis Obispo, and Santa Cruz) posted a decline.
• During the third quarter of 2018, the most affordable counties in California were Lassen (67 percent), Kern and Kings (51 percent), Tehama (49 percent) and Yuba (48 percent).
• Mono (11 percent), Santa Cruz (12 percent), San Mateo (14 percent), San Francisco (15 percent), and Santa Clara (17 percent) counties were the least affordable areas in the state.

Radian Group Inc. reported that new written mortgage insurance dropped 4% to $15.8 billion in the third quarter, from $16.4 billion in the second quarter of 2018. That’s an increase year over year of 4 percent ($15.1 billion).

Of the $15.8 billion, borrower-paid originations accounted for 91 percent of total compared to 89 percent in the second quarter of 2018, and 78 percent a year ago. Purchase originations accounted for 96 percent in the third quarter, compared to 95 percent in the second quarter of 2018, and 91 percent a year ago.

Total primary mortgage insurance in force as of September 30, 2018, grew to $217.1 billion, an increase of 3 percent compared to $210.7 billion as of June 30, 2018, and an increase of 10 percent compared to $196.5 billion as of September 30, 2017.

The composition of Radian’s mortgage insurance portfolio is 94 percent consisting of new business written after 2008, including those loans that successfully completed the Home Affordable Refinance Program.

Persistency, which is the percentage of mortgage insurance that remains in force after a 12-month period, was 81.4 percent as of September 30, 2018, compared to 80.9 percent as of June 30, 2018, and 80.0 percent as of September 30, 2017.

Net mortgage insurance premiums earned were $255.5 million for the quarter ended September 30, 2018, compared to $249.0 million for the quarter ended June 30, 2018, and $236.7 million for the quarter ended September 30, 2017.

The mortgage insurance provision for losses was $20.7 million in the third quarter of 2018, compared to $19.4 million in the second quarter of 2018, and $36.0 million in the prior-year quarter.

Companywide, net income for the quarter ended September 30, 2018, of $142.8 million, or $0.66 per diluted share. This compares to net income for the quarter ended September 30, 2017, of $65.1 million, or $0.30 per diluted share. Results for the third quarter of 2017 include $45.8 million of pretax loss on induced conversion and debt extinguishment. Also, third quarter adjusted operating earnings per share of 0.71 cents, or a 13 percent increase, compared with 0.46 cents in the same period a year ago.