Residential Mortgage

Freddie Mac: Average 30-Year Rate Fell Four Basis Points

Posted by Patrick Barnard on July 28, 2017

Mortgage rates dipped slightly this past week, with the average rate for a 30-year fixed-rate mortgage (FRM) falling to 3.92%, down from 3.96%, according to Freddie Mac’s Primary Mortgage Market Survey. The 10-year Treasury yield rose five basis points, according [Read More]

Mortgage Network Hires Laurie Souza As National Business Development Manager

Posted by Patrick Barnard on July 27, 2017

Laurie Souza recently joined Mortgage Network Inc. as a national business development manager. Souza has more than 25 years of retail and correspondent lending experience, in addition to a strong track record of building successful business relationships, developing innovative products [Read More]

Loan Vision Hires Dallas Davidson As Consultant

Posted by Patrick Barnard on July 27, 2017

Dallas Davidson has joined Bestborn Business Solutions, developer of the mortgage accounting platform Loan Vision, as a consultant. Davidson has prior experience with Microsoft Dynamics solutions that she gained in her former position with a respected accounting and consulting firm [Read More]

Fed To Begin Quantitative Tightening ‘Relatively Soon’

Posted by Patrick Barnard on July 26, 2017

The Federal Open Market Committee in June voted to maintain the current Federal Funds rate at 1.0%-1.25%, raising renewed questions regarding how many more times the Fed will hike this year. Some economists say the Fed will likely be more [Read More]

New Home Sales Increased In June, But Lack Of Inventory Is Still A Concern

Posted by Patrick Barnard on July 26, 2017

New home sales were at a seasonally adjusted annual rate of about 610,000 in June, an increase of 0.8% compared with a revised rate of about 605,000 in May and an increase of 9.1% compared with about 559,000 in June [Read More]

Castle & Cooke Mortgage Has Opened 14 New Branches So Far In 2017

Posted by Patrick Barnard on July 26, 2017

Retail lender Castle & Cooke Mortgage reports that it has added 14 new branches across the U.S. so far in 2017, representing a 33% growth rate compared with the end of 2016. The company has not only exceeded its original [Read More]

MBA: Applications For Purchases Decreased 2%

Posted by Patrick Barnard on July 26, 2017

Mortgage application volume increased 0.4% on an adjusted basis during the week ended July 21, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. Applications for refinances increased 3%, as rates dipped slightly, while applications for purchases decreased [Read More]

Guild Mortgage Reports Record Volume For First Half

Posted by Patrick Barnard on July 25, 2017

Guild Mortgage reports that it originated $7.3 billion in mortgage loans – about $5.9 billion of which was purchase loans – during the first half of this year, setting a new record for the lender. That’s up 7.1% when compared [Read More]

Case-Shiller: U.S. Home Prices Continued To Rise In May, But There Is No Bubble

Posted by Patrick Barnard on July 25, 2017

U.S. home prices continued their upward climb in May, rising 0.2% on an adjusted basis compared with April and increasing 5.6% compared with May 2016, according to the S&P CoreLogic Case-Shiller home price index. The 10-city composite was flat compared [Read More]

Bay Equity Home Loans Hires Chris Carbonaro As Area Sales Manager

Posted by Patrick Barnard on July 24, 2017

Chris Carbonaro recently joined Sausalito, Calif.-based Bay Equity Home Loans as an area sales manager for the Danville, Calif., branch. Specifically, Carbonaro will focus on growing more business for Bay Equity in the Livermore Valley area southeast of Danville. During [Read More]

Waterstone Mortgage Hires Industry Veteran Pete Salamone As Regional Manager

Posted by Patrick Barnard on July 24, 2017

Mortgage industry veteran Pete Salamone recently joined Waterstone Mortgage as a regional manager overseeing the company’s growth and recruiting efforts in the southeastern Wisconsin area. A Wisconsin native, Salamone began his mortgage banking career in 1994 and has worked for [Read More]

NAR: Existing-Home Sales Fell Again In June As Inventory Remained Low

Posted by Patrick Barnard on July 24, 2017

Existing-home sales were at a seasonally adjusted annual rate of 5.52 million in June, a decrease of 1.8% compared with about 5.62 million in May but up 0.7% compared with June 2016, according to the National Association of Realtors (NAR). Lawrence [Read More]

Home Affordability Heavily Affected by a Lack of Inventory

Posted by Michael Bates on July 21, 2017

First American’s proprietary Potential Home Sales model for the month of June 2017 shows that a supply and demand imbalance continues to put upward pressure on house prices and is squeezing affordability. In June, potential existing-home sales increased to a [Read More]

Median U.S. Home Value Surpasses $200k for the First Time

Posted by Michael Bates on July 21, 2017

According to the June Zillow Real Estate Market Reports, the national median home value is now $200,400, up about 7.5% since this time last year and representing the first time that the typical U.S. home is worth over $200,000. “Even [Read More]

KeyStoneB2B Debuts Platform for Facilitating Title and Docs

Posted by Michael Bates on July 21, 2017

KeyStoneB2B says it has developed a new title product that will facilitate the title order, title close, and borrower and seller closing disclosures during the mortgage lending process. KeyStoneB2B offers a network of title companies that have been vetted according [Read More]

LendingTree Names New Head of Mortgage

Posted by Michael Bates on July 21, 2017

Online loan marketplace LendingTree says Sam Mischner has been promoted to chief sales officer and head of mortgage after previously serving as senior vice president, sales, and general manager, mortgage. In the new role, Mischner will lead the company’s sales [Read More]

Fannie Mae: Slowdown Likely in Second Half

Posted by Michael Bates on July 19, 2017

Expectations for 2017 economic growth remain at 2.0% amid a projected second-half slowdown, according to the Fannie Mae Economic & Strategic Research (ESR) Group’s July 2017 Economic and Housing Outlook. With the expansion having entered its ninth year, incoming data [Read More]

Purchase, Refi Origination Volumes Held Steady in June

Posted by Michael Bates on July 19, 2017

According to the June “Origination Insight Report” from Ellie Mae, the percentage of purchase home loans relative to refinances remained steady at 68% of all closed loans, while refinances remained at 32% for the second straight month. Specifically, the percentage [Read More]

Chase Taps Google’s Data to See What Mortgage Info Is Being Searched

Posted by Michael Bates on July 19, 2017

Chase Home Lending and Google recently announced a partnership whereby the organizations are collaborating to see how and what people are searching to find more information about homeownership. The “Search for Home Snapshot,” available here, offers insights that show consumers [Read More]

The Mortgage Collaborative Adds Correspondent Investor to Network

Posted by Michael Bates on July 19, 2017

Independent mortgage cooperative The Mortgage Collaborative has partnered with national correspondent investor and mortgage loan servicer The Money Source. The Money Source specializes in direct-to-agency loan securitization. The company says its approach is to provide robust product offerings for sellers [Read More]