Archive for mortgage

Mortgage Volume Was Abysmal In Q1

Posted by Patrick Barnard on May 26, 2017

How well did mortgage lenders do during the first quarter, volume-wise? In a word: Abysmal. At least, when compared with recent past quarters. A little over 1.4 million loans (refinances and purchases loans) were originated, down 30% compared with the [Read More]

Docutech Opens New Office In Scottsdale, Ariz.

Posted by Patrick Barnard on May 26, 2017

In order to support its growth initiatives, Docutech, a provider of document and compliance technology for the mortgage industry, has opened a new office in Scottsdale, Ariz. Employees at the new office are focused on operations, finance, sales and marketing, [Read More]

What Are Mortgage Companies Doing To Help Borrowers With Limited English?

Posted by Patrick Barnard on May 26, 2017

“What?” The Federal Housing Finance Agency (FHFA) is seeking feedback from mortgage lenders and servicers to learn more about what they are doing to help mortgage borrowers with limited English proficiency (LEP). The goal is to learn more about the [Read More]

Mid America Buys E-Note From First Fully Electronic Closing In North Carolina

Posted by Patrick Barnard on May 26, 2017

Mid America Mortgage Inc. reports that it has purchased the e-note from North Carolina’s first e-mortgage transaction, which took place earlier this month. It was the first paperless, all-electronic closing in the state. What’s more, it was only the fifth [Read More]

Black Knight: U.S. Home Prices Increased 1.3% In March

Posted by Patrick Barnard on May 26, 2017

U.S. home prices hit another new peak in March, rising 1.3% compared with February and 5.8% compared with April 2016, according to Black Knight Financial Services’ home price index report. The average price for a home hit $272,000, up from [Read More]

S&P/Experian: Default Rate For First Mortgages Fell To Four-Month Low In April

Posted by Patrick Barnard on May 25, 2017

The default rate on first mortgages dropped to a four-month low in April, falling to just 0.69% of loans, which is down from 0.75% in March, according to the S&P/Experian Consumer Credit Default Indices. The default rate on second mortgages [Read More]

Guild Mortgage Launches Conventional Loan Program Requiring Only 1% Down

Posted by Patrick Barnard on May 25, 2017

Guild Mortgage has launched a new conventional loan program that requires only a 1% down payment from the borrower. The new program combines a borrower’s 1% down payment with a 2% grant from Guild, thus resulting in a loan with [Read More]

MBA: Applications For Refinances Jumped 11% On Slightly Lower Mortgage Rates

Posted by Patrick Barnard on May 24, 2017

Mortgage application volume jumped 4.4% during the week ended May 19, with most of the increase stemming from an 11% week-over-week spike in applications for refinances, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. It was the [Read More]

NAR: Existing-Home Sales ‘Stymied’ By Low Inventory In April

Posted by Patrick Barnard on May 24, 2017

Existing-home sales were at a seasonally adjusted annual rate of about 5.57 million in April – down 2.3% from a downwardly revised estimate of 5.70 million in March, according to the National Association of Realtors (NAR). Despite the month-over-month decrease, [Read More]

Black Knight: Mortgage Delinquencies Hit Eight-Year High In April

Written by Patrick Barnard on May 24, 2017

The delinquency rate on first-lien mortgages (30 days or more past due) stood at 4.08% as of the end of April – an increase of 12.93% compared with March but a decrease of 3.58% in April 2016, according to Black [Read More]

Flagstar: Integration Of Stearns Delegated Correspondent Business Going Smoothly

Written by Patrick Barnard on May 24, 2017

Through the acquisition, Flagstar gains a significant number of correspondent relationships accounting for more than $7 billion in agency and government loans in 2016.

Michael Wojcik: Appraisers Concerned About Growing Use Of Data And Analytics

Written by Patrick Barnard on May 23, 2017

Appraisers are concerned about the technology movement, including the use of big data and analytics, and how that might impact their careers in the future.

FormFree Hires Ann Fulmer As Chief Strategy And Industry Relations Officer

Posted by Patrick Barnard on May 23, 2017

Loan quality subject matter expert and analyst Ann Fulmer has joined asset verification solutions provider FormFree as chief strategy and industry relations officer. A nationally recognized strategist, thought leader, speaker and author specializing in data integrity, fraud and federal/Consumer Financial [Read More]

New Home Sales Dropped 11.4% In April

Posted by Patrick Barnard on May 23, 2017

As of the end of April, there were about 268,000 new homes available for sale nationwide – about a 5.7-month supply at the current sales rate.

Supreme Lending Expands Southwest Territory With New Branch In Denver

Posted by Patrick Barnard on May 22, 2017

Supreme Lending has opened a new branch in the Denver market that will be managed by 25-year industry veteran Carlos Ruiz. Ruiz has been in the mortgage industry for 25 years and has strong knowledge of the full range of [Read More]

Embrace Home Loans Opens New Location In Washington, D.C.

Posted by Patrick Barnard on May 22, 2017

Fast-growing Embrace Home Loans has opened another location in Washington, D.C. The new branch is located at 1001 Connecticut Ave. N.W., Ste. 405, and will be managed by mortgage professional Margie Hennessey. Hennessey has more than 13 years of mortgage [Read More]

IDS Receives Certification From Fannie Mae, Freddie Mac For Its UCD XML File

Posted by Patrick Barnard on May 19, 2017

Mortgage document preparation vendor International Document Services Inc. (IDS) reports that its Uniform Closing Dataset (UCD) XML file has been certified to meet all UCD requirements by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac – ahead of the GSEs’ [Read More]

Ellie Mae: Refinance Share Of Mortgage Volume Fell To 35% In April

Posted by Patrick Barnard on May 18, 2017

Refinances fell to 35% of all loans passing through Ellie Mae’s Encompass loan origination platform in April – down from 37% in March and down from 43% in February, the mortgage software firm reports. The closing rate for all loan [Read More]

NAR: 2017 Will Be Best Year For Existing-Home Sales In A Decade

Posted by Patrick Barnard on May 18, 2017

During the Realtors Legislative Meetings & Trade Expo, Lawrence Yun, chief economist for the National Association of Realtors (NAR), predicted that existing-home sales would reach an annual pace of 5.64 million by the end of this year – an increase [Read More]

New York Fed: Q1 U.S. Household Debt Surpassed Peak Set In 2008

Posted by Patrick Barnard on May 18, 2017

U.S. household debt increased 1.2%, or $149 billion, in the first quarter compared with the fourth quarter to reach $12.73 trillion, according to the New York Fed’s Quarterly Report on Household Debt and Credit. That surpasses the peak of $12.68 [Read More]