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