Mortgage News:
 
Vacation Homes Help Fuel Existing Sales Surge
10/22/2020 10:41 AM
Existing home sales rose again in September and are now blowing the doors off last year"s numbers. The National Association of Realtors® says sales of single-family homes, townhomes, condominiums, and co-ops, rose 9.4 percent from August to a seasonally adjusted annual rate of 6.54 million units in September. After four str...Read More
 
Higher FICO Scores Indicate Lenders are Being More Selective
10/22/2020 10:13 AM
The refinancing share of originations increased again in September, rising 2 points to 58 percent of all loans. Ellie Mae"s Origination Insight Report for September shows the increase came almost inclusively in conventional loans where the refi share jumped 5 points to 66 percent. The refinancing share of VA loans rose 1 point to 20 p...Read More
 
MBA Economists Forecast Record Purchase Volume Next Year
10/22/2020 8:16 AM
Purchase mortgage originations are expected to hit a new record high of $1.54 trillion next year. That forecast, which would be an increase of 8.5 percent over the projected total in 2020, was made at the Mortgage Bankers Association"s (MBA"s) virtual 2020 Annual Convention and Expo by Mike Fratantoni, Chief Economist and Senior Vice...Read More
 
Bank, construction, Ops Jobs: 203(k), Credit, Doc Tools; IPOs, Debt Offerings, Lenders and Investors Making Moves
10/22/2020 8:04 AM
40 million people have already cast their vote in the election is unprecedented. I can hardly wait to return to “precedented times,” “unprecedented” favored to win “Word of the Year” in 2020. Even the colors are unprecedented. When I was a kid, people would paint their room or house white. Maybe green, or a bo...Read More
 
Fannie Asks Mortgage Execs How to Improve Condo Lending
10/21/2020 10:04 AM
The most recent Fannie Mae"s Lender Sentiment Survey focuses on the complexities of lending to the condominium market. The company stresses that this type of housing can play an important role in narrowing the supply gap for affordable housing options as well as providing an attractive alternative for homeowners seeking to downsize. H...Read More
 
Mortgage Apps Steady; Forbearances Drop Under 6%
10/21/2020 9:53 AM
The Mortgage Bankers Association (MBA) says there was little change in mortgage application activity during the week ended October 16. MBA"s Market Composite Index, a measure of mortgage loan application volume, dipped 0.6 percent from the prior week on a seasonally adjusted basis and was down 1.0 percent unadjusted. Refi...Read More
 
Calabria to Seek Input on Future Fannie/Freddie Policies
10/20/2020 11:04 AM
Mark Calabria, director of the Federal Housing Finance Agency (FHFA) used the annual convention and expo of the Mortgage Bankers Association to announce changes in the agency"s requirements for certain operations of the government sponsored enterprises (GSEs) Fannie  Mae and Freddie Mac. FHFA is seeking comments on a proposed rule...Read More
 
Looks Like Residential Construction is Back on Track
10/20/2020 10:10 AM
Residential construction resumed its upward trend after a brief pause in August. The U.S. Census Bureau and Department of Housing and Urban Development reported that all three measures of construction, permitting, housing starts, and unit completions, increased in September. Permits for privately owned residential construction were issued a...Read More
 
Home Purchase Demand Still Strong, but Slowing Down
10/19/2020 12:31 PM
While applications for new home purchase mortgages jumped in September, the Mortgage Bankers Association (MBA) expects only modest changes in the September sales data. MBA"s Builder Application Survey (BAS) data shows mortgage applications for new home purchases increased 38.2 percent in September compared to a year earlier but were down ...Read More
 
Builder Confidence Sets a New Record Once Again
10/19/2020 9:33 AM
For only the second time in its 35-year history, the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) topped 80 this month. The first time was in September. The index, a measure of builder confidence in the market for newly built single-family homes increased two points to 85, breaking the previous high ...Read More




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