Plummeting mortgage rates during the third quarter last year started a shift in originators’ business mix towards refinance, and this, more than a lessening emphasis on loan manufacture quality, resulted in a huge jump in defect rates, Aces Quality Management said. Processing Content For the last week of June, the 30-year conforming fixed rate mortgage […]
Refi shift drives latest increase in mortgage defect rates Read More »
As home-price growth has flattened, the average down payment has decreased, according to a new industry report. Processing Content The typical homebuyer’s down payment in the United States decreased 1.5% year over year to $64,000 in December, the first drop in five months, Redfin found. That’s 15.2% of the average purchase price, compared with 16.7%
Average down payment falls amid price cooling Read More »
If you saw headlines that talked about how “home sales fell sharply in January,” it probably raised an eyebrow – especially if you’re thinking about selling your house. But context matters. Yes, in January, home sales declined. But that has more to do with seasonality and the weather than it does with any big drop
The Real Reason Home Sales Slowed in January. And It’s Not What You Think. Read More »
While the past decade has seen the share of depository institutions in mortgage shrink, a select number of banks and credit unions are growing their home lending departments, and technology’s improvement is one reason why they smell opportunity. Processing Content Coinciding with recent plans among banks and credit unions to grow in mortgage are predictions
EXCLUSIVE RESEARCH: How AI is supporting bank mortgage growth plans Read More »
It was an uneventful day for mortgage rates with the average lender holding right in line with last Friday’s levels. In this case, that’s a good thing. On the day before and/or after a 3-day weekend, rates tend to be more volatile than normal. That was certainly the case last Friday as the MND rate
Mortgage Rates Stay Flat to Start New Week Read More »
Toll Brothers Inc. fell short of analysts’ estimates for quarterly orders, signaling that fewer people are signing contracts to build homes as high prices and economic uncertainty hold some buyers back. Processing Content The luxury home builder said Tuesday that it had 2,303 signed contracts for the three months ending Jan. 31, missing analyst estimates
Toll Brothers misses orders estimates amid slow housing market Read More »
Officials responsible for mortgages that are directly government-backed weighed in on how they’re looking to address borrower affordability and performance risk amid policy change at the Mortgage Bankers Association’s servicing conference. Processing Content Federal Housing Administration Commissioner Frank Cassidy called his agency’s insurance-fund capital ratio “very strong” and hinted that a premium cut or other
FHA, Ginnie Mae, VA manage loan performance, affordability Read More »
Federal Reserve discussions about relaxing Basel III capital treatment of mortgage servicing assets could make MSRs more attractive for banks, but early analysis points to limited near-term market impact. Processing Content Comments from Federal Reserve Vice Chair for Supervision Michelle Bowman on Monday indicated the Fed was discussing removing the requirement to deduct mortgage servicing
MSRs in focus as Fed rethinks Basel III rules Read More »
Key Insight: Federal Reserve Gov. Michael Barr said the economy is currently ‘closest’ to a scenario in which AI gradually raises worker productivity without resulting in sweeping layoffs. Supporting data: Only 17% of firms currently use AI, according to a study cited by Barr. Forward look: Barr says policymakers must prepare for the worst, which
Fed’s Barr outlines AI risks to finance, labor market Read More »
Home Mortgage, is launching a new program to help financial professionals integrate home equity into retirement planning. Processing Content The training, offered exclusively to NAIFA members, focuses on the ethical and strategic use of housing wealth, including reverse mortgages, in retirement planning for clients 55 and older, the organizations said in a press release Tuesday.
Fairway, NAIFA reverse mortgage training targets financial advisors Read More »