Mortgage rates climbed in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC). The 30-year fixed-rate mortgage averaged 6.11% as of March 12, up from last week when it averaged 6.00%. A year ago at this time, it averaged 6.65%. The 15-year...
The Financial Services Regulatory Authority of Ontario (FSRA) has imposed six administrative monetary penalties totaling $600,000 against Claire Drage, a former mortgage broker in Guelph, Ontario. In a press statement, FSRA accused Drage of engaging in “a prolonged...
Mortgage application activity was on the rise for the week ending March 6, according to data from the Mortgage Bankers Association (MBA). The Market Composite Index, the MBA’s measure of mortgage loan application volume, increased 3.2% on a seasonally adjusted basis...
Access to mortgage credit increased in February, according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA). The MCAI rose by 1.1% to 107.1 in February. A decline in the MCAI indicates that lending standards are...
PennyMac Financial Services Inc. (NYSE: PFSI) has launched a suite of non-qualified mortgage (Non-QM) products in its third party origination (TPO) division. According to the Westlake Village, California-based company, the new products are designed to “help TPO...
The credit scoring agencies Equifax (NYSE: EFX) and Experian are joining their competitor TransUnion (NYSE: TRU) in reducing their respective VantageScore 4.0 mortgage credit scores for 99 cents. Equifax said it will continue to offer free VantageScore 4.0 credit...
