Mortgage Industry News
BMO Unveils Spanish-Language Mortgage Application
The application is available both digitally and in a paper format available at branches. Continue Reading BMO Unveils Spanish-Language Mortgage Application
Mortgage Application Activity Up 9.4%
The Refinance Index increased 9% from the previous week and was 56% higher than the same week one year ago. Continue Reading Mortgage Application Activity Up 9.4%
FCC Warns Against Fraudulent Mortgage Calling Campaign
Green Mirage has impersonated over 400 mortgage institutions and caused hundreds of thousands of dollars of losses to deceived homeowners. Continue Reading FCC Warns Against Fraudulent Mortgage Calling Campaign
Mortgage Rates Break Past 7% Level
Mortgage rates ticked up for the fifth consecutive week. Continue Reading Mortgage Rates Break Past 7% Level
Mortgage Bankers Association Brings Undergraduate Course to Cleveland State University
The program offers a three-credit undergraduate course on residential mortgage origination and processing. Continue Reading Mortgage Bankers Association Brings Undergraduate Course to Cleveland State University
One-Third of Recent Homebuyers Still Don’t ‘Shop Around’ for Mortgages
Source: Fannie Mae --- For potential homebuyers, obtaining multiple mortgage quotes may not be as exciting as searching for the physical home itself, but research has shown that "shopping around" with different lenders for the best possible mortgage terms can result...
House prices might plunge 20% in the hottest US markets – and the slump could hammer the wider economy, top investor says
Source: Markets Insider --- House prices could plummet 20% in some US cities as soaring mortgage rates scare off buyers, Peter Boockvar has said. Bleakley Advisory's chief investor endorsed the Dallas Federal Reserve's grim forecast in a CNBC interview on Wednesday....
If you think it’s a bad time for mortgages, think again
Source: MPA Magazine --- Like so many others in the mortgage industry, Lamont Harris Jr (pictured), didn’t always think about working in real estate. In fact, he once harbored ambitions of becoming a professional actor after dropping out of college. “I went to...
Mortgage Rates Might Have Peaked, Experts Say. What That Means for You
Source: NextAdvisor --- Mortgage rates have doubled since the start of 2022, slamming the breaks on a superheated housing market. But is 7% as high as they’re going to go? Maybe. “We probably have seen peak mortgage rates unless there is some other major shock to the...
U.S. housing prices could plunge 20%, Dallas Fed warns
Source: CBS News --- America's home prices could plunge as much as 20% due to the sharp rise in mortgage rates in 2022, which are drastically increasing home ownership costs and "boost the odds of a severe house price correction," according to research from the...
37% of real estate agents in the US couldn’t afford to pay their rent in October — another bad sign for the housing market. Here are 3 key takeaways for sellers right now
Source: Yahoo! --- As of September, the number of newly listed homes had dropped 20% from the year before and homes are lingering on the market for 32 days — 13 more days than the year before, according to analysis from Redfin. But if you need yet another sign the...
Housing Market Predictions For The Next 5 Years. What Return Can You Expect?
Source: Forbes --- Key takeaways The housing market is a hot topic right now, and after experiencing rapid growth over the pandemic years it looks to now be slowing down. Experts are expecting real estate values to fall over the next 12 to 18 months, before they...
‘Zombie Debt’: Homeowners face foreclosure on old mortgages
Source: Centre Daily Times --- Rose Prophete thought the second mortgage loan on her Brooklyn home was resolved about a decade ago — until she received paperwork claiming she owed more than $130,000. “I was shocked,” said Prophete, who refinanced her two-family home...
Mortgage lenders expect the housing market to worsen in 2023
Source: firsttuesday Journal --- Following record lender profits in 2021, 2022 has mortgage lenders packing their bags and heading for the exits. The Mortgage Bankers Association (MBA) believes the U.S. will enter a recession in the first half of 2023. The MBA expects...
US home prices falling 15% looks “conservative”: KPMG
Source: The Real Deal --- An economist is predicting home prices could decline much more than anticipated as the housing bubble begins to pop. A 15 percent drop in home prices for next year is “very conservative,” KPMG chief economist Diane Swonk told Fortune. Swonk’s...
