Mortgage Industry News
Senate Approves Bill Prohibiting Trigger Leads
Mortgage Bankers Association President and CEO Bob Broeksmit said it was “a long-overdue measure.” Continue Reading Senate Approves Bill Prohibiting Trigger Leads
Q2 Commercial and Multifamily Mortgage Originations Up 66% from Last Year
On a year-over-year measurement, there was a 140% spike in the dollar volume of loans for office properties. Continue Reading Q2 Commercial and Multifamily Mortgage Originations Up 66% from Last Year
Mortgage Rates in a Modest Drop
The 30-year fixed-rate mortgage averaged 6.69% as of Dec. 5. Continue Reading Mortgage Rates in a Modest Drop
Mortgage Application Activity Up Nearly 3%
The seasonally adjusted Purchase Index increased 6% from one week earlier. Continue Reading Mortgage Application Activity Up Nearly 3%
Three Bay Area Real Estate Professionals Sentenced for Mortgage Fraud Scams
“The defendants tried to line their own pockets at the expense of homebuyers, lenders, and federally insured programs,” said US Attorney Ismail J. Ramsey. Continue Reading Three Bay Area Real Estate Professionals Sentenced for Mortgage Fraud Scams
Mortgage Lenders Turn ‘Desperate’ as Soaring Rates Roil Industry
Source: Bloomberg --- Danny Meier had one of the busiest years of his career in 2021. The 36-year-old closed roughly $799 million worth of loans at Academy Mortgage Corp., ranking him among the top producing originators in the US. Now, he’s bracing for a 20% reduction...
Will 40-Year Mortgages Become a Thing? Here’s What Real Estate Experts Say
Source: Apartment Therapy --- A global pandemic followed up by a looming recession is the kind of once-in-a-lifetime double whammy that can really rock your financial confidence. Now, as interest rates spike, it raises the question: Could a 40-year mortgage option...
Mortgage applications rise amid strong demand for ARMs
Source: Realty Biz News --- Mortgage applications surprisingly jumped 8% last week compared to the previous seven day period, boosted by demand for adjustable-rate mortgages, according to the Mortgage Bankers Association. However, applications are still down 10%...
US housing market price correction to hit ‘coast to coast,’ economist warns
Source: NY Post --- The scorching pandemic-era US housing market is on the verge of a “coast to coast” price correction as the Federal Reserve hikes interest rates, a prominent economist warned this week. Mark Zandi, chief economist at Moody’s Analytics, said his firm...
New Home Sales Increase in May Before Fed June Rate Rise
Source: NAHB --- After posting four consecutive monthly declines on rising mortgage rates and worsening affordability conditions, new home sales posted a solid gain in May as some buyers rushed into the market in advance of the Federal Reserve’s June interest rate...
What Is an Escalation Clause in Real Estate and When Should You Use One?
Source: Realtor --- What is an escalation clause in real estate, and how does an escalation clause work? When you’re deciding on what price to offer on a home, the situation might call for a single price or, in some cases, numerous prices via an escalation clause. In...
How To Reinvent Yourself & Your Business Enterprise
Once you have decided to reinvent yourself, the next decision is whether to stay in your chosen field or select a new one. Continue Reading How To Reinvent Yourself & Your Business Enterprise
U.S. Mortgage Application Payments Spike $513 in 2022
Source: World Property Journal --- According to the Mortgage Bankers Association's latest Purchase Applications Payment Index, U.S. homebuyer affordability was mostly unchanged in May 2022, with the national median payment applied for by applicants up slightly to...
Home Flips Are Up, But Raw Profits Hit 13-Year Low
Source: National Mortgage Professional --- ATTOM released its first-quarter 2022 U.S. Home Flipping Report showing that home flips are up in the first quarter, while profits have sunk to a 13-year low. The report shows 114,706 single-family houses and condominiums in...
Housing-affordability crunch time is at hand
Source: Sun Gazette --- Ballooning mortgage costs, driven by skyrocketing prices and interest rates, have made mortgages less affordable than at any time since at least 2007. Demand for homes has pulled back in response, easing price growth, slowing sales and boosting...
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