Mortgage Industry News
Mortgage Application Activity Drops by 1.3%
The VA share of total applications dropped to 15.4% from 18.3%. Continue Reading Mortgage Application Activity Drops by 1.3%
Rocket Mortgage Partners with Annaly in Mortgage Subservicing Pact
Rocket Mortgage is expected to begin servicing loans for Annaly as early as December. Continue Reading Rocket Mortgage Partners with Annaly in Mortgage Subservicing Pact
Thrive Mortgage and Lower.com to Merge
Lower CEO and co-founder Dan Snyder will lead the combined team. Continue Reading Thrive Mortgage and Lower.com to Merge
Mortgage Marketplace Stairs Financial Raises $3.5 Million in Funding Round
Stairs is now live in Texas with licenses across 40 states, and the company plans to expand nationwide in early 2024. Continue Reading Mortgage Marketplace Stairs Financial Raises $3.5 Million in Funding Round
Refinances Fuel Uptick in Mortgage Application Activity
The Refinance Index increased 19% from the previous week and was 27% higher than the same week one year ago. Continue Reading Refinances Fuel Uptick in Mortgage Application Activity
Fed Officials Debate Scaling Back Mortgage-Bond Purchases at Faster Clip
Source: The Wall Street Journal --- As Federal Reserve officials discuss how to eventually scale back their easy-money policies, they are debating whether to start by reducing purchases of mortgage-backed securities to avoid adding more fuel to the housing boom. The...
The U.S. is the country most vulnerable to a new financial crisis, Nomura warns
Source: Market Watch --- Wouldn’t it be great to know when financial crises are about to happen? That’s the idea behind a new warning model created by Japanese bank Nomura, with the somewhat unfortunate name Cassandra, given the Trojan priestess of Greek mythology was...
US new home sales slump to one-year low; 30-yr fixed refinance rate hover at 3.25%
Source: Financial World --- On Wednesday, US Commerce Department data had revealed that the sales of newly built single-family homes faltered to a one-year low last month, as the median prices of newly constructed houses kept climbing in context of a flaming timber...
Nonbank Lenders Are Dominating the Mortgage Market
Source: The Wall Street Journal --- Americans took out more mortgages than ever before in 2020. Most of them didn’t come from banks. Nonbank mortgage lenders in the U.S. issued 68.1% of all mortgages originated in 2020, up from 58.9% in 2019, according to industry...
What salary you need to buy a Portland-area home, according to estimates
Source:Portland Business Journal --- A Portlander needs to earn $86,833 a year to afford a home in the metro area, a number that increased 7.5% since last year, according data from HSH.com. That puts the city at No. 11 among the most-expensive metro areas in the...
For Many Home Buyers, a 5% Down Payment Isn’t Enough
Source:The Wall Street Journal --- Would-be home buyers without big piles of cash are getting left on the sidelines. In the turbocharged housing market, prices are surging and homes on the market are routinely selling for far more than the listing price. Those who...
Think Like an Accountant
Source: Scotsman Guide --- Commercial mortgage underwriting is usually discussed in terms of asset performance, such as rents, occupancy, expenses, valuations and debt loads. But we can’t forget that traditional lenders, especially banks, also are evaluating the...
Is the appraisal process color-blind?
Source: Housing Wire --- Recently, at an event marking the 100th anniversary of the Tulsa Race Massacre, President Biden announced the launch of a new interagency task force to root out what it calls inequity in the appraisal industry. As a candidate, Biden’s campaign...
Mortgage Loans in Forbearance Dips to 4.16 Percent in U.S.
Source: The World Property Journal --- The Mortgage Bankers Association estimates there are 2.1 million homeowners in forbearance plans at the end of May 2021. The Mortgage Bankers Association latest Forbearance and Call Volume Survey revealed that the total number of...
With many Americans house rich, here are the best ways to tap your home for cash
Source: CNBC --- Many Americans are suddenly house rich. On paper, anyway. Soaring home prices have resulted in a record amount of home equity on hand. By the end of last year, roughly 46 million homeowners held a total $7.3 trillion in equity to tap, the largest...
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