Mortgage Industry News
Mortgage Rates Continue to Drop
The 30-year fixed-rate mortgage averaged 6.63% as of March 6. Continue Reading Mortgage Rates Continue to Drop
Shant Banosian Named President of Rate Mortgage
Banosian joined the company (formerly Guaranteed Rate) in 2007 and was most recently executive vice president for sales. Continue Reading Shant Banosian Named President of Rate Mortgage
Refinancing Outpaces Purchase Loans in Latest MBA Data
The Refinance Index enjoyed a 10% hike from the previous week and was 4% higher than the same week one year ago. Continue Reading Refinancing Outpaces Purchase Loans in Latest MBA Data
Mortgage Credit Availability Up in March
MBA’s Joel Kan noted the credit supply “remains low at nearly 7% below a year ago.” Continue Reading Mortgage Credit Availability Up in March
Rocket Mortgage Unveils AI-Driven Rocket Logic Platform
The platform combines insights from more than 10 petabytes of proprietary data and 50 million annual call transcripts with deep learning and generative AI systems. Continue Reading Rocket Mortgage Unveils AI-Driven Rocket Logic Platform
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...
Profit margin decline suggests mortgage bonanza is waning
Source: Housing Wire --- Independent mortgage banks (IMB) and mortgage subsidiaries of chartered banks saw an average net profit of $3,361 on each loan they originated in the first quarter of 2021, down from a reported gain of $3,738 per loan in the fourth quarter of...
Young military families tap veteran benefits to buy homes in a hot real-estate market
Source: CNBC --- Eddie Valdivia, 34 and his wife, Vanessa, 36, workers at the Red Cross, bought their first house last October, right in the middle of the pandemic. It’s a three-bedroom, three-bathroom house on a half-acre in Palmdale, California, about 90 minutes...
Loan Modifications Affect the Mortgage Ecosystem
Source: Scotsman Guide --- The Consumer Financial Protection Bureau (CFPB) has been closely monitoring the loan default situation and is taking various steps in a bid to prevent a wave of foreclosures that could result from borrowers exiting their mortgage forbearance...
Loan Modifications Affect the Mortgage Ecosystem
Source: Scotsman Guide --- The Consumer Financial Protection Bureau (CFPB) has been closely monitoring the loan default situation and is taking various steps in a bid to prevent a wave of foreclosures that could result from borrowers exiting their mortgage forbearance...
