Mortgage applications increased for a second week as rates retreated from 7%.
The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — increased by 7.1%, following the week prior’s 9.7% bump.
Adjusted purchase applications rose by 5%, while the unadjusted index was up 6% and 11% lower YOY.
“Mortgage rates dropped below 7% last week for most loan types because of incoming economic data showing a weaker service sector and a less robust job market, with an increase in the unemployment rate and downward revisions to job growth in prior months,” said Mike Fratantoni, MBA’s SVP and Chief Economist.
Nonfarm payrolls rose by 275,000 in February while the…
The CEO of Dark Matter Technologies says they remain focused on streamlining processes for their clients as they work to revolutionize the mortgage industry.
Leaders at the company, formerly Black Knight Origination Technologies, announced in September that they had rebranded after being acquired by the Perseus Operating Group of Constellation Software.
Since that time, they have announced a collaboration with Argyle to simplify the income and employment verification process and an integration that allows lenders to instantly leverage income and employment information through Experian Verify.
They have also implemented an automated workflow in the Empower loan origination system that makes it easier for lenders to identify and qualify loan applicants who could benefit from an evaluation of their rent payment…
By ERIN FLYNN JAY
If you are looking for a home and don’t have 20% to put down, you are not alone.
According to the National Association of Realtors, the typical down payment for first-time buyers is 8%. For repeat buyers, it’s 19%.
And for 38% of first-time buyers, saving for a down payment was the most difficult step in the process.
Sean Moss, EVP of product and operations at Down Payment Resource, says there is no one right answer to the question of how much money to put down when purchasing a home. It’s dependent on the buyer’s financial situation, as well as the loan type they plan to use.
“It’s a common misconception that 20% down is the…
By KIMBERLEY HAAS
Female mortgage professionals are breaking barriers and making strides. As Women’s History Month is celebrated this March, The Mortgage Note asked leaders in the industry and related fields to share their advice with others.
Here’s what they said:
Be kind.
“Always be kind. This is a small pond. You never know who you will work with or for,” said Erica Giorgiantonio, senior director of field services at SingleSource Property Solutions in Canonsburg, Pennsylvania.
Have confidence.
Julia Curran, senior director of product design at SitusAMC in New York City, said, “Don’t be afraid to speak up and assert yourself in meetings and negotiations. Confidence and assertiveness are key qualities for success in our field.”
Gaining that confidence can…
The number of underwater homes in the U.S. dropped in Q4 2023 as home prices continued soaring, adding to the property wealth of American homeowners.
Equity rose by approximately $24,000 YOY for the average borrower, according to new data from CoreLogic.
A home is underwater if it has negative equity – that is, if it’s worth less than the homeowners owe.
Quarter-over-quarter, the number of homes with negative equity slipped by 1.1%, accounting for just 1.8% of all mortgaged properties, the lowest number ever recorded by CoreLogic.
Annually, underwater mortgages were down by 15%.
“Rising home prices continue to fuel growing home equity, which, at $298,000 per average borrower remained near historic highs at the end of 2023,” said Dr.…
Mortgage applications pulled back from a weeks-long stretch of declines, increasing last week across the board.
The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index—a measure of mortgage loan application volume—increased by 9.7%, reversing the week prior’s 5.6% dip.
Adjusted purchase applications rose by 11%, while the unadjusted index was up by 13% and was 8% lower YOY. The data is adjusted to include the President’s Day holiday.
Rates moved down slightly but not by much, reaching 7.02%. This is elevated from the beginning of the year, but rate-sensitive buyers may be inclined to lock in here before they move any higher.
“The latest data on inflation was not markedly better nor worse than expected, which…
By KIMBERLEY HAAS
The CEO of Rapid Home Loans says to succeed in the current landscape, mortgage professionals need to know how to make the most of every opportunity.
Abe Miri cofounded the company, located in Dearborn, Michigan, with Alex Abazid in March of 2022. Licensed in 24 states, they use a call center style to conduct business.
For Miri, who says he has always worked in an outbound environment, that’s his bread and butter.
“If somebody gives me a lead, I’ll work it to the bone. And that’s kind of the mindset you have to have,” Miri said. “It’s always a hustle. That’s what I always say, it’s a nonstop hustle.”
That drive has helped push Rapid Home Loans…
By JARED WHITLEY
Did Mat Ishbia win another battle in the “Broker War?”
That appears to be the underlying message from Fairway Independent Mortgage Corporation, where leaders announced last month they would be shutting down their wholesale platform. Although CEO and Founder Steve Jacobson described the move as a “business shift, nothing more, nothing less,” about 100 people are expected to lose their jobs as a result.
“The people who have run Fairway’s Wholesale Department are some of the most talented, humble people in the business and will be a huge value add at their next mortgage home,” Jacobson said in a statement. “We want to thank our entire amazing wholesale team for its dedication and professionalism over the years.”…
By ERIN FLYNN JAY
In recent years, cities in warmer weather states have boasted the nation’s hottest housing markets but now the spotlight is on one of the snowiest places in the country.
Last month, Zillow released its annual predictions for the hottest housing markets of 2024. Buffalo, NY, took spot number one based on its affordability.
The predictions are based on an analysis of home value growth, recent housing market activity, projected changes in the labor market, home construction activity, and the number of homeowner households in the top 50 metropolitan areas according to population.
Buffalo makes homeownership a real possibility, especially for younger generations looking to purchase their first home. The average home price came in at $248,445,…
By KIMBERLEY HAAS
The chairman and CEO of United Wholesale Mortgage says they will continue to assert market dominance in 2024 as the company remains 100% committed to the success of the broker channel.
Mat Ishbia spoke during an earnings call on Wednesday after leaders at UWM reported a net loss in 2023 of $69.8 million – inclusive of a $854.1 million decline in fair value of MSRs – and a diluted loss per share of $0.14. In 2022, the company’s net income was $931.9 million.
Total loan originations for 2023 were $108.3 billion, of which $93.9 billion was purchase volume. In comparison, originations were at $127.3 billion in 2022.
Ishbia started his comments by saying 2023 wasn’t one of…
