Mortgage originations fell by 3% in Q3 2023, reversing a spike in Q2 and marking the ninth decline in ten quarters, according to new data from ATTOM. Purchase and home equity lending (both -7%) induced the drop as interest rates stuck above 7% over the summer. These declines wiped out gains in refinances, which were…
Data released today shows national home prices slipped year-over-year in May but continue heating up in the short term, with month-over-month prices rising. Year-over-year, prices fell by 0.5%, down from -0.1% the prior month, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index. The 20-City Composite posted a -1.7% year-over-year decline, unchanged from…
Black Knight introduced a new app to speed up applications for home equity lines of credit, the company announced. The app, Validate, allows borrowers to include photos of their property as part of their application. The photos are then analyzed with AI to calculate the home’s condition in real-time, speeding up the approval process. Borrowers…
Dan Kellett has been named Chief Technology Officer of the data and workflow solutions company FirstClose. In his new position, Kellett will oversee FirstClose’s technology and strategy regarding applications, data, cybersecurity, and infrastructure. “It’s exciting to join FirstClose at this time of immense change, challenges, and innovation in the mortgage industry,” Kellett said. “FirstClose’s focus…
Property taxes are on the rise, another source of financial stress for Americans. According to new data released by ATTOM Data, total property taxes on single-family homes across the United States increased by 4% in 2022, totaling $340 billion. This marks a significant increase from the previous year, with the average property tax bill for…
Fintech LenderClose announced it is rebranding as Coviance, the company announced in a press release. The rebrand “reflects the company’s next phase of growth” as a transformative technology partner that allows lenders to efficiently scale home equity volume and close in a matter of hours. “The evolution of our technology has advanced us into a new…
Mountain America Credit Union is offering home equity through cloud banking software Blend, according to the companies. Mountain America will use Blend’s Instant Home Equity solution to provide members access to a fully digital end-to-end home equity solution that will cut down its application approval times. “Our focus is always on our members and providing…
Americans who bought a home this year are facing rising underwater risk as home prices cool. Black Knight’s October Mortgage Monitor found that 8% of homes bought in 2022 are now at least marginally underwater, while almost 40% have less than a 10% equity stake in their homes. “Make no mistake: negative equity rates continue…
Mortgage originations saw their largest annual decline in 21 years, further evidence that the housing boom is coming to an end. Originations fell 47% YOY in Q3, according to ATTOM Data’s Q3 2022 U.S. Residential Property Mortgage Origination Report. Quarter-over-quarter they were down 19%, the sixth consecutive drop. Lenders issued a total of $636.5 billion…
Even as the housing market is rapidly cooling, homeowner equity rose again in Q3, according to ATTOM Data’s Q3 2022 Home Equity & Underwater Report. The report found that 48.5% of mortgaged residential properties were considered equity-rich, up from 48.1% in Q2 and from 39.5% a year earlier. This is a slower increase than previous…
End of content
End of content
Before You Go, Get the Latest News and UPDATES!
Stay Tuned!