The Association of Independent Mortgage Experts (AIME) is teaming up with lobbying firm Forbes Tate Partners (FTP) to further broker representation in government affairs. The partnership is a step forward for AIME’s Government Affairs Committee, founded in 2021. “The broker community is thrilled that Forbes Tate will represent our interests in government affairs,” said Katie Sweeney, CEO of AIME. “The strategies they’re advancing will effectively suit our needs by growing our footprint, increasing our impact, and building our reputation exponentially. Additionally, they will help us fight for a voice for the broker channel and champion consumers from all backgrounds.” FTP is a bipartisan public affairs firm specializing in government relations, traditional and digital communications, grassroots advocacy, third-party coordination, insights, polling,…
Good Morning! Today is Wednesday, March 9. Major U.S. businesses pulled out of Russia and President Biden banned Russian oil imports. Intelligence officials said Vladimir Putin showed no signs of changing course. A jury found Guy Reffitt, the first Jan. 6 defendant to go on trial, guilty of leading a mob against the police. The Mortgage Note Reports $1M Or More: A record 8.2% of U.S. homes (6 million) were valued at $1 million or more in February, with California leading the pack in share. Rate Slide Pushes Refis Up: Refinances bounced up last week due to a brief drop in interest rates, while overall mortgage loan application volume rose 8.5%. And in other mortgage and housing news… Above Asking:…
Refinances bounced up last week due to a brief drop in interest rates, the Mortgage Bankers Association’s (MBA) weekly survey found. Overall, mortgage loan application volume rose 8.5% last week, reversing a weeks-long downward trend. This is likely the result of spring inventory trickling into the market, though the lower rates may have played a role. The adjusted purchase index rose 9%, while the unadjusted purchase index rose 11% and was 7% lower YOY. The refinance index jumped 9% and was down 50% YOY. Refinances made up 49.5% of total applications, a slight dip as overall volume increased. Government refinances made big gains in particular. “Mortgage rates dropped for the first time in 12 weeks, as the war in Ukraine…
Mortgage loan application volume fell 0.7% last week, faring slightly better than the prior week’s 13.1% drop but continuing a trend down, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped 0.7%. The adjusted purchase index fell 2%, while the unadjusted purchase index rose 1% and was 9% lower YOY. The refinance index rose 1% and was down 56% YOY. Refinances made up 49.9% of total applications. Rising mortgage rates continue to impact application activity. Mortgage rates reached 4.15% last week, their highest since 2019, and are driving refinance applications down. “Although there was an increase in government refinance applications, higher rates continue to push potential refinance borrowers…
Good Morning! Today is Thursday, February 24. Russian President Vladimir Putin announced a military operation in Ukraine. President Biden will address the nation with an update on the attacks at 12:30 p.m. The Mortgage Note Reports “Battling It Out”: A Redfin report found that 70% of homebuyers faced bidding wars in January, making it the most competitive month in Redfin’s data. Loan Applications Down: Mortgage loan application volume fell 13.1% last week to their lowest level since December 2019, MBA’s weekly survey shows. And in other mortgage and housing news… Seeking Comment: MISMO is seeking public comment on updates to Engineering Guideline 7 establishing class words that enable consistency in the naming and structure of data point names. Panel Market: …
Mortgage loan application volume fell 13.1% last week, continuing last week’s trend down, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped 13.1%. The adjusted purchase index fell 10%, while the unadjusted purchase index fell 6% and was 6% lower YOY. The refinance index fell 16% and was down 56% YOY. Refinances made up 50.1% of total applications. “Mortgage applications dropped to their lowest level since December 2019 last week, as mortgage rates continued to inch higher. The 30-year fixed rate was 4.06%, almost a full percentage point higher than a year ago. Higher mortgage rates have quickly shut off refinances, with activity down in six of the…
Good Morning! Today is Wednesday, February 23. U.S. truckers plan to embark on a 2,500-mile cross-country drive to DC in protest of coronavirus restrictions. Germany put a stop to an $11 billion Russian natural gas pipeline that would link the two countries. The Supreme Court will hear a case from a web designer who objects to providing services for same-sex marriages. The Mortgage Note Reports Getting A Mortgage Online: Leaders at Bank of America say home loan applications initiated through their Digital Mortgage Experience accounted for 81% of total mortgage applications in 2021. That is up from 45% in 2020. FHFA HPI: Home price appreciation cooled slightly in Q4 2021, with prices rising 17.5% YOY and 3.3% from Q3 2021.…
The number of loans in forbearance fell 11% in January to 1.30% of servicers’ portfolio volume, according to the Mortgage Bankers Association’s (MBA) Loan Monitoring Survey. MBA now estimates that 650,000 homeowners remain in forbearance plans. This is the second consecutive month that forbearance exits hit a new low since June 2020. Of Fannie and Freddie loans, the number in forbearance dropped 4 basis points to 0.68%. Ginnie Mae loans saw a 3 basis point drop to 1.60%, while PLS and portfolio loans saw a 41 point decline to 3.02%. But re-entries and new forbearance requests rose, especially for Ginnie Mae loans. While forbearances keep falling, January saw the smallest monthly decline in a year. Of all forborne loans, 26.8%…
Good Morning! Today is Tuesday, February 22. In a speech, Putin laid claim to Ukraine as a country “created by Russia.” Prime Minister Boris Johnson lifted all restrictions in England and announced an end to most free testing. A Biden administration plan to reduce drug deaths will include clean-needle exchanges. The Mortgage Note Reports Rental Rates Up By More Than 15%, Adding To Inflation: Monthly asking rates for rentals increased 15.2% year-over-year in January, and some economists say this is accounting for a significant portion of recent inflation. Foreclosures In New Jersey: $10 Million Set Aside To Help: State officials in New Jersey will use $10 million in federal funding to purchase mortgage notes of homes on the verge of…
Mortgage applications for new home purchases fell 12.5% year-over-year in January 2022, according to the Mortgage Bankers Association’s (MBA) Builder Application Survey (BAS). However, applications rose by 10% from December 2021, as MBA estimates 66,000 new homes were sold in January compared to December’s 60,000. MBA estimated that new single-family sales were running at a rate of 821,000 units, down 7.4% from December’s 887,000 unit pace. “Purchase applications for new homes fell on an annual basis in January, but the 10% monthly gain is a positive sign to start the year. While homebuyer demand remains strong, purchase activity is being constrained by higher prices and building delays due to supply-chain pressures and building materials shortages,” said Joel Kan, MBA’s Associate…
