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…
For the first time since at least 2008, independent mortgage banks and mortgage subsidiaries of chartered banks lost money every time they originated a loan. The Mortgage Bankers Association’s Annual Mortgage Bankers Performance Report found that IMBs lost an average of $301 on each loan in 2022. This puts production profits down 15% YOY, a…
Mortgage applications increased for a third week as buyers take advantage of retreating rates. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – rose by 3%. Mortgage rates fell for a second week as a wobbly banking sector pushed treasury yields down. The…
Mortgage loan application volume increased by 3.8% last week, breaking a multi-week pattern of steep declines, despite rates rising to their highest point since October 2008. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index, a measure of mortgage loan application volume, rose by 3.8%. The results include an adjustment for…
Mortgage loan application volume fell 1.2% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped 1.2%. The adjusted purchase index fell 1%, while the unadjusted purchase index fell 2% and was 8% lower YOY. The refinance index fell 3% and was…
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