Delinquencies fell for the thirteen consecutive month in April, down 1.8% YOY and unchanged from the month prior, according to CoreLogic’s latest Loan Performance Insights Report. Only 2.9% of mortgages across the nation were in some stage of delinquency in April. Serious delinquencies, those which are 90 days or more past due, have seen the most change in the last year. They account for 1.4% of all mortgages, down from 3.3% at the same time last year, and have fallen from a high of 4.3% in August 2020. All states saw annual declines in their overall delinquency rate in April. The states with the largest declines were Nevada (-3.2%), Hawaii (-3%), and New Jersey (-2.7%). Early-stage delinquencies are up 1%…
By KIMBERLEY HAAS Guild Mortgage has launched a national program that can help potential homebuyers compete with all-cash offers. Vice President of Product Strategy Erin Watts said in a recent interview with The Mortgage Note that they are doing everything they can to help homebuyers compete in today’s market. “We were getting these really well-qualified homebuyers that needed to get mortgage financing but they just kept missing out due to these cash offers,” Watts said. How does CashPass Work? When homebuyers apply for a loan with Guild Mortgage, they let them know they are interested in CashPass. They then provide the same information that they would need for pre-approval for a conventional loan. A minimum credit score of 680 is…
Travis Morrow has been appointed president of credit union 7 Mortgage, the company announced in a press release. Morrow takes the place of Wendy Robinson, who retired this year. He officially took over the title on May 29th, 2022. “Travis has worked in the financial and mortgage industry for over 10 years and has the experience and knowledge needed to successfully transition into his new role as President of 7 Mortgage,” said Chris Boler, President & CEO of 7, LLC. “He is familiar with our culture and understands our mission to empower credit unions of all sizes to offer much-needed mortgage solutions to their members.” Give a wonderful welcome to Travis Morrow, our new President of 7 Mortgage! 🎉 Travis…
Mortgage loan application volume reversed course after five straight weeks of decreases, rising 6.6% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, increased by 6.6%. The adjusted purchase index rose 8%, while the unadjusted purchase index was up by 18% and was 16% lower YOY. The refinance index rose 4% and was down 76% YOY and made up 31.7% of total applications. ARM activity fell to 8.1% of total applications. Joel Kan, MBA Association Vice President of Economic and Industry, noted that applications rose despite an interest rate explosion last week. The 30-year fixed-rate hit 5.65% last week, up 25 basis points and the highest level…
Fannie Mae’s Economic and Strategic Research (ESR) Group has downwardly revised its full-year 2022 real GDP expectations, along with anticipated home sales and mortgage originations, according to the group’s latest forecast. They now expect full-year real GDP to grow at a reduced rate of 1.3%, a 0.8% decrease from their previous prediction, citing inflation, rising interest rates, and “a slowdown of global economic growth.” The forecast also predicts that Q2 2022 will see growth rebound to 1.6%, a reaction to Q1’s economic contraction of 1.4%. “Financial conditions have tightened significantly, and the economy is slowing faster than previously expected as markets adjust to the Federal Reserve’s tightening guidance,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. Mortgage…
Ten of the 15 metros with the highest fraud risk saw an increase in risk compared to last quarter, CoreLogic reported in its Quarterly Mortgage Fraud Brief. The report analyzes the metros with the highest mortgage fraud risk in order to get a clear picture of trends found in residential mortgage loan applications processed by LoanSafe Fraud Manager. CoreLogic’s National Mortgage Application Fraud Risk Index was flat in Q1 2022, falling slightly from 138 in Q4 2021 to 137 this quarter. Year-over-year, the trend is up 15% at 119. The Poughkeepsie metro area topped the list for highest fraud risk, with risk up 16% quarter-over-quarter. It’s followed by the Miami, San Jose, Las Vegas, New York, Los Angeles, San Francisco, Stockton,…
Good Morning! Today is Thursday, April 21. Russia test-launched a new intercontinental missile that it said could carry several nuclear warheads. The federal government charged 21 people in Medicare fraud schemes, including selling fake vaccine cards and test results. The Mortgage Note Reports “Plenty Of Fuel In The Tank”: Monthly mortgage payments on the typical U.S. home are 19.5% higher than they were three months ago, but demand just keeps growing. Existing Home Sales: Existing-home sales fell for the second straight month in March, down 2.7% from the prior month and 4.5% from a year ago. And in other mortgage and housing news… Blend Layoffs: Mortgage tech company Blend has laid off 10% of its workforce. BOA Settlement: HUD signed a Conciliation Agreement with Bank of America to resolve…
Pending home sales dropped for the fourth month in a row in February, down 4.1% from January and 5.4% YOY, the National Association of Realtors (NAR) reported. NAR’s Pending Home Sales Index (PHSI), which measures home sales using contract signings, fell in three of the major regions. The Northeast was the only region that saw an increase from January. All four regions saw year-over-year declines. “Pending transactions diminished in February mainly due to the low number of homes for sale. Buyer demand is still intense, but it’s as simple as ‘one cannot buy what is not for sale,'” said Lawrence Yun, NAR’s chief economist. The Northeast PHSI rose 1.9% to 85.0 in February, down 9.2% YOY. In the Midwest, the…
Average monthly asking rent in the U.S. leaped to new heights in February, up 15% year-over-year to a record high of $1,901, though mortgage growth outpaced it yet again, according to Redfin. Rent growth saw its largest annual increase since Redfin began tracking rental data in February 2019. Mortgage payments rose 31% YOY to $1,716, also the biggest increase recorded by Redfin. Mortgage payment increases outpaced rent increases in 44 of the 50 largest U.S. metros. “The cost of housing is going up for homebuyers and renters, but it’s going up more quickly for homebuyers,” said Redfin Chief Economist Daryl Fairweather. “That’s because mortgage rates have increased sharply, and will likely continue to do so. When the cost of homeownership…
More consumers than ever think mortgage rates and home prices will continue to rise, according to Fannie Mae’s Home Purchase Sentiment Index (HPSI). The HPSI rose by 3.5 points to 75.3 in February, with five of the index’s six components increasing month-over-month despite respondents’ surly attitude towards home prices and interest rates. However, the full index dropped 1.2 points year-over-year (YOY). The “Good Time to Buy” component is still hovering near its record low, with consumers saying they are deterred from homebuying by high prices. Respondents to the survey said they feel an improved sense of job security, but a significantly greater share– 67%, a record high for the HPSI– assume mortgage rates will rise higher. The report notes this…
