Mortgage applications rose again despite rates moving slightly up last week.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – jumped 3.7%, adding to the week prior’s 10.4% spike.
Adjusted purchase applications rose by 8%, while the unadjusted index increased by 3% and was 18% lower YOY.
Demand may have been tempered by rates ticking up slightly from 6.75% to 6.78%. Still, even as buyers remain sensitive to rate movement they do appear to be leaping to lock in rates under 7%.
“Mortgage rates increased slightly last week, but there continues to be an upward trend in purchase activity. Conventional and FHA purchase applications drove most of the…
TransUnion released a new portfolio management tool to help lenders manage risk for home equity loans.
TruVision Consumer Property Insights for Portfolio Management was designed to calculate property value fluctuations as more homeowners tap into their accrued equity.
The product offers new insights such as combined-loan-to-value. It links property lien data with the corresponding tradeline, allowing lenders to see the actual value for the amount owed on the property, not an estimate.
It also provides data about up to five properties owned by a borrower, offering a more complete view of their overall financial health and any potential risk indicators.
“Both macro and microeconomic conditions and fluctuations can dramatically impact the value of a property, putting mortgage and home equity…
Interest rates have dampened demand for mortgages, but some areas remain prime opportunities for lenders, according to a new study from TransUnion. The study, “Where Will Growth In Mortgage Originations Come From?,” analyzed the credit-active U.S. population between Q2 2017 and Q1 2022. It flagged consumers with a variety of traits, such as VA eligibility and income status, who withdrew their applications or may have been turned down for a mortgage. The results showed mortgage-qualified consumer segments that have “purchase origination potential.” Of the approximately 121 million low- and moderate-income (LMI) consumers studied, 95% were credit eligible for a mortgage. Buyers should have at least a 620 credit score when applying for a conventional loan. 86% of VA-eligible consumers were…
