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Home >> News >> Origination

Mortgage Applications Reach Highest Level Since January

Mortgage Applications Reach Highest Level Since January

“Purchase application volume picked up for the week and on a seasonally adjusted basis reached its highest level since January 30, 2015, and continues to run about 3 percent ahead of last year’s pace,” MBA Chief Economist Mike Frantantoni said. “Low mortgage rates and more importantly continued improvements in the job market are the likely drivers behind this increase.”

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Mortgage Refinance Rate Rises 8 Percent in February

Mortgage Refinance Rate Rises 8 Percent in February

Mortgage refinance rates climbed another 8 percent in February to 59 percent, making it the highest it has been since May 2013. According to Ellie Mae’s Origination Report released Wednesday that number is almost doubled the rate seen six months ago in August 2014 and 16 percentage points higher than the year-over-year figure of 38.

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iemergent Releases 2015 Mortgage Origination Forecast

iemergent Releases 2015 Mortgage Origination Forecast

The report predicts the 2015 purchase volume will feature over 3.3 million loans totaling to $782.6 billion. The 2015 refinance volume range is between 1.41 million loans at the low end totaling to $305.9 billion to 1.77 million loans at the high end totaling to $384 billion. The 2015 expected low end for total mortgage value is 4.74 million loans for 1,088.5 billion. The high end is 5.1 million loans at $1,166.6 billion.

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Urban Institute Report Discusses Plunge in GSE Profits

Urban Institute Report Discusses Plunge in GSE Profits

The Urban Institute has released a report discussing the impact of these changes and the likelihood Freddie Mac will need to take another draw from the Treasury. Accord to the report, Fannie Mae and Freddie Mac made a combined profit of over $120 million in 2013. But by 2014 the net profit from both institutions fell by 80 percent, with Fannie Mae profit totaling to $14 billion and Freddie totaling $8 billion. More alarming were Freddie’s fourth quarter profits, which were down 90 percent from just the previous quarter.

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First-Time Homebuyers to Make a Comeback

First-Time Homebuyers to Make a Comeback

According to Diane Swonk, chief economist at Mesirow Financial, “the Great Recession delayed, but did not destroy, dreams of home ownership.” Now, increased job growth, a return of non-bank lenders to the mortgage market, and the expansion of low down payment options should prompt more buyers to enter the market, according to Swonk. According to the report, housing starts are expected to rise at a double-digit pace to 1.14 million, the first year above the 1 million unit mark since 2007. Single family starts are expected to show new signs of life. Home sales are expected to rise a moderate 3 percent to 5.7 million.

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Access to Mortgage Increases

Access to Mortgage Increases

Mortgage credit availability reached its peak in August 2004, recording an index score of 134.6. Access began to drop over the next several years. Then, in May 2007, both the housing and mortgage availability began a multiple year plunge, leaving home values down more than 22 percent and credit the tightest it had been in years. In September 2010, the ZMAI bottomed out at 9.6. Today, the ZMAI currently sits at 71.5 and access to mortgage credit has improved significantly, and is roughly two-thirds of the way back to the 2002 pre-crisis level of 100.

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Mortgage Industry Professionals Optimistic About Business Conditions

Mortgage Industry Professionals Optimistic About Business Conditions

Respondents cited low interest rates, a strong refinance business and higher consumer confidence as reasons for the increase in optimism. Those surveyed also mentioned incorporating new regulatory changes over the last year has helped them overcome obstacles of the past. Those who said their current business conditions have gotten worse cited regulatory challenges, minimal wage growth, and the end of the refinance boom.

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Bill Seeks to Amend Truth in Lending Act

Bill Seeks to Amend Truth in Lending Act

In 2013, the Consumer Financial Protection Bureau (CFPB) issued guidelines to expand the range of loan products that can be considered high-cost mortgages under the Home Ownership and Equity Protection Act (HOEPA). According to the senators, the CFPB guidelines went into effect in January 2014 with the CFPB failing to recognize how unique manufactured home loans can be. After the guidelines were released a large percentage of small-balance loans used for the purchase of affordable manufactured housing were classified as high cost loans. As a result, lender liabilities associated with making and obtaining HOEPA high cost mortgage has increased. This could lead to a loss of credit available to those seeking to purchase manufactured housing.

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