Avon, Connecticut’s Norcom Mortgage announced the addition of new mortgage consultant George Lazos to the company’s growing retail team.
Read More »Weak Application Volumes Get Weaker
The Mortgage Bankers Association reported a 1.6 percent decline in its Weekly Mortgage Applications Survey for the week ending April 4. Week-over-week, MBA’s Refinance Index fell 5 percent, declining to its lowest level since the end of last year. Purchase home mortgage activity was healthier last week compared to the week prior, coming up 3 percent.
Read More »Credit Access Opens Up for Jumbo Loans
The Mortgage Bankers Association’s (MBA) Mortgage Credit Availability Index (MCAI) increased 0.44 percent last month to 114.0, the group reported Tuesday, indicating a loosening of credit. “Consistent with past months, many lenders and investors are providing borrowers seeking higher loan amounts with a broader range of financing options by introducing new jumbo loan programs,” explained MBA chief economist Mike Fratantoni.
Read More »One-Third of Bankers to Only Lend Within QM
The American Bankers Association (ABA) released the results of its latest annual Real Estate Lending Survey. According to the ABA, more than 80 percent of bankers surveyed believe that tightened Dodd-Frank rules will restrict credit, thereby narrowing the pool of candidates able to secure mortgages. More than a third of bankers surveyed said they would only offer qualified mortgages.
Read More »Stewart Expands Quality Control Offerings with Company Addition
Wetzel Trott, Inc., a firm specializing in quality control reviews for residential lenders, has joined the Stewart family of companies.
Read More »Report: Credit Standards Show ‘Little Sign of Easing’
Black Knight Financial Service’s Mortgage Monitor Report shows the effective loan modification efforts have shown far fewer defaults, which helps those underwater already in homes. However, those looking to get a home that have had some trouble in the past may hit a brick wall as only 30 percent of loans last year went to borrowers with credit scores below 720, which isn’t even close to the subprime score of 620.
Read More »Caliber Hires Managing Sales Director for Correspondent Lending
Caliber Home Loans, Inc., a residential mortgage origination and servicing company with headquarters in Texas, announced the hiring of Karen Bausman as managing sales director of correspondent lending for the Eastern Region.
Read More »Purchase Volumes Fail to Lift March Mortgage Applications
Compiling weekly survey results from the Mortgage Bankers Association (MBA), macroeconomic research firm Capital Economics calculated a 2.9 percent drop in total application volume in March following a meek 0.1 percent increase in February. On the home purchase side, applications came up an estimated 2.7 percent over March (1 percent in the final week) but remained down 16.8 percent year-over-year.
Read More »Originators Outline Struggles in Changing Market
According to results in Hammerhouse’s 4th Annual Survey of Originator Opinions, 44 percent of originators polled said the biggest challenge for the industry in 2014 will be "adding new relationships to support a purchase focused business" with purchase volumes still too weak to support the market. Given these obstacles and the continuing decline in mortgage volumes, 69 percent of originators expect overall volume to drop in 2014.
Read More »Mortgage Master Opens Fifth Midwest Branch, Appoints Co-Managers
Super-regional mortgage bank Mortgage Master announced the expansion of its brand and Midwest infrastructure with the opening of a new retail branch office in Northbrook, Illinois.
Read More »