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Tag Archives: Refinance

Mortgage Fraud Risk Inches Up in Q1, Purchase Fraud Leads Refinances

Fraud

Mortgage fraud risk edged up slightly in the first quarter of 2013, Interthinx revealed in its latest quarterly Mortgage Fraud Risk Report. California was the riskiest state in the nation, boasting a mortgage fraud risk index of 125. The report also shows that purchase mortgages have a higher fraud risk than refinances, with index values of 118 and 88, respectively. In addition, 10 states are in the "very high risk" category when considering only purchase loans.

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Mortgage Application Volume Reverses Downward Trend

After falling throughout May, mortgage application volume rose for the first week of June, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey. The survey's Market Composite Index, a measure of loan application volume, increased 5.0 percent for the week ending June 7, MBA reported. Unadjusted, the index rose 16 percent. The previous week's results included an adjustment for the Memorial Day holiday. The increase in application volume came despite continued rises in rates.

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More Refinancers Opt to Shorten Loan Terms in Q1

refinance

Of borrowers who refinanced during Q1, 28 percent shortened their loan term, Freddie Mac reported--up from 27 percent in Q4 2012. The majority (68 percent) elected to keep the same term as the loan they had paid off, while 3 percent chose to lengthen their loan term. The analysis also found that refinancing borrowers "overwhelmingly" opted for the safety of fixed-rate loans, with more than 95 percent taking that route. Of those who previously had a hybrid adjustable-rate mortgage (ARM), 87 percent chose a fixed-rate loan during the first quarter.

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Application Volume Down as Refi Volume Freefalls

Mortgage refinance applications continued to suffer last week as mortgage rates climbed to their highest level in a year, the Mortgage Bankers Association (MBA) reported in its Weekly Applications Survey. The survey's Market Composite Index, a measure of mortgage loan application volume, declined a seasonally adjusted 8.8 percent for the week ending May 24, MBA reported. Unadjusted, the index dropped 9 percent week-over-week. The Refinance Index decreased 12 percent, the largest single-week drop in refinance volume so far this year.

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Mortgage Applications Decline as Refis Nosedive

Mortgage applications continued on a downward slope last week, with refinance volume falling to its lowest level in months, according to the Mortgage Bankers Association's (MBA) Weekly Applications Survey. The survey's Market Composite Index, a measure of mortgage loan application volume, dropped 9.8 percent on a seasonally adjusted basis for the week ending May 17, MBA reported. The Refinance Index decreased 12 percent week-over-week--the fastest weekly drop this year.

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Closing Rates Fall in April as Purchase Loans Gain Greater Share

According to Ellie Mae's findings, purchase loans made up 42 percent of loans closed in April, up from 38 percent in March, while refinances represented 58 percent. According to Ellie Mae president and COO Jonathan Corr, the last time purchase loans broke the 40 percent mark was July 2012. Among purchase loans, the closing rate was about 58.2 percent, while the rate for refinances was 50.5 percent. The overall closing rate for loans analyzed in the sample was 53.2 percent, a pull back from March.

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