In a study of borrower profiles and lender behaviors, Zillow found that self-employed loan applicants receive only six loan quotes for every 10 received by non-self-employed borrowers. That's even worse than in June 2011, when the ratio was seven for every 10.
Read More »Payrolls Jump by 321K in November; Unemployment Rate Flat
U.S. payrolls for November surpassed even the most optimistic forecasts, increasing at the highest rate in more than two years, according to a government estimate.
Read More »Finalized MI Requirements to Land in Coming Months
Months after the Federal Housing Finance Agency (FHFA) first unveiled a rule establishing eligibility requirements for private insurers, the agency informed some of the nation's top firms it doesn't plan to release a finalized rule until close to the end of Q1 2015 or later, according to an announcement from U.S. Mortgage Insurers (USMI).
Read More »Mortgage Rates Fall to Lowest Point Since May 2013
The average interest rate for a 30-year fixed-rate mortgage fell to 3.89 percent for the week ending December 4, Freddie Mac reported Thursday in its Primary Mortgage Market Survey. According to the company, it was the lowest average 30-year rate recorded since the end of May last year.
Read More »Gateway Mortgage Introduces New VP of Mortgage Servicing
Gateway Mortgage Group, a privately held mortgage company dealing in originations, servicing, and correspondent lending, has recruited John Matuszeski as VP of mortgage servicing, according to an announcement.
Read More »Mortgage Bank Profits Down Despite Increased Production
Home lenders took in an average profit of $897 on each loan they originated over Q3, the Mortgage Bankers Association (MBA) said Thursday. That average was down from $954 in the second quarter but still a vast improvement from an average per-loan loss of $194 in the first quarter.
Read More »New Index Refutes First-Time Homebuyer Numbers
According to a new index released Wednesday by the American Enterprise Institute's (AEI) International Center on Housing Risk, an estimated 46 percent of mortgages made from October 2013 through October 2014 were for first-time homebuyers. Looking only at government-guaranteed loans, that share is closer to 52 percent.
Read More »UWM Introduces Investor Edge Program
Michigan-based United Wholesale Mortgage (UWM), one of the nation's fastest growing wholesale lenders, announced on Tuesday the rollout of its newest product: Investor Edge, an offering designed specifically for borrowers seeking to purchase or refinance non-owner occupied investment properties.
Read More »Fed Ends Year on High Note with Optimistic Beige Book
In its latest Beige Book—a catalog of economic reports from contacts across all 12 Fed districts—the central bank noted that "national economic activity continued to expand in October and November."
Read More »RockTop Partners Chooses RIO Genesis to Guide Growth
RockTop Partners, a Texas-based buyer of residential loan portfolios, has selected RIO Genesis as its technology platform provider, the software firm announced.
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