Origination

After trudging along throughout the first half of the year, economic growth is gaining momentum as expected, according to an Economic and Housing Outlook from Fannie Mae's Economic & Strategic Research (ESR) group. Looking ahead, the group expects GDP growth will average 2.0 percent for the year, accelerating to 2.6 percent in 2014 as fiscal drags peel away and the housing recovery continues--though the expected tapering of the Federal Reserve's asset purchases may lead to volatility, chief economist Doug Duncan warned.

The percentage of purchase loans finally eclipsed the share of refinances in July, according to Ellie Mae's Origination Insight Report for the month. The data sampled shows the mix of purchase loans to refinances was 53 percent versus 47 percent in July--the largest percentage of purchase loans since Ellie Mae began tracking in August 2011 and also the first time purchase share has crossed the 50 percent threshold in at least two years. Also notable was an increase in the share of adjustable-rate mortgage loans as fixed rates climb.

Mortgage application volume dropped 4.6 percent for the week ending August 16, the Mortgage Bankers Association (MBA) reported in its Weekly Mortgage Applications Survey. Refinances took a major tumble, with the Refinance Index seeing an 8 percent week-over-week decline. According to the association, the index has dropped 62.1 percent from the recent peak reached during the week ending May 3. The refinance share of total mortgage activity, meanwhile, fell to 62 percent from 63 percent the week prior.

Equifax has enhanced its retro income verification service, Point in Time, and integrated it into the company's Spectrum Verification Services Platform, the company announced.

Even with home prices marching ever upward and mortgage rates bouncing back more than a full percentage point over last year, Capital Economics' Paul Diggle insists housing affordability is still as good as most other experts say it is--if not better. Even with first-time buyers earning less on average and paying more of their income for their starter homes, "metrics are still considerably more favourable than historical norms," he said, suggesting that concerns about a bubble are "premature."

The Zillow Home Value Index reached $161,600 in July, up 0.4 percent from June and an even 6.0 percent from July 2012. July marked the 14th straight month of annual home value gains. Of the 393 metros tracked in July, 289 (73.5 percent) reported month-over-month price appreciation, and 303 (77.1 percent) showed annual appreciation. In addition, all areas saw both monthly and yearly appreciation, and all "have hit their bottom and are expected to show appreciation in the next 12 months."

NXTLoan | First American Mortgage Trust, a lender specializing in FHA 203(k) loans, hired Rob Philion as director of sales and national sales manager. Philion brings more than 14 years of experience in leadership positions at financial institutions to the company.

While inventory was down in July compared to last year and the prior month, the decreases were more conservative, which means home price gains should slow, according to RE/MAX's most recent housing survey. July inventory was 1.3 percent below the level in June and 20.7 percent lower compared to a year ago. However, inventory expanded month-over-month in 18 of the metros tracked. News for home sales was also positive, with closed transactions climbing 17 percent year-over-year and inching up 1.5 percent month-over-month.

Equity Loans LLC, a Georgia-based company with operations in more than 30 states, announced the additions of David Carr and Teresa Ciccolella and the promotion of Alison Raymond.

The National Association of Realtors announced a research partnership between Realtor University's Center for Real Estate Studies and the Asian Real Estate Association of America (AREAA).