Headlines

An uptick in interest rates brought early March mortgage applications down, the Mortgage Bankers Association (MBA) reported. MBA's Market Composite Index, a weekly released measure of mortgage loan application volume, fell 2.1 percent on a seasonally adjusted basis for the week ending March 7. On an unadjusted basis, the index dropped 1 percent.

DocuTech announced Monday that COO Scott K. Stucky has expanded his role within the company and will now serve as Chief Strategy Officer.

In a letter issued to brokers Monday, Fifth Third Mortgage president Bob Lewis revealed the bank is exiting the wholesale business to focus third-party origination on correspondent lending. “While this was an extremely difficult decision to make, we intend to build on our leadership position in the correspondent market and remain committed to purchasing loans from smaller financial institutions and independent mortgage companies,” Lewis said in the letter.

According to the National Association of Realtors' Home Buyer and Seller Generational Trends study for 2014, Millennials—aka “Generation Y” or “Generation Next”—comprised 31 percent of recent purchases, leading all other age groups. Following that were Generation X (defined as those born between 1965 and 1979), which made up 30 percent.

The leaders of the Senate Banking Committee announced Tuesday plans to move forward on a new proposal to wind down Fannie Mae and Freddie Mac in favor of a new government backstop for private financiers. According to committee chairman Tim Johnson (D-South Dakota) and ranking member Mike Crapo (R-Idaho), the newly unveiled reform proposal is the result of months of exploratory hearings and negotiations.

The Mortgage Bankers Association's (MBA) Mortgage Credit Availability Index, a measure of borrower eligibility and underwriting criteria from more than 85 lenders, moved up half a percentage point to 113.5 last month, building on an increase of two points recorded in January. Once again, the expansion in credit offerings in February was the result of offsetting factors, said MBA chief economist Mike Fratantoni.

Citing weak Q1 MBS issuance data, researchers for investment bank FBR Capital Markets anticipate a weak first quarter, with issuances likely totaling near $200 billion. While noting that issuances are not the same as origination figures, FBR nevertheless dialed back its first-quarter origination projections to $244 billion, bringing its full-year forecast to $1.2 trillion from $1.3 trillion previously.

Wipro Gallagher Solutions (WGS), an end-to-end provider of lending products and services, announced the integration of its NetOxygen loan origination software with Optimal Blue’s automation platform.

Six of the nation’s leading active mortgage insurance (MI) companies announced Monday the formation of a new trade association: U.S. Mortgage Insurers (USMI). Founded by member companies Arch MI, Essent, Genworth MI, MGIC, National MI, and Radian Guaranty, the new organization replaces Mortgage Insurance Companies of America (MICA), which wound up operations earlier this year.

The “boom-and-bust” markets, which led the nation in pre- and post-crisis home price trends, are now at the forefront of a new price trend—a deceleration in home price gains across the nation, according to Trulia. The national real estate company released its Price and Rent Monitors last week, revealing trends in asking prices across the country.