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Tag Archives: Credit Standards

Purchase Loan Share Surpasses Refinances in July

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.

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Commentary: Solving the Wrong Problem

"GSE reform," according to White House propaganda, will end "an era of housing bubble and taxpayer bailouts." Obama's about the bubbles and bailouts, but wrong to blame Fannie and Freddie.

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Loan Officers Report Rising Demand for Non-Traditional Loans

According to the Federal Reserve's latest quarterly Senior Loan Officers Opinion Survey, a net 3.1 percent of lenders responding said demand for "non-traditional" residential loans increased from the survey released three months ago and a net 25 percent of respondents said demand for loans from sub-prime borrowers was higher than it was in May. At the same time, a net 6.3 percent of lenders said they had eased lending terms and standards for non-traditional mortgage loans.

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FOMC Issues Mortgage Rate Warning, Sticks to Bond Purchases

Fed

Despite concerns about rising mortgage rates and low inflation, the Federal Open Market Committee (FOMC) voted Wednesday to continue its policy of near-zero interest rates and its $85-billion-per-month bond-buying program. In a subtle change of language, the committee "reaffirmed its view that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends."

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Beige Book Again Sees Modest to Moderate Growth

Fed

Citing improvements in manufacturing, tourism, commercial and residential real estate and in the financial sector, the Federal Reserve said the nation's economy continued to increase at a modest to moderate pace from late May through early July.

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Mortgage Credit Availability Up Slightly

Mortgage lending standards loosened slightly in June, according to the Mortgage Bankers Association's (MBA) Mortgage Credit Availability Index (MCAI). The index, which analyzes data from AllRegs Market Clarity, increased to 109.8, a gain "primarily driven by a small uptick in the number of products which offer a cash-out feature. There were also small increases in the number of jumbo, investor, and higher LTV [loan-to-value ratio] offerings," the association said in a release.

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