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Tag Archives: Credit Standards

Refi Share Makes Comeback in January

Based on a sample of loans originated on the company's platform, Ellie Mae reported that refinances accounted for 51 percent of loan volume in January, a jump of 8 percentage points from December. The spike put refinance share at its highest in more than a year and a half.

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Mortgage Demand Fades Despite Easing Standards

Loosening mortgage standards in the last few months failed to spur demand from borrowers, according to responses in the Federal Reserve's latest Senior Loan Officer Opinion Survey. Jibing with another recent survey from Fannie Mae, larger banks were about twice as likely to report easier standards in any given category as smaller institutions.

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Purchase Mortgage Share Gains Ground in December

Calculating from a sampling of mortgage applications initiated on its Encompass platform, technology provider Ellie Mae estimated this week that home purchase mortgages accounted for 56 percent of lending activity last month, up from 54 percent in November.

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Report: Progress Remains Slow but Steady for RMBS Sector

In its latest look at the RMBS segment, Fitch says that while the market still has some rebuilding left to do, it "has seen some rather substantial improvements of late," owing in large part to improved loan underwriting standards in recent years. According to the company, the performance of recent vintage mortgage loans is the best on record so far.

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Refinances Gain Market Share in November

Out of a sample of closed loans drawn from Ellie Mae's origination platform last month, 45 percent were refinances, the company reported Wednesday. November's refinance share marked a 5 percentage point increase from October and was the same as a year ago. "Winter is normally a slow time for housing sales, yet the increase in refinancing volume is protecting many lenders from the cold," said Jonathan Corr, president and COO of Ellie Mae.

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Lenders Sour on Outlook for Mortgage Demand

In a poll of senior mortgage officers conducted in November, Fannie Mae found consumer demand was down across all categories of home purchase loans, with only 42 percent of respondents reporting increases in demand for GSE-eligible loans, 43 percent for non-GSE loans, and 29 percent for government loans. Those shares compare to 53 percent, 65 percent, and 43 percent, respectively, in the third quarter.

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Survey: Credit Loosening Everywhere Except Mortgages

According to the OCC survey, 92 percent of surveyed banks originated residential real estate loans in 2014, and a full 20 percent reported tightening their standards regarding who can attain these loans. Seventy percent reported no changes in their standards, leaving a comparatively slight 10 percent of institutions claiming they eased their standards for residential mortgages.

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Mortgage Denials Point to Much Tighter Market

In a report released Tuesday, researchers at the Urban Institute (UI) say that previous "traditional" observations of mortgage denial rates (calculated by dividing the number of denied mortgages by the total number of applications) provide an inaccurate look at credit availability because they include applicants with near-perfect credit profiles—those who are unlikely to be turned down for most products, in other words.

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Credit Challenges Continue for Self-Employed Borrowers

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.

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