Tag Archives: First-Lien Mortgages

The popularity of FHA mortgages is slowing down, while the use of mortgage financing is growing overall, according to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. FHA-backed transactions made a slight increase in August to 25.9 percent from 25.5 percent in July. The percentage is down from January, when FHA transactions accounted for 27.3 percent of all home purchase transactions. Overall, mortgages were used to finance 68.9 percent of home purchase transactions in August, an increase from 67.5 percent in July.

More underwater borrowers are choosing to refinance their mortgages under the Home Affordable Refinance Program than at any time since the government program launched in 2009, according to the Federal Housing Finance Agency. The regulatory agency released a report Monday that found total refinance volume up by 20 percent in May. The reasons why? According to the FHFA, record-low interest rates for 30-year fixed-mortgages couple with recent modifications to HARP to create the conditions for a refi boom.

Releasing data from May, the Obama administration's Housing Scorecard once again pointed to both signs of promise and reasons for concern

The Responsible Homeowner Refinancing Act of 2012, introduced this month by Sens. Robert Menendez and Barbara Boxer, received backing from witnesses at a Senate Banking Committee hearing. The bill aims to address what the senators say are barriers impeding the success of the recently revised Home Affordable Refinance Program, commonly referred to as HARP 2.0. The bill aims to eliminate all upfront fees and appraisal costs for refinances, prohibit second-lien holders from unreasonably hindering refinances, and more.

First-lien home loans helped move credit unions to set new records with loan originations over the first quarter. Callahan & Associates, a Washington, D.C.-based law firm, said Monday that first mortgage originations reached $26 billion by the end of the quarter, accounting for 36 percent of originations. Credit unions reportedly originated 160,746 first-lien loans, with mortgages averaging $161,549. Consumer loan originations ticked up 16.6 percent to reach $39 billion quarter-over-quarter but fell year-over-year.