Tag Archives: mortgage

New analysis shows that buyers in Pittsburgh need just $31K to purchase a median-priced home in the area. Cleveland and Cincinnati also require low salaries, while San Francisco, San Diego, and Los Angeles buyers need the highest salaries in the nation. San Fran buyers need salaries of $161K in order to buy.

Freddie Mac’s latest summary report reveals an increase in both its total mortgage portfolio and its mortgage-related securities. Its mortgage portfolio rose 0.5 percent over the year, while its mortgage-related securities and guarantees jumped by 2.1 percent. The government-sponsored enterprise has funded $127 billion mortgages year-to-date.

After undergoing an extensive testing process, a mortgage document preparation vendor announced its Uniform Closing Dataset XML file has been certified by the GSEs. This new way of submitting documents will be required by Fannie and Freddie starting in the fall for all lenders selling to them. The company trusts this will bring consistency, transparency and clarity to the mortgage industry.

Potential buyers could be taking a temporary step back from the housing market as the volume of mortgage applications declines even though fixed and adjustable rates continue to fall. Yet, even taking into account the current decline, mortgage rates remain higher than they were a year ago. The average loan size for applications that have been pushed through has also reached a new high.

On Wednesday, LendingHome, a mortgage marketplace lender, announced two new business developments. The company gained Fannie Mae seller and servicer approval, which according to LendingHome, allows them to expand their consumer home financing business and better serve their customers. They also announced Robert Stiles, formerly Nationstar Mortgage, as CFO.

A recent survey concluded that the number one misconception and cause for dwindling first time homebuyers is being required to put 20 percent down when it comes to securing a mortgage. Other believed factors include a reduced number of houses on the market, growing student debt, and rising interest rates. Constant dialogue between industry professionals and the education of prospective buyers can help remedy this trend.

Though previously labeled as entitled, millennials have high expectations when it comes to being independent. A study revealed that millennials think people should be financially self sufficient at a younger age than older generations do. This hints to a promising future in the housing market.

Purchase loans are up and refis are down according to a recent report. Refis are down significantly over the past six months, while purchase loans are on the rise. Time to close is also narrowing for the month on both purchase and refi loans, averaging just 41 to 42 days per loan.

Today’s mortgage servicers are suffering from overly disparate technology solutions, and those disconnected systems are holding businesses back, according to a new report. In response to increased compliance follow the housing crisis, most available mortgage technology has become product-specific, and that’s created a disconnect that requires fractured, inefficient processes that are costly and unwieldy. The report proposes an overlay system to bridge the gaps and provide more consistency.

New data shows that the West—specifically the Northwest—had the top-performing market for Q1 2017. Seattle and Portland had two of the strongest showings in terms of price growth, while the region as a whole saw prices rise 8 percent over the year. The worst market for the quarter was Memphis, Tennessee.