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Tag Archives: mortgage

Banks Report Declining Mortgage Performance

The first quarter was a mixed bag for Wells Fargo, JPMorgan Chase, and PNC. All three bank’s latest earning reports reveal lower gains on residential mortgage servicing rights and lower mortgage loan revenues, but the banks are optimistic going into the 2017. Overall earnings for JPMorgan Chase and Wells Fargo were down slightly from the previous quarter.

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Applications Go Down While Interest Rates Go Up

Applications dropped slightly this week, according to one survey. The survey found that for the week ending on March 31, applications dropped 1.6 percent from the previous week. The Market Composite Index showed that on an unadjusted basis, applications dropped 1 percent from the previous week, compared to the 1.6 percent adjusted.

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Appreciation Driving $4.7T Equity Economy

With nearly $5 trillion available to borrowers, the equity economy is at an 11-year high, according to a new report by Black Knight. Fewer borrowers are underwater on the heels of a strengthening appreciation market, and refis are nearly half of all new loans. More than two-thirds of tappable equity is in the hands of borrowers with low-rate mortgages.

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The Week in Mortgage Rates

This week, Freddie Mac, The Mortgage Bankers Association (MBA), and the Federal Housing Finance Agency (FHFA) released reports on the state of the mortgage rates. According to Freddie Mac, mortgage rates are still in a decline. The 30-year fixed mortgage rate fell nine basis points this week, another week-over-week decline. But despite the fluctuations in rates, new home sales still managed to exceed expectations jumping 6.1 percent in February to 592,000.

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Considering Alternatives in Credit Scoring

Alternative payment records could provide valuable routes to better credit for low-income people, and open up the path to a mortgage. Data from checking accounts rent, telecommunications, and utility accounts could all supplement the negative collections data. The problem is, very few consumer files have these types of data.

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Mortgage Performance Continues to Improve

Foreclosures, loan modifications, and forfeitures have been on a decline for a couple years, according to a report form the Office of the Comptroller of the Currency. The amount of completed foreclosures dropped from 2 years ago by almost 19,000, while deed-in-lieu-of-foreclosure actions have dropped from 1.2 thousand to 0.8 thousand, Home forfeiture actions in total decreased by 32.3 percent year-over-year.

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Credit Risk Drops as Rates Rise

As risk is reduced, CoreLogic indicates that home prices have continued to rise. Previously, the CoreLogic Home Price Index (HPI) showed nationwide sales, including distressed sales, jumped 6.9 percent year over year and 0.7 percent month-over-month. Mortgage rates have continued to rise as well, and are anticipated to continue to rise during 2017.

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