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Tag Archives: Mortgages

Lay Down Your ARMs

With the LIBOR index is going away, U.S. consumers could face a future without adjustable-rate mortgages. So why would lenders write mortgages against an index that will soon not exist? They’re asking that question too.

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The Pros and Cons of Trump’s Tax Plan on the Housing Market

Because of the need to establish this fiscal balance, the road to achieve Trump’s proposals will be long and rocky, and will require the hard work and cooperation of both sides of the aisle. This proposal has also raised many questions about what Trump’s plan would mean for the housing market. Due to the current lack of detail in his proposed outline, it is difficult to accurately predict the impact a tax system overhaul of this magnitude would have on the economy.

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High Rate of Performing Loans Spells a Healthy Market

According to a new report, both 30-day delinquencies and 90-day delinquencies are down over the year, and foreclosure inventory has dropped. Only 5 percent of mortgages are 30 or more days delinquent, a dip from February 2016’s 5.5 percent. Loans 90 or more days delinquent are down too, falling from 2.8 percent to 2.2 percent year over year. The number of homes currently at some stage of the foreclosure process dropped from 1.1 percent to 0.8 percent.

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Altisource Expands Vendor Oversight Platform

Alitsource Portfolio Solutions, a mortgage and real estate technology provider, announced today that its Vendorly platform, which manages vendor oversight for financial institutions, is now available to all across the market. Previously, Vendorly was only available to members of the Lenders One Cooperative, a national alliance of independent mortgage professionals.

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Application Volume Decreases Following Strong Week

Mortgage applications decreased from a week earlier, according to a recent survey. This is a substantial difference compared to last week, when applications rose 2.7 percent. Refinances had increased 7 percent that week, as well, but fell 5 percent this week.

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Rising Applications and Falling Mortgage Rates

As mortgage applications increase, mortgage rates have begun to drop, according to data from the Mortgage Bankers Association (MBA) and Freddie Mac. The MBA’s Market Composite Index, a measure of mortgage loan application volume, rose 1.5 percent from a week earlier, while the 30-year fixed-rate mortgage dropped from 4.10 to 4.08 percent. The average loan size for purchase applications was at $318,700, a survey high.

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Lender Optimism High, Profits Low

Fannie Mae’s survey respondents point to competition from other lenders and market trend changes, such as a shift from refinance to purchases, as top reasons for low profit margins. However, respondents point to government regulatory compliance, a historically top reason for lenders’ decreased profit outlooks, as a lesser reason.

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Loans and Profits Dip for Independent Lenders

Although profits for processing loans dropped, mortgage lenders with servicing portfolios benefited from higher net servicing financial income in the fourth quarter of 2016 due to increases in the valuation of their mortgage servicing rights. This event was driven by rising interest rates. However, reduced profitability on the production side of the business generally outweighed servicing gains.

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