Ellie Mae released its Origination Insight Report for February, revealing that the closing rate for loan applications initiated 90 days prior--in November--was 56.8 percent.
Read More »How Dire Are Current Capacity Constraints?
Following Elizabeth Duke's comments on the impact capacity constraints are having on the housing market, Capital Economics released an update with a similar focus.
Read More »Study Finds Evidence of Gender Discrimination in Loan Approvals
Women are less likely to be approved for mortgage loans than their male counterparts, even when loan-to-income ratios are equal, according to a new study from the Woodstock Institute, a Chicago-based, nonprofit research and policy organization. The findings reveal an 8 percent disparity between the likelihood of a woman and man with similar loan-to-income ratios receiving a purchase loan and a 21 percent disparity among approval rates for male and female refinance applicants.
Read More »Application Volume Falls as Rates Hit 7-Month High
Rising interest rates brought down mortgage activity last week, according to the Mortgage Bankers Association (MBA).
Read More »Fed Governor: Consumer Protections May Come with a Cost
As the industry prepares to implement the Consumer Financial Protection Bureau's (CFPB) new ability-to-repay rules, Federal Reserve Governor Elizabeth Duke warns new consumer protections may come at a cost to the industry as lower-quality-credit borrowers are precluded from the housing market. As the broader economy continues to improve, household formation will increase, according to Duke, "but if credit is hard to get, these will be rental rather than owner-occupied households."
Read More »Fed Governor Addresses Capacity Concerns
Capacity limits may be playing a significant role in keeping first-time homebuyers out of the credit market, according to Federal Reserve Governor Elizabeth Duke. As the ratio of refinance applications to the number of real estate credit employees rises, loans are taking longer to process as the procedure becomes more thorough. Adding to that, Duke said, is the problem that real estate credit employment has risen relatively slowly in response. As a result, borrowers with hard-to-complete loans or low credit scores have been crowded out.
Read More »Capital Economics Tweaks Price Expectations
Strong demand, tight inventory, and positive signs among broader economic indicators led Capital Economics to revise its previous price gain forecast up to 8 percent.
Read More »Rising Rates Topple Application Volume in February
February's increase in mortgage interest rates took some of the heat out of the refinancing boom, Capital Economics says in its latest US Housing Data Response. Capital Economics' report, which compiles application data from the Mortgage Bankers Association (MBA), shows application volume fell 0.3 percent month-over-month in February. That decline, however, is still an improvement over January, which saw a 2.5 percent drop in applications from December.
Read More »Mortgage Applications Continue Steady Decline
Mortgage application volume continued to fall last week even as interest rates declined, according to the Mortgage Bankers Association.
Read More »Fannie Mae: Federal Budget Woes Unlikely to Stop Growth
Fannie Mae's Economic & Strategic Research Group is maintaining its outlook for slow and steady growth in 2013.
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