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Tag Archives: Refinance

HARP Refinance Share Down to 13% in July

​Refinance activity remained more or less level from June to July, though interest in the government's Home Affordable Refinance Program (HARP) continued to dwindle, the Federal Housing Finance Agency (FHFA) reported. The falloff in HARP refinancing continues even as the government works to revitalize the program.

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Mortgage Closing Rate Hits New High in August

Examining a sample of loans initiated in May, mortgage technology provider Ellie Mae calculated a closing rate of 61.1 percent for all loans in its August report, up from 57.7 percent in July's report. "The closing rate in August was the highest since we began tracking this data three years ago," said Jonathan Corr, president and COO of Ellie Mae. "This was further indication that lenders are working every deal and making sure leads don't slip away."

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Mortgage Applications Bounce After Post-Labor Day Plunge

MBA's Market Composite Index, a measure of application levels, rose 7.9 percent on a seasonally adjusted basis for the week ending September 12, the group reported. The bounce followed a 7.2 percent decline in the previous week, which included an adjustment to account for the Labor Day holiday.

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Mortgage Applications Plunge in Latest Index

Applications for mortgage loans took a hard drop in September's first week, ending at their lowest level in nearly 14 years, according to a report from the Mortgage Bankers Association (MBA). MBA's Weekly Mortgage Applications Survey showed loan applications fell 7.2 percent for the week ending September 5, declining to the lowest level since December 2000. The week's results include seasonal adjustments and an adjustment for the Labor Day holiday.

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Loan Production, Profits Up at Independent Lenders

Profits at independent mortgage banks nationwide jumped from the first quarter to the second as loan production spiked, according to a trend report from business advisory firm Richey May & Co. "Independent mortgage bankers' unit volume, expenses and margins were very close to those they experienced in the third quarter of 2013," said Keith May, managing director of advisory services at Richey May.

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Home Purchase Apps Hit Near 20-Year Low

Based on weekly data released by the Mortgage Bankers Association (MBA), macroeconomics firm Capital Economics calculated a 0.4 percent monthly decline in mortgage applications in August. It was the third drop in the last three months, following declines of 0.1 percent in June and 3.4 percent in July.

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Title Insurance Premiums Down 16.6% in Q2

In its 2014 Second Quarter Market Share Analysis, the American Land Title Association (ALTA) reported that the industry generated $2.7 billion in premiums in Q2 2014, down from $3.3 billion the industry generated in Q2 2013. "A lackluster spring homebuying season that was weaker than anticipated coupled with a substantial decline in refinance activity resulted in the drop in title insurance premium volume," said ALTA CEO Michelle Korsmo.

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Freddie Mac’s Portfolio Picks Up for First Time in 2014

Boosted by an increase in secondary market purchases and a decline in sales, Freddie Mac's portfolio grew for the first time this year in July. The mortgage giant reported 0.1 percent annualized growth in its total mortgage portfolio last month—a turnaround after six straight months of declines. Year-to-date, the portfolio's annualized growth rate is -1.7 percent.

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Mortgage Apps Up 2.8% in Latest Survey

Applications for mortgage loans increased last week, helped along by gains in both purchase and refinance loans. The Mortgage Bankers Association's (MBA) latest Weekly Mortgage Applications Survey shows loan application volumes rose a seasonally adjusted 2.8 percent for the week ending August 22, doubling the rate of growth recorded the previous week.

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HARP Activity Down Again in Second Quarter

The total number of mortgage refinances in the United States experienced a slight increase in June, though activity for the quarter was down overall. The agency also reported a drop in refinances done through the government's Home Affordable Refinance Program, which accounted for an estimated 15.7 percent of refinances completed through Fannie Mae and Freddie Mac.

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