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Home | Tag Archives: Mortgage Applications

Tag Archives: Mortgage Applications

CFPB Finalizes ‘Know Before You Owe’ Mortgage Disclosures

The Consumer Financial Protection Bureau (CFPB) is issuing a rule Wednesday requiring lenders to use its disclosure templates to lay out mortgage terms for borrowers. The new ""Know Before You Owe"" mortgage forms will replace existing federal disclosures, and the CFPB says they'll help consumers better understand their options, comparison shop for the best mortgage deals, and avoid costly surprises at closing.

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FBR Expects $1.6B in Mortgage Volume for 2013

With third-quarter numbers from most of the industry's heavy-hitters in, analysts with FBR Capital Markets say their forecasts--$1.6 billion in mortgage volume for 2013 followed by $1.4 billion in 2014--are still well within reach, even though they argue that declining interest rates and lower overall loan volume translated to disappointing mortgage numbers last quarter.

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Two Lenders Penalized on HMDA Violations

Two mortgage lenders must pay a combined $459,000 in civil penalties for what the Consumer Financial Protection Bureau (CFPB) says are violations of the Home Mortgage Disclosure Act (HMDA). According to the bureau, Mortgage Master, a nonbank lender based in Massachusetts, and Washington Federal, a Seattle-based bank, were found to have ""severely compromised mortgage lending data"" on applications from 2011.

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Report Examines States Feeling Greatest Fallout from Crash

While Florida, Nevada, and California are some of the most commonly cited examples of states hit hard by the housing implosion, an analysis of fraud data submitted to LexisNexis' Mortgage Industry Data Exchange (MIDEX) shows New Jersey might have taken the worst impact. The Garden State ranked in the top 10 lists for reported mortgage fraud, potential collusion activity, and percentage of properties in default in 2012, giving it a number of problems to tackle as it heads into an era of heightened regulation.

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Commentary: Housing Recovery? Hold the Champagne

Recent reports from the National Association of Realtors and the Census Bureau/HUD showed sharp increases in unit sales and prices, as well as increases in the inventory of homes for sale for April. Has housing turned the corner? Look again. Sales up, prices up, what's wrong with this picture? The last time both prices and sales of new homes increased in the same month was last September. In all of 2012, sales and prices moved in opposite directions in seven of the 12 months. What of course is missing from the two data sets is any indication of demand.

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Refinance Demand Up to 3-Month High

The Market Composite Index in the Mortgage Bankers Association's (MBA) weekly applications survey rose a seasonally adjusted 1.8 percent for the week ending April 26, the group reported. Unadjusted, the index was up 2 percent week-over-week. The Refinance Index increased 3 percent from the previous week, rising to its highest level since the week ending January 18. The share of refinance applications done under the Home Affordable Refinance Program (HARP) increased to 34 percent, its highest recorded level.

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Demand, Credit Terms for Loans Both Ease

The percentage of banks reporting stronger demand for mortgage loans dropped in the first quarter from the fourth quarter last year, the Federal Reserve reported Monday and a slightly greater percentage are lending standards. The results in the quarterly Senior Loan Officers Opinion Survey are consistent with anecdotal reports that mortgage loans are becoming easier to obtain. In the case of ""traditional"" mortgage loans, 1.5 percent of respondents reported ""somewhat"" tighter standings, 4.6 percent reported standards easing somewhat, and 1.5 percent reported standards easing considerably.

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Economists at NAHB’s Builders’ Showcase Discuss Industry Trends

Speaking at the NAHB's International Builders' Show in Las Vegas, chief economists David Crowe (for the NAHB), David Berson (Nationwide), and Frank Nothaft (Freddie Mac) talked about the trends the housing industry can expect to see and the potential threats that may impede the recovery. In total, NAHB forecasts 949,000 total housing starts in 2013, up 21.5 percent from 781,000 in 2012. Single-family starts are expected to rise 22 percent to 650,000 in 2013 and an additional 30 percent to 844,000 in 2014.

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