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Tag Archives: Mortgage Applications

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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CFPB Finds U.S. Consumers Overlook Credit Reports

Even though credit scores play a key role in whether or not a person can be approved for a mortgage loan, the Consumer Financial Protection Bureau (CFPB) released a report revealing only one in five people actually obtain a copy of their credit report each year. In addition, these overlooked reports that are important in the lending process could also contain errors that go unchallenged. When consumers did dispute information on their credit report, the CFPB found that nearly 40 percent of the disputes dealt with debt in collections.

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Senior Loan Officer Survey Reveals Increase in Demand for Loans

A survey of senior loan officers released by the Federal Reserve shows lending standards were mostly unchanged, but demand for residential real estate loans was strengthened. The October survey asked 68 domestic banks and 23 U.S. branches of foreign institutions about the lending standards and loan demand they've dealt with over the past three months. When asked about credit standards for prime mortgages, 59 out of 64 respondents said standards were largely the same. While 34 banks said demand for prime purchase mortgages was about the same, 21 reported ""moderately stronger"" demand, and four said demand was ""substantially stronger"" since July.

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Wells Fargo Issues Refunds to Customers Who Overpaid

Wells Fargo has issued thousands of refund checks to home loan customers who paid unnecessary mortgage fees, according to a report from the Los Angeles Times. According to the newspaper, Wells Fargo sent out refunds to as many as 10,000 customers along with letters explaining that they had paid too much.

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Consumers in No Rush to Borrow in Extended Low Rate Environment

The Federal Reserve's recently-announced commitment to keep interest rates low until 2015 isn't doing much to persuade consumers to borrow, according to Bankrate's Financial Security Index for October. Seventy-four percent of consumers said they are not interested in taking on debt, while 23 percent said they are more inclined to borrow. Three percent said they did not know. While the Fed's announcement was intended to stimulate economic activity, it may have had the opposite effect, one expert told Bankrate.

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Survey: 32% of Americans Justify Strategic Default

The housing crises seems to have led Americans to take a less critical view of strategic default. According to a recent survey that polled 1,026 U.S. adults, 32 percent stated they believe homeowners should be able to strategically default without facing consequences. The online survey was conducted by JZ Analytics on behalf of ID Analytics.

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Refinance Activity Surges Following Dip in Mortgage Rates

Mortgage applications saw increased activity in the last week of September, the Mortgage Bankers Association (MBA) reported. Mortgage application volume increased 16.6 percent in the week ending September 28, according to MBA's Mortgage Composite Index. Meanwhile, the Refinance Index increased 20 percent from a week before to its highest recorded level since April 2009.

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