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Tag Archives: Mortgage Applications

Refinance Activity Helps Boost Originations 44.6% Year-Over-Year

Outpacing industry forecasts, mortgage originations ticked up 5.2 percent in the second quarter, totaling $405 billion during the three-month period, according to a report released this week from Keefe, Bruyette & Woods. On an annual basis, originations are up 44.6 percent, according to the study. Keefe, Bruyette & Woods suggests much of the increase came from refinance activity driven by low interest rates.

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MBA: Mortgage Applications Fall by 4.5%

Mortgage applications decreased 4.5 percent over the week last week with most of the decrease occurring among refinance applications, according to the latest survey from the Mortgage Bankers Association. (MBA). Refinance activity fell 5 percent compared to the previous week, while purchase activity declined 2 percent.

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CFPB Director Outlines Proposals for Mortgage Lending Reform

Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), laid out the agency's aims to reform mortgage lending standards before a Congressional subcommittee Tuesday. Speaking before the House Oversight and Government Reform Subcommittee on TARP, Financial Services, and Bailouts of Public and Private Programs, Cordray acknowledged that although the Dodd-Frank Act has had a hand in improving most consumer lending markets, tight mortgage lending standards have kept creditworthy borrowers out of homes.

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Wells Fargo Pays $175M for Race Claims, Ends Wholesale Originations

Wells Fargo wrote a check for $175 million on Thursday to settle claims that independent brokers drove a disproportionate number of otherwise creditworthy minority borrowers to higher-priced variable mortgages in the lead-up to the financial crisis. The payout will tie off a suit filed by federal authorities earlier Thursday that claimed discriminatory practices from 2004 to 2009 had negatively impacted more than 34,000 black and Hispanic borrowers. Wells Fargo denied any of the claims and took action Thursday to stop originating loans with independent mortgage brokers by Friday.

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Optimism Can Be Bad for Recovery, Rental Market is Bubble-Proof: Trulia

Optimism is good for the recovery, but too much optimism can lead us back on the path to the next housing bubble, said Trulia Chief Economist Jed Kolko during a conference call Wednesday. Although home prices are rising, renters might be overconfident, with 58 percent of respondents expecting home prices to return to peak in the next 10 years. In this case, Kolko said optimism is outpacing reality, and it is very unlikely that prices in those hardest hit markets will return to the peaks in the next 10 years. As for the rental market, Kolko said there is no danger of a bubble and if anything, we are in danger of the rental market becoming extremely tight in some markets.

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FHA Dropping $1,000 Debt Rule that Would Have Delayed Closing

On July 1, borrowers wanting to take out an FHA-insured loan would have potentially experienced a closing delay of 3 months or more if they had debt totaling or exceeding $1,000. Now, the FHA ""credit-dispute"" rule has been withdrawn, according to an agency letter released Friday. A HUD spokesperson said in an email that the decision to rescind the earlier proposal was based on input received. A new guidance on the issue will also be published very soon, the spokeperson stated.

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Mortgage Applications Jump Highest Since 2009: MBA

Mortgage applications jumped by 18 percent from the week earlier, riding a refinance wave to numbers not seen since 2009, according to the Mortgage Bankers Association. The trade group found that the Refinance Index climbed up by over 19 percent from the week before, reaching the highest level for an index since April 2009.

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Warren Group: Refinancing Pushes New England Mortgage Activity

According to the data, Massachusetts, Connecticut, and Rhode Island have all seen strong mortgage activity so far in 2012, with Massachusetts showing the strongest numbers. Activity in the state is up more than 28 percent, rising to 99,097 in the first four months of the year-an increase from 76,930 during the same period in 2011. Purchase mortgages increased almost 13 percent year-over-year to 13,376, while non-purchase (refinance) mortgages slid up 32 percent to 85,721.

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JPMorgan Chase Reports Earnings for Q1, Mortgage Revenue Up

JPMorgan Chase, which surpassed Bank of America as the largest bank in terms of assets in October 2011, reported a net income $5.4 billion, with earnings per share at $1.31. The reported net income and earnings per share for the 2011 first quarter was $5.6 billion and $1.28, respectively. The bank saw a significant boost with mortgage production-related revenue, which was reported at $1.6 billion, an increase of $722 million, or 80 percent, from the year before. At $59.9 billion, mortgage loan application volumes increased 33 percent compared to the prior year, and 14 percent from the previous quarter, mostly due to heavy refinancing activity.

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GFI Sued for Alleged Discriminatory Lending Practices

A lawsuit was filed against GFI Mortgage Bankers alleging it charged African American and Hispanic borrowers higher interest rates and fees on mortgage loans because of their race rather than their creditworthiness, the Justice Department announced Tuesday. At a time when so many American homeowners - of all races - are struggling to make their mortgage payments, the U.S. attorney for the Southern District of New York says it is unacceptable that GFI's practices resulted in higher fees and rates for minority customers.

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