Tag Archives: Mortgage Applications

Consumers usually hunt for the best deal -- except when it comes to their mortgages. While 96 percent of American consumers compare prices when shopping, nearly 40 percent obtain just one home loan quote, according to a new survey from LendingTree. The survey also revealed that only 28 percent of borrowers are very confident they received the best possible deal on their current mortgages. Even though 85 percent of consumers use the Web to comparison shop other items, only 21 percent say they shopped online first for mortgage rates.

The board of the California Public Employees' Retirement System (CalPERS) says it is suspending its Member Home Loan Program. The board cited limited member usage, increasing costs, and rising delinquencies for the suspension. Once the suspension begins, CalPERS will no longer accept mortgage applications, but loans currently in the pipeline are expected to be completed over the next three months. Since 2004, the program has averaged between 1,000 and 4,500 home mortgage loans a year.

Data released by the Mortgage Bankers Association (MBA) Wednesday shows that consumer demand for mortgages waned last week as interest rates soared to their highest level in nearly seven months. MBA's index of new applications for home purchases plummeted 5.0 percent, breaking a three-week streak of increases, while the refinance index slipped 0.7 percent. MBA says Treasury rates increased last week following news that lower tax rates could be extended for another two years. Mortgage rates also followed higher.

Industry data released Wednesday shows that new mortgage applications for the purchase of a home jumped 1.8 percent for the week ending December 3. This is the third weekly increase recorded by the closely watched home purchase index, which has reached its highest level since early May. All market indicators point to a continued rise in mortgage rates and that seems to have prompted some homebuyers to act now. Refinancing, on the other hand, is becoming less attractive.

The Mortgage Bankers Association (MBA) reported Wednesday that mortgage applications for refinancing dropped 21.6 percent for the week ending November 26, as interest rates continued to head upward. It marked the third weekly decrease for the refinance index, which has hit its lowest level since June 2010. MBA's measurement of loan applications for home purchases rose 1.1 percent from one week earlier and, in contrast, is at its highest level since the beginning of May 2010.

Mortgage applications for home purchases jumped during the third week of November to their highest level since May. The Mortgage Bankers Association (MBA) reported Wednesday that its index of purchase applications soared 14.4 percent for the week ending November 19th. MBA says the increase suggests growing consumer confidence. It offset a 1.0 percent decline in applications for mortgage refinancing, which in contrast, hit their lowest mark since the end of June.

NCS, a provider of income, identity, and credit intelligence, has launched VOE CONFIRM, an advanced employment verification solution that enables lenders to confirm potential borrowers' ability to repay. Verification is provided within 24 to 48 hours. Lenders submit their employment verification requests through NCS's secure Web site, and NCS staff members make personal phone calls to verify the employment information given by the potential borrower.

Consumer demand for home loans plummeted last week as mortgage rates shot up against the backdrop of the Federal Reserve's announcement to pump more money into the economy - an initiative that's designed to keep interest rates low. The total volume of new mortgage applications sank 14.4 percent. It's the biggest week-to-week drop of 2010 and the lowest reading in four months. Rates for 30-year fixed mortgages rose 18 basis points during the one-week period, but analysts say it's too soon to conclude the Fed got it wrong.

The number of applications submitted by consumers for mortgage loans rose last week, as interest rates held low. The Mortgage Bankers Association (MBA) reported that applications for home purchases were up 5.5 percent from one week earlier, marking their third consecutive weekly increase. MBA's index for refinance applications also rose, jumping 6.0 percent from the previous week.

The Federal Reserve says both large and small banks are beginning to ease back on their credit requirements for ""some categories of loans"" to households and businesses. However, standards continue to tighten on prime mortgages and home-equity loans, particularly at smaller institutions. According to the Federal Reserve's study, consumer demand for residential mortgages decreased during the three months ending in October compared to earlier survey periods, with the falloff again most evident at smaller banks.