The Federal Housing Finance Agency and Ginnie Mae jointly released updated minimum financial-eligibility standards for counterparties that turned out to be less restrictive than mortgage trade groups had feared. The new standards slated to go into effect late next year appear to mark a partial retreat from an earlier Ginnie proposal that would have imposed … Read more
“Refinance application activity decreased last week, reversing recent increases,” said Fannie Mae chief economist Doug Duncan. “As mortgage rates moved higher this year, refinance activity has decreased and is now down by over 80% from its peak level during the refinance boom in the third quarter of 2020.” However, refinance dollar volume was up by … Read more
Sonny Bringol, the new chairman of Farmers Bank in Parsons, Tennessee, is a former chemical engineer who got his start in residential lending originating mortgages out of his house in 2003. Two decades later, Bringol is convinced home loans will provide the 115-year-old Farmers with the new source of revenue it needs to maintain its … Read more
The refinance index fell 5%, and the purchase index inched down by 1% from the previous week. Compared to a year ago, refinance and purchase applications were down by 82% and 18%, respectively. “However, if home price growth slows more significantly and mortgage rates move lower, we might see some purchase activity return later in … Read more
A pair of trade groups dedicated to representing the interests of smaller-to-mid-sized mortgage lenders are merging. The Community Home Lenders Association and the Community Mortgage Lenders of America are combining under a new name: the Community Home Lenders of America. Scott Olson, current executive director of the Community Home Lenders Association will have the same … Read more
Following two weeks of increases, mortgage volumes headed downward, falling to their lowest level since 2000, the Mortgage Bankers Association said. The MBA’s Market Composite Index, a measure of loan activity based on surveys of the association’s members, decreased 2.3% on a seasonally adjusted basis for the week ending August 12, with both purchases and … Read more
Moreover, government loan products gained market share as FHA lock activity increased at the expense of non-conforming loan volumes, a trend also likely reflected in another decline in the average loan amount — from $351,000 to $344,000. The overall average credit score in July was 722, with scores on cash-out refinances edging modestly lower to … Read more
Wells Fargo’s potential exit from the correspondent production channel will be a positive for a mortgage origination business dealing with overcapacity, a Keefe, Bruyette & Woods report said. A mortgage pullback by the large bank was first discussed in a Bloomberg News article. “Wells Fargo is committed to supporting our customers and communities through our … Read more
Maxwell co-founder and CEO John Paasonen (pictured) conveyed his excitement in having Maxwell join those rarified ranks: “We’re honored to appear on the 5000 list for the second year in a row,” he said in a prepared statement. “Our inclusion on the list reflects both the tireless work our team has put into launching and … Read more
“But I think that the blockchain concept is a concept for our times,” Sarkar said. “There are some implementation issues and other things like that, and there’s a fluctuation in the market that reflects that it is not mature to the point where it can be immediately used, but development continues at a ferocious pace. … Read more