It’s been a full three months since the Consumer Financial Protection Bureau’s ability-to-repay final rule and qualified-mortgage definition have been implemented. So far, there have been no significant changes to origination strategies on the part of lenders, according to a Standard & Poor’s survey of rated mortgage lenders. “In terms of projected regulatory impact on recent lending activity, 84 percent of 2013 mortgage production was QM compliant, with the remaining ...
A new report by Fannie Mae finds that second-home mortgage market activity is in the midst of a strong rebound, representing a small yet significant corner of the mortgage market. Fannie’s report – Second Homes: Recovery Post Financial Crisis – noted that the uneven economic recovery has a benefit to the second-home buyer, who tends to be older, earns more and consequently has the means to make a larger downpayment ... [Includes one data chart]
Some 30.0 percent of homes purchased in March avoided the use of mortgage financing, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. While mostly associated with investors, a fair share of current homeowners rely on cash for home purchases as a way to avoid the hassles associated with mortgage closings. The cash share of home-purchase financing has increased fairly steadily since August, when 26.5 percent of home purchases ...
The Dodd-Frank Act prompted major changes for mortgage joint ventures, with some firms striking out on their own and others sticking with the smaller market.
Some industry analysts suggest that originations of purchase mortgages have been held back by potential borrowers’ debt-to-income ratios, which have increased along with rises in home prices. However, originations of purchase mortgages have increased in the past year as home prices have risen and it’s more than DTI ratios shutting certain borrowers out of the purchase market. Even though interest rates on mortgages remain at relatively low levels, housing affordability has been an increasing concern due to trends in home prices. Borrowers in parts of California, as well as Denver, Miami and Portland, could have difficulty qualifying for a purchase mortgage, according to a recent analysis by Zillow. Based on income, mortgage and home-value data for the fourth quarter of 2013, Zillow found...
Purchase mortgages securitized by Fannie, Freddie and Ginnie in the first quarter of 2014 were down by 76.3 percent compared with the first quarter of 2013.
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