Researchers find evidence that, in areas with significant flood risk, lenders charge higher interest rates and assess lower home values, even if those areas are not included in FEMA flood maps.
Banks reduced their non-agency jumbo lending in the early months of 2024, with nonbanks picking up some of the slack. Deliveries of high-balance mortgages into agency MBS also declined in the first quarter. (Includes three data tables.)
The program provides borrowers a 3% downpayment assistance second lien with up to $15,000 in financing. The loan does not accrue interest and does not require a monthly payment.
During refinance booms, loan officers can be worth their weight in gold but during a downturn LO costs need to be adjusted. That reckoning may be underway now.
Sales of both existing and new homes declined on a monthly basis in April. Still, home sales and mortgage originations are expected to pick up as interest rates decline.
Originations of government-insured mortgages increased by 11.0% in the first quarter of 2024 compared with the previous quarter. Conventional-conforming and nonconforming products lost share during the quarter. (Includes two data tables.)
The private market is providing adequate liquidity for closed-end second liens, according to the American Bankers Association. The trade group also questioned Freddie Mac’s motivations for a proposal to acquire seconds.
A few years back, Better looked like a sure thing: It boasted state-of-the art origination technology. Today, the nonbank is bleeding red ink and dependent on a convertible note held by a Japanese multinational.
A decline in interest rates near the end of 2023 drove up refi volume. Meanwhile, purchase-mortgage lending declined slightly on a sequential basis as seasonal factors limited demand. (Includes four data tables.)
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