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.
Mortgage-banking income at nine major banks declined by 27.7 percent in the first quarter of 2014 compared with the previous quarter, according to an analysis by Inside Mortgage Trends. The declines were driven by a lack of refinance volume, changes in valuations on mortgage servicing rights and litigation costs. “Despite a relatively favorable interest-rate environment, the market got off to a slow start in 2014,” said Marianne Lake, CFO at JPMorgan Chase, during the bank’s ...
Fannie Mae and Freddie Mac did significantly less business during the first quarter of 2014 along just about every metric you can think of, but the two government-sponsored enterprises saw out-sized declines from their biggest customers. The top five GSE sellers accounted for just 33.3 percent of single-family mortgage deliveries during the first quarter of this year, according to a new Inside Mortgage Trends analysis of ... [Includes two data charts]
The Consumer Financial Protection Bureau plans to announce a voluntary pilot project next week related to its efforts to streamline and improve the mortgage-closing process – an initiative likely to rely heavily on the industry’s latest technological capabilities, and perhaps stimulate some innovation in the process. The pilot will be formally announced on Wednesday during a live online webcast of a public forum the bureau plans to conduct at its headquarters in Washington, DC ...
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 ...
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