Millennials who remain thwarted from purchasing primary residences in expensive urban markets are turning to vacation homes to build home equity. Meanwhile, signs point to an overall slowdown in demand for such properties.
The share of mortgages closed with hybrid tech is declining. Still, analysts suggest that lenders would be wise to digitize their closings before volume drops are fully realized.
Negative outlook for margins; number of foreclosure starts declined in February; MBA launches affordability index; MISMO seeks participants and input on new initiatives.
Banks and thrifts reported a 10.6% sequential increase in the volume of mortgages they repurchased in the fourth quarter of 2021. But for the full year, buybacks trended down. (Includes data chart.)
Finance of America had more than $1 billion of goodwill at the end of September. In the fourth quarter, the company determined its stock price was too low to recognize the benefit, prompting a massive loss.
Analysts at Fannie Mae looked at 14 components that go into the cost of purchasing a home, along with ongoing expenses. Costs related to the mortgage accounted for roughly 30% of the overall cost.