While interest rate hikes are deflating originations, lenders aren’t budging much on underwriting standards for purchase mortgages, based on an analysis of mortgages delivered to the GSEs in the third quarter. (Includes two data charts.)
Among purchase mortgages with primary mortgage insurance, GSE volume declined in the third quarter while FHA and VA volume increased. California also lost its spot as the top source of loans with MI. (Includes two data charts.)
Rate locks jump; home prices decline for second consecutive month; the remote work factor; website will connect borrowers with brokers; new loan origination system promises “fun.”
Commercial banks and savings institutions reported significant declines in secondary market mortgage activity during the second quarter. Home loans held for sale on banks’ books also saw a severe drop. (Includes two data charts.)
Home prices depreciated in July; foreclosure starts near pre-pandemic levels in August; mortgage rate locks continued downward trend in August; applications for mortgages on second homes fall to pre-pandemic levels; Experian allowing renters to boost their credit scores.
Reali to close and hopes to sell its mortgage origination business; Sun West Mortgage launches cash-offer product with NFT component; delinquencies increase in July; Blend offers home-equity lending product; Fitch confident home prices won’t crash like in 2008; Staircase offers new origination tech.
A bill brought by Democrats that would allow consumers to require the consideration of alternative data such as rent and utility payments in underwriting their mortgage recently cleared the House Financial Services Committee.
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