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.”
Delinquencies on auto ABS are now above pre-pandemic levels, while losses are approaching the same threshold. Still, rating services aren’t too concerned, noting used vehicle prices and unemployment levels.