Origination

Oregon's Department of Finance and Corporate Securities (DFCS) is now using the National SAFE Mortgage Loan Originator (MLO) Test with Uniform State Content, making it the 46th state agency in the country to streamline its originator licensing process.

The Mortgage Bankers Association (MBA) reported Thursday that its Mortgage Credit Availability Index (MCAI) edged up to a reading of 115.7 in December. The clear driver behind the increase was an announcement earlier in the month that both Fannie Mae and Freddie Mac are launching new 97 percent loan-to-value (LTV) mortgage programs for qualifying homebuyers, said Mike Fratantoni, MBA's chief economist.

Total mortgage application volumes, including both purchase loans and refinances, fell 9.1 percent over the two weeks ending January 2, the Mortgage Bankers Association (MBA) reported Wednesday. The results include adjustments for the Christmas and New Year's Day holidays.

In response to a recent announcement that Fannie Mae and Freddie Mac have introduced loan options for down payments as low as 3 percent, United Wholesale Mortgage (UWM) announced the launch of a new product offering conventional financing for up to 97 percent loan-to-value (LTV).

In a poll of senior mortgage officers conducted in November, Fannie Mae found consumer demand was down across all categories of home purchase loans, with only 42 percent of respondents reporting increases in demand for GSE-eligible loans, 43 percent for non-GSE loans, and 29 percent for government loans. Those shares compare to 53 percent, 65 percent, and 43 percent, respectively, in the third quarter.

In a report released Tuesday, researchers at the Urban Institute (UI) say that previous "traditional" observations of mortgage denial rates (calculated by dividing the number of denied mortgages by the total number of applications) provide an inaccurate look at credit availability because they include applicants with near-perfect credit profiles—those who are unlikely to be turned down for most products, in other words.

Mortgage lenders originated an estimated $320 billion in loans throughout Q3, according to information collected by Mortgage Daily. While up nearly 8 percent from the second quarter's total of about $300 billion, third-quarter volumes fell short of year-ago levels by 31 percent.

The Mortgage Bankers Association (MBA) reported a seasonally adjusted increase of 4.9 percent in mortgage applications for the week ending November 14. The figure also includes an adjustment for the Veterans Day bank holiday. The jump accompanied a slight dip in interest rates, which fell to an average 4.18 percent for a 30-year fixed-rate mortgage.

In Freddie Mac's latest Economic and Housing Market Outlook for the United States, the company's economists turn their attention away from 2014—a mixed year for housing, especially compared to 2013—and toward 2015, which they say will see continued strengthening in the market for home purchase mortgages as the economy improves on a broad basis.

Total mortgage application volume, including both purchase loans and refinances, dipped a seasonally adjusted 0.9 percent for the week ending November 7, according to the Mortgage Bankers Association (MBA).