Origination

Access to mortgage credit tightened in October, according to a report from the Mortgage Bankers Association (MBA). The group's Mortgage Credit Availability Index (MCAI), a gauge of credit access based on borrower traits and underwriting trends, fell 2.5 percent last month to a reading of 113.2.

According to a snapshot of mortgage trends released this week by Guaranteed Rate, purchase loans accounted for 73 percent of all mortgage volumes last quarter, up from 63 percent a year prior. The increase came as refinancing numbers dropped off by more than a third annually—"indicative of the fact that the third quarter of 2013 was when the mortgage market began to account for higher interest rates," Guaranteed Rate said.

With less than one year left before the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) disclosure rule goes live, a new survey finds more lenders are battling with increased loan costs as quality control becomes the top concern.

MBA's Weekly Mortgage Applications Survey shows mortgage application volumes jumped 11.6 percent for the week ending October 17. The surge in the headline index stemmed from a substantial jump in the refinance application component, which was up 23 percent week-over-week to hit its highest level since November 2013.

Credit reporting agency Equifax released on Monday its latest National Consumer Credit Trends Report, revealing that the total balance of new credit for revolving home equity loans in the year's first seven months was $65.9 billion. The figure, up 21.4 percent year-over-year, marks a six-year high.

The Mortgage Bankers Association (MBA) reported a 5.6 percent increase in its mortgage applications index for the week ending October 10. The headline index got a boost from refinancing applications, which surged 11 percent over the week as the average 30-year fixed mortgage rate dropped to 4.20 percent, its lowest in more than a year.

Third-quarter profits improved annually at two of the nation's biggest megabanks, though mortgage banking results were mixed. For the latest completed quarter, JPMorgan Chase reported net income of $5.6 billion compared to a loss of $380 million a year ago. On the other side of the country, Wells Fargo posted profits of $5.7 billion for the quarter, up from $5.6 billion in Q3 2013 and flat from Q2 2014.

To assist brokers in providing loans to credit-challenged borrowers, Carrington Mortgage Services announced the elimination of its underwriting fee in its wholesale division.

Mortgage application volumes kicked off the month with a small increase as interest rates tumbled a few points, according to industry data. The Mortgage Bankers Association's (MBA) weekly measure of mortgage applications rose 3.8 percent for the week ending October 3, the group reported Wednesday.

International Document Services, Inc. (IDS), a Utah-based mortgage document preparation vendor, reported a spike in home equity lines of credit (HELOCs) through the year's first three quarters.