Tag Archives: Investors

Mortgage application activity increased for the second straight week in September while mortgage interest rates continued to ease, the Mortgage Bankers Association (MBA) reported in its Weekly Mortgage Applications Survey. The survey's Market Composite Index increased 5.5 percent on a seasonally adjusted basis for the week ending September 20. On an unadjusted basis, the index increased an even 5 percent week-over-week. Purchase activity was strong, with that index climbing 7 percent (seasonally adjusted) from the week prior.

Builders lowered prices and buyers responded in August, pushing new home sales up 7.9 percent to 421,000, reversing almost half of July's 64,000 drop in sales, the Census Bureau and HUD reported Wednesday. The report for August showed a slight shift away from higher-priced homes as houses priced at $500,000 or more accounted for 9 percent of August sales, down from 12 percent in July. Homes priced at $300,000 or less represented 63 percent of all August sales, unchanged from July.

The Federal Housing Finance Agency (FHFA) announced the launch of a new nationwide campaign intended to encourage eligible borrowers to contact their lenders about the Home Affordable Refinance Program (HARP). "With the launch of this campaign we look forward to reaching those homeowners who may not know about the program or understand the eligibility criteria to take advantage of today's low interest rates by refinancing through HARP," said FHFA Acting Director Edward DeMarco.

Data from the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey shows a drop in traffic in August for all three groups of homebuyers.

The Conference Board's Consumer Confidence Index, which picked up to 81.8 in August following a drop the month prior, fell to 79.7 for September, the association reported.

The First National Bank of Long Island (FNBLI) is now using Fiserv's Common Origination Platform for its consumer, business, and mortgage lending needs, the companies announced jointly.

Zillow's Home Value Index climbed to $162,100 in August, up 0.4 percent month-over-month and 6.6 percent annually--the largest yearly gain since July 2006, when values rose 7.9 percent. "August marked the end of one of the hottest summer home shopping seasons in years, as home value appreciation rates continued their rocket ride upward--perhaps dangerously so in some metro areas," said Zillow chief economist Stan Humphries, noting that the monthly pace of appreciation has started to moderate.

The Mortgage Bankers Association (MBA) has appointed Harry Gardner to the board of directors for the Mortgage Industry Standards Maintenance Organization (MISMO), the trade group announced.

Home prices rose in July by less than 2 percent for the first time since March but still reached their highest level since August 2008, according to the Case-Shiller Home Price Indices released Tuesday. All 20 cities included in the survey improved both month-to-month and year-to-year. The two surveys have improved both monthly and yearly for 14 consecutive months.

Originators and servicers are going to have to step up their documentation procedures as regulatory guidelines dovetail, financial services firm PwC says in a new white paper. "The age-old question asks: if a tree falls in the forest and no one hears it, does it make a sound? A modern version to that question might be: if a lender in fact determines a borrower's ability to repay, or originates a Qualified Mortgage (QM), but cannot evidence it, has the lender complied with the Ability-to-Pay (ATR) or QM standards?" PwC asks.