Posts Tagged ‘home loan’

Foreclosure Activity Hits Post-Recession Low in April

Posted on June 08, 2017 by Laura Lam

ATTOM Data Solutions released its April 2017 U.S. Foreclosure Market data, which shows foreclosure filings – default notices, scheduled auctions and bank repossessions – were reported on 77,049 U.S. properties in April, down 7% from the previous month and down 23% from a year ago to the lowest level since November 2005. “Foreclosure activity continued to search for a new post-recession floor in April thanks in large part to the above-par performance of mortgages originated in the past 7 years,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “Meanwhile we are seeing an elevated share of repeat foreclosures…

Mortgage Origination Volume Falls 34%

Posted on June 07, 2017 by Laura Lam

Mortgage origination volume fell 34% in the first quarter compared with the fourth quarter, driven mainly by a 45% drop in refinances, according to Black Knight Financial Services’ Mortgage Monitor report.  Overall, lenders originated about $372 billion in first-lien mortgages in the first quarter – the lowest volume seen since the fourth quarter of 2014.  Purchase originations fell 21% compared with the fourth quarter but were up 3.0% compared with the first quarter of 2016, according to the report. An ATTOM Data Solutions report also showed that a little over 1.4 million loans (refinance and purchase loans) were originated in the…

Foreclosure Process Can Take 5 Years in Some States

Posted on May 10, 2017 by Laura Lam

A decade ago, a home in Connecticut could be sold to another party about 12 months after a borrower stopped paying a mortgage.  These days, it’s more like 5 years.  The national average for liquidation timelines in 2016 reached 48 months. In many Northeastern states, including Connecticut, that timeline reached or surpassed the 55-month mark last year, according to data from Fitch Ratings. Sean Nelson, a senior director at Fitch Ratings, said the increase began as a direct result of the mortgage crisis. Loan servicers were not used to dealing with thousands of delinquent borrowers at one time which created…

Housing Confidence Dips in March

Posted on April 25, 2017 by Laura Lam

Americans came down off their confidence high in March as fewer say now is a good time to buy a home, according to Fannie Mae’s Home Purchase Sentiment Index.  The index decreased 3.8 percentage points to 84.5 in March, down from February’s survey high. “Home purchase sentiment gave back some of the gains accumulated over the prior two months that sent the index to its survey high in February,” said Doug Duncan, Fannie Mae senior vice president and chief economist. “Strong home price appreciation has turned into a double-edged sword for the housing market as it boosted the net share…

Home Equity Loans on the Rise

Posted on April 11, 2017 by Laura Lam

Mortgage lenders, along with borrowers, are starting to welcome home equity lines of credit back into the market after the loan product began to disappear in the wake of the financial crisis.  Given their growing prominence in the market, a new report from the American Bankers Association’s Consumer Credit Delinquency Bulletin provides a current pulse on the health of the product by looking at delinquencies.  The report looked at both closed-end loans and open-end loans, since home equity loans fall into both categories. Bankrate explains that there are two types of home equity loans: term, or closed-end loans, and lines of credit, open-end loans.  A home equity…

Tappable Equity Hits 10-Year High

Posted on April 05, 2017 by Laura Lam

An annual home price appreciation of 5.5% during 2016 helped to increase the number of mortgage holders with tappable equity to 39.5 million, according to new data from Black Knight Financial Services (BKFS). More than two-thirds of the tappable equity level belongs to borrowers with current interest rates below today’s 30-year interest rate. Tappable equity – defined as the amount of lendable equity available to a borrower before hitting a combined loan-to-value ratio of 80% – reached the $4.7 trillion mark last year. An equity growth of $570 billion throughout 2016 pushed the total equity level to its highest level since…

Foreclosure Activity Hits 11-Year Low

Posted on March 24, 2017 by Laura Lam

Foreclosure activity dropped in February to an 11-year low, according to new data from ATTOM Data Solutions.  This decrease marks the lowest point since November 2005, and the 17th consecutive month of annual decreases.  But despite this drop, 10 states still saw an increase in foreclosure activity. States that saw the largest increases include New Jersey with an increase of 16%, Delaware with 14%, Louisiana with 12%, Alabama with 10% and Hawaii with 8%.  Some cities also saw strong increases, contrary to the national trend. Houston, Texas, for example, increased 97% from an abnormally low February 2016. Other cities such as…

Average Mortgage Loan Size Hits All-Time High

Posted on March 16, 2017 by Laura Lam

The average loan size for purchase mortgage applications hit an all-time high last week, according to the latest data from the Mortgage Bankers Association.  The MBA’s Weekly Mortgage Applications Survey for the week ending March 3, 2017 showed that the average loan size for purchase applications was $313,300.  That’s the highest that figure has been during any week since the MBA began conducting its weekly application survey in 1990. Overall, the MBA’s report showed that mortgage applications increased 3.3% from the previous week.  The report also showed that the Refinance Index increased 5% from the previous week to the highest level since…

Mortgage Delinquencies On the Rise

Posted on March 01, 2017 by Laura Lam

Despite a rise in the mortgage delinquency rate in the fourth quarter of 2016, the slight uptick follows a record-low third-quarter report, according to the Mortgage Bankers Association’s national delinquency survey.  The report stated the delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 4.80% of all loans outstanding at the end of the fourth quarter of 2016. This is up 28 basis points from the previous quarter and is 3 basis points higher than one year ago. Meanwhile, the foreclosure starts rate decreased 2 basis points, falling to its lowest level since 1988….

Mortgage Industry Predictions for 2017

Posted on January 09, 2017 by Laura Lam

What does 2017 have in store for the mortgage industry?  Eight industry experts weigh in on what they see coming in the next year for origination, servicing, technology and regulation.  A (Home) Buyer’s Market – “First-time buyer activity will surge as refinances dry up. Realtor relationships will be everything in the year ahead.” ~ Gary Acosta, Co-Founder and CEO, National Association of Hispanic Real Estate Professionals Generation Gap – “We can expect that in 2017 the purchase market will increase significantly due to multiple factors, including the rise in wealth and homeowner readiness among millennials. As companies try to meet…