Posts Tagged ‘jumbo loan’

Mortgage Fraud Risk on the Rise

Posted on September 28, 2017 by Laura Lam

An estimated 13,404 mortgage applications, representing 0.82% of all applications, filed during the second quarter contained indications of fraud, according to the Mortgage Application Fraud Risk Index released by CoreLogic.  The second-quarter figure is a 16.9% increase from the 12,718 mortgage applications, comprising 0.70% of total applications, that contained indications of fraud recorded in the second quarter of 2016. By state, mortgage application fraud risk was highest in New York, pushing it to overtake Florida as the state with the highest risk. After holding the top spot for the last several years, Florida is now in third after posting a…

Mortgage Credit Availability Continues to Climb

Posted on December 08, 2016 by Laura Lam

Access to mortgage credit continued its recent upward trend in November.  The Mortgage Bankers Association said that its Mortgage Credit Availability Index (MCAI), increased by 1.6% from October to 174.1.  A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. Lynn Fisher, MBA’s Vice President of Research and Economics said of the index, “Mortgage credit availability increased for the third consecutive month in November, driven by increased availability of conventional low down payment and streamlined refinance loan programs.” Of the 4 component indices, the Conforming MCAI saw the greatest…

The Cheaper the Home, the Higher the Borrowing Cost

Posted on May 29, 2015 by Saldutti

Small loan amounts are offered at more expensive rates than those of higher amounts, according to an analysis of loan requests and quotes on Zillow Mortgages. Further, there are fewer lenders willing to lend to borrowers with small loan amounts, Zillow says. Borrowers with loans of $100,000 pay 10% more for every dollar borrowed than borrowers with loans of $400,000. Zillow attributes this to higher interest rates and fees.  “Lenders go after big loan amounts and back-burner small loan amounts because even though they take the same amount of time to complete, the larger the loan amount is, the more…