Posts Tagged ‘mortgage application’

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…

New Home Mortgage Apps Rise 3% in September

Posted on October 21, 2016 by Laura Lam

The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for September 2016 shows mortgage applications for new home purchases increased 3% relative to September 2015. Compared to August 2016, applications decreased by 7%. This change does not include any adjustment for typical seasonal patterns. “After a strong start in 2016 and despite evidence of increasing costs, mortgage applications for new homes have maintained a pace modestly above 2015 rates,” said Lynn Fisher, MBA’s Vice President of Research and Economics. “The monthly decline in mortgage applications in September is largely attributable to typical declines in building activity this time of year….

Labor Day Week Sees Uptick in Mortgage Applications

Posted on September 29, 2016 by Laura Lam

Homebuyers jumped back into the market after Labor Day, filing applications for mortgages at a far faster pace than in previous weeks.  Total mortgage application volume rose 4.2% on a seasonally adjusted basis, according to the Mortgage Bankers Association. The results were adjusted to account for the Labor Day holiday. Unlike during much of the summer, application volume last week was fueled more by buyers than refinancers. Mortgage applications to purchase a home jumped 9% from the previous week. Purchase volume is down nearly 19% in the past four weeks, but August is not usually a strong month for homebuying….

Banks Use Tech to Make Mortgage Process Easier

Posted on January 07, 2016 by Saldutti

USAA now updates mortgage customers with customized clips that show information like the closing data, items still needed, the estimated escrow and the interest rate. The idea is to take the sometimes daunting experience and boil it down. “It walks them through the main concepts; there’s a lot of information [in the mortgage process] and this video brings out the main bullet points they need to know,” said Winston Wilkinson, senior vice president for residential real estate at USAA. The videos are part of a new wave of technology designed to improve the mortgage customer experience by making it more digital friendly and…

New Mortgage Rules Help You "Know Before You Owe"

Posted on October 15, 2015 by Saldutti

The process of buying a home changed dramatically on October 3. outlines everything you need to know about Know Before You Owe. What Is Know Before You Owe?  That’s the name the Consumer Financial Protection Bureau has given to changes in the procedure for buying a home, and specifically, in obtaining a mortgage. Federal financial reform legislation, known as the Dodd-Frank Act, directed the CFPB to improve the procedures for buying a home in the wake of the 2008 housing crisis. How Does It Affect Me?  There are many elements of Know Before You Owe that concern people who work in…