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Mortgage Industry News for the Mortgage Industry

Last Build Date: Mon 20 Nov 2017 21:01 GMT


Mortgage Industry Relies on Amicus Briefs

Mon 20 Nov 2017 21:01 GMT

An amicus brief is (generally) an appellate brief filed on behalf of an entity or group that is not a party to the appeal, but whose interest will be significantly affected by the court's decision.

Amicus efforts on behalf of the mortgage industry are an absolute necessity to abate or avoid the potential impact of a negative decision in the mortgage lending or servicing space.

Although it is certainly true that the named servicer or lender has the strongest incentive to aggressively address the potentially troublesome issues in the appeal, having the support of an amicus brief can provide the named party (and the entire mortgage industry) with several often crucial benefits, among which are the following:

Low Credit Scores Cost Borrowers 59 BPS

Mon 20 Nov 2017 20:52 GMT

Home buyers who financed the purchase of their house and had high credit scores saw rates that were 59 basis points better than their poor-credit counterparts. Loan amounts fell with credit scores.

Borrowers on loans used to purchase single-family properties who have a credit score of at least 760 had an average annual percentage rate of 4.18 percent during October.

But for borrowers whose scores ranged between 620 and 639, the average APR was 4.77 percent. In the midrange -- scores between 680 and 719 -- APRs averaged 4.44 percent.

2018 Mortgage Origination Forecast Increased

Mon 20 Nov 2017 20:42 GMT

The forecast for mortgage originations for next year has been modestly raised. Meanwhile, this year's refinance outlook grew at the expense of projected home purchase financing.

From Oct. 1 through year-end, American mortgage firms are expected to originate $428 billion in loans. Business it then expected to sink to $330 billion in the first-three months of next year.

But a strong recovery is expected for the second quarter of 2018, when residential loan production is projected to shoot up to $490 billion.

Who Are Best Mortgage Employers?

Mon 20 Nov 2017 17:58 GMT

Within the real estate finance industry, some companies have earned the distinction of being the best employers among other similarly sized firms in their cities based on worker surveys. Others were recognized on a national basis.

Among the surveys was one conducted by the Chicago Tribune, which ranked Guaranteed Rate among the 10 top large employer workplaces in the Chicago area, a Nov. 10 statement said. It was the lender's second year in a row on the top-10 ranking and seventh time on the list.

Guaranteed Rate, which maintains its headquarters in Chicago, reportedly provides a nurse practitioner and an in-house cafe on site for its 3,400 employees. It also provides a fitness center with yoga classes and complimentary massages.

Purchases Pull Down Weekly Mortgage Business

Fri 17 Nov 2017 22:44 GMT

Home purchase financing activity tumbled during the week that included Veterans Day, dragging down overall business. But cashout refinance activity was the strongest it's been in over four years.

The U.S. Mortgage Market Index from Mortgage Daily, a reflection of average per-user rate-lock volume at OpenClose, was 150 in the week ended Nov. 17.

Compared to the prior seven-day period, the index, an indication of upcoming originations that is not adjusted for seasonal factors, moved down nearly 8 percent.