Archive for the 'Mortgage Loan News' Category

Cash-out Refis Hit Highest Rate in 8 Years

American homeowners are tapping their home equity again, with the cash-out share of refinances rising to its highest rate since 2008, according to data from Black Knight Financial Services. According to its Mortgage Monitor Report, Black Knight found that 42 percent or 300,000 of all first lien refinances in the 2015 third quarter involved taking cash out of borrowers’ equity, the highest share in 8 years. On average, cash-out borrowers took out an average of $60,000, the greatest average sum Read more [...]

Foreclosure Inventory Falls to 8-Year Low

The number of U.S. homes in the foreclosure process plunged in 2015 to its lowest level since 2007, an 8-year low. That is just one of several great pieces of new for the mortgage market released by foreclosure information firm CoreLogic in a recent report. In its November 2015 National Foreclosure Report, CoreLogic showed that there were 448,000 properties in the foreclosure process as of November 2015, a 21.8 percent decline from 573,000 the year before. That number represents 1.2 percent of Read more [...]

Mortgage Applications Plummet Following Fed Rate Hike

The Federal Reserve’s December interest rate increase had a dramatic effect on mortgage applications, according to new data from the Mortgage Bankers Association, with refinance requests falling significantly. "Refinance application volume increased for three weeks in a row in early December ahead of the Fed's announcement that it was raising the federal funds rate," said Lynn Fisher, the association's vice president of research and economics. "During the two weeks following their announcement, Read more [...]

Fed Makes First Rate Hike in 7 Years

The Federal Reserve decided the economy is doing well enough to finally raise its target interest rate after seven years, a move that will affect everything from savings to mortgage rates. “Information received since the Federal Open Market Committee met in October suggests that economic activity has been expanding at a moderate pace,” the Fed said in its December 16 statement. “The Committee currently expects that, with gradual adjustments in the stance of monetary policy, economic activity Read more [...]

TransUnion: Mortgage Market Will Reach Full Recovery in 2016

The healing U.S. mortgage market should be back to full health by the end of next year, according to a new forecast from credit data and reporting firm TransUnion. The TransUnion 2016 forecast calls for the serious delinquency rate – mortgages past due by 60 days or more – will fall to 2.06 by the end of 2016, into the range of a “normal” market. The rate is expected to fall to 2.5 percent at the end of 2015, down from 3.29 percent in 2014. The delinquency rate peaked at 6.94 percent Read more [...]

New Fannie Mae Rules Allow for ‘Non-Traditional’ Credit Histories

Mortgage guarantor Fannie Mae is easing its credit requirements for homebuyers, in the hopes of expanding the benefits of homeownership to qualified borrowers who may not have a traditional credit history. FannieMae, a company which backs mortgages made by private lenders and sells those loans in bundles as securities, announced Monday that it will allow lenders to use alternate forms of credit information to qualify applicants. Up to this point, lenders would input borrower data into Fannie Read more [...]

Zombie Foreclosures Tumble From Previous Year

The number of U.S. ‘zombie’ foreclosures – vacant properties in the foreclosure process but not yet repossessed by the lender – plunged 43 percent in the third quarter from the year before, according to data from foreclosure data firm RealtyTrac. There were 20,050 zombie foreclosures in the third quarter of 2015, a 27 percent decrease from the second quarter. Foreclosures have declined on a broad scale over the past several years, leading to fewer vacant properties overall. Vacant properties, Read more [...]

Foreclosure Starts Fall to 10-Year Low

The number of new mortgage foreclosures fell to a decade-long low during the first half of 2015, according to a new report from foreclosure data firm RealtyTrac. In its Midyear 2015 U.S. Foreclosure Market Report, RealtyTrac reported that there were 304,439 properties that entered the foreclosure process during the first six months of this year, a 4 percent decrease from the previous year and the lowest number on record in the survey’s almost 10-year history. Compared with the first half of Read more [...]

Low Mortgage Rates Helped Home Prices to Rise in May

U.S. home prices continued their upward climb in May, according to real estate data firm CoreLogic, with historically low mortgage interest rates fanning the flames of home buying. “Mortgage rates on 30-year fixed-rate loans remained below 4 percent through May, helping to fuel home-purchase activity,” said Frank Nothaft, chief economist for CoreLogic. “Our homes-for-sale listing data shows that markets with high demand and limited supply, such as San Francisco, are recording double-digit Read more [...]

Mortgage Delinquencies Plummet in First Quarter

Homeowners have done a remarkable job of getting and staying current on their mortgage loans in the past year, according to a new report from the Office of the Comptroller of the Currency (OCC), an indication of the improving health of the U.S. economy. The OCC Mortgage Metrics Report  found that in the 2015 first quarter, only 1.9 percent of all mortgages were 30 to 59 days late, 7.0 percent drop from the previous year. And seriously delinquent loans made an even dramatic fall, decreasing to Read more [...]