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NMP News

Mortgage Apps Dip 1.6 Percent Week-Over-Week

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Mortgage applications decreased 1.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 4, 2014. The Market Composite Index, a measure of mortgage loan application volume, decreased 1.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased one percent compared with the previous week. The Refinance Index decreased five percent from the previous week and is at its lowest level since the end of 2013.Click to continue

Commercial and Multifamily Bankers Closed $358 Billion-Plus in 2013

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Commercial and multifamily mortgage bankers closed $358.5 billion of loans in 2013 according to the Mortgage Bankers Association’s (MBA) 2013 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation. Commercial bank and savings institutions were the leading investor group for whom loans were originated in 2013, responsible for $100.5 billion of the total.Click to continue

Risk Remains Primary Concern Among Consumer Credit Sector

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Risk appears to be reemerging as a concern in the consumer credit sector as the economic recovery moves into its fifth year. The latest quarterly survey of U.S. and Canadian bank risk professionals found expectations for delinquencies on auto loans and credit cards, as well as total delinquencies on all consumer loans, to be at their highest levels since Q4 2011.Click to continue

Fixed-Rate Mortgages Drop for the Second Consecutive Week

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The 30-year fixed-rate mortgage (FRM) on the Zillow Mortgage Marketplace is currently at 4.20 percent, down five basis points from this time last week. The 30-year FRM peaked on Wednesday at 4.28 percent before falling to 4.20 percent over the weekend.Click to continue

Mortgage Credit Availability Rises Slightly in March

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Mortgage credit availability increased slightly in March according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from the AllRegs Market Clarity product. “Consistent with past months, many lenders and investors are providing borrowers seeking higher loan amounts with a broader range of financing options by introducing new jumbo loan programs.Click to continue

BKFS: Foreclosure Sales Hit Lowest Point Since 2007

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The Data and Analytics Division of Black Knight Financial Services (BKFS) has released its latest Mortgage Monitor Report, looking at data as of the end of February 2014. The data showed that monthly mortgage originations dropped to the lowest level in at least 14 years. However, according to Herb Blecher, senior vice president of Black Knight's Data and Analytics division, real estate sales have remained relatively steady, buoyed by a substantial number of cash transactions.Click to continue

Metro Markets Show Strong Housing Gains in March

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Of the approximately 350 metro markets nationwide, 59 returned to or exceeded their last normal levels of economic and housing activity, according to the National Association of Home Builders/First American Leading Markets Index (LMI). This represents a net gain of eleven metros year over year. The Index's nationwide score ticked up to 0.88 from a March reading of 0.87.Click to continue

Federal Home Loan Bank of San Francisco Allots $9 Million for Low-to Moderate-Income Families

Home Atop Cash/Credit: Creatas

The Federal Home Loan Bank of San Francisco has allocated $9 million to its 2014 Workforce Initiative Subsidy for Homeownership (WISH) and Individual Development and Empowerment Account (IDEA) first-time homebuyer programs. The bank awarded $7.4 million in WISH funds and $1.6 million in IDEA funds to 25 member financial institutions to help low-to moderate-income families and individuals buy a home in Arizona, California, Nevada, and other states where Bank members do business.Click to continue

PRIA: eRecording Key to Industry Compliance

eSignature Credit: Siri Stafford

The mortgage industry faces a liability that threatens both the accuracy of our public record and our ability to comply with new federal regulations, according to Myron Finley, chief legal officer for Nationwide Title Clearing and co-chair of the Business Processes and Procedures Committee for the Property Records Industry Association (PRIA).Click to continue

Shadow Inventory See 23 Percent Dip Nationwide YOY in January

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CoreLogic released its February 2014 National Foreclosure Report with a supplement featuring quarterly shadow inventory data as of January 2014. There were 43,000 completed foreclosures in the United States in February 2014, down from 51,000 in February 2013, a year-over-year decrease of 15 percent.Click to continue