Builder Applications Decline Eight Percent Over Last Month – NMP Skip to main content

Builder Applications Decline Eight Percent Over Last Month

NationalMortgageProfessional.com
Jun 13, 2014

The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for May 2014 shows mortgage applications for new home purchases decreased by eight percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns. By product type, conventional loans composed 69.3 percent of loan applications, FHA loans composed 15.5 percent, RHS/USDA loans composed 1.7 percent and VA loans composed 13.6 percent. The average loan size of new homes decreased from $299,094 in April to $296,427 in May. The MBA estimate of new single-family home sales were running at a seasonally adjusted annual rate of 374,000 units in May 2014, based on data from the BAS. The new home sales estimate is derived using mortgage application information from the BAS, as well as assumptions regarding market coverage and other factors. The seasonally adjusted estimate for May is a decrease of 10.7 percent from the April pace of 419,000 units. On an unadjusted basis, the MBA estimates that there were 36,000 new home sales in May 2014, a decrease of 14.3 percent from 42,000 in April. MBA’s Builder Application Survey tracks application volume from mortgage subsidiaries of home builders across the country. Utilizing this data, as well as data from other sources, MBA is able to provide an early estimate of new home sales volumes at the national, state, and metro level. This data also provides information regarding the types of loans used by new home buyers. Official new home sales estimates are conducted by the Census Bureau on a monthly basis. In that data, new home sales are recorded at contract signing, which is typically coincident with the mortgage application.
Published
Jun 13, 2014
Chairman Xu Sells Off Personal Assets To Avoid Default

The Evergrande saga continues as Chairman Xu Jiayin sells off 7 billion yuan ($1.1 billion) of his personal assets to prop up the deflating property giant.

Industry News
Nov 23, 2021
OptiFunder Secures $25 Million In Capital

OptiFunder, a warehouse management system provider for mortgage originators, raised $25 million in additional capital lead by Arthur Ventures, a growth capital firm focused on high-growth, founder-led and capital efficient B2B software companies.

Tech
Nov 23, 2021
Mortgage Company Donates $100K To High School In Memory Of Fallen U.S. Navy Corpsman

Cleveland-based CrossCountry Mortgage donated $100,000 to Milan Edison High School in memory of U.S. Navy Corpsman, Maxton W. Soviak, who died while assisting in the evacuation of Americans and refugees in Afghanistan in August.

Community
Nov 23, 2021
MISMO Seeks To Standardize Pre-Closing Title Data

Forming workgroup to focus on standardizing document datasets to streamline process and increase efficiency.

Industry News
Nov 23, 2021
Pandemic's Impact On Real Estate Around The World

Although the impact of the COVID-19 pandemic on the real estate industry has been well-documented within the United States, it’d be prudent to know how the global event impacted other countries as well. 

Industry News
Nov 22, 2021
Housing Market Potential Strengthens Modestly

First American Financial Corporation's Potential Home Sales Model for October 2021 reported that potential existing-home sales increased 0.1% month-over-month to 6.27 million, with household formation continuing to grow, largely driven by millennials.

Analysis and Data
Nov 22, 2021