Mortgage Credit Conditions Tighten 3 Months in Row
Credit conditions in residential lending were tighter for the third month in a row, and it was conforming loan programs that contracted the most.
Cities With Lowest, Highest Credit Scores
Borrowers in the city with the highest credit scores pay interest rates on mortgages that are 29 basis points less than borrowers in the city with the lowest scores.
Decline in Monthly Consumer Bankruptcies
Whether on a month-over-month basis or a year-over-year basis, the number of consumers who resorted to bankruptcy last month retreated.
Big Banks Suffer Bigger Decline in Mortgage Demand
A survey of banks found that demand for jumbo mortgages has recently retreated, while demand was up for credit lines secured by residential properties. By size, larger banks have seen a bigger drop in overall demand than their smaller counterparts.
Ocwen, BofA Face Excessive Mortgage Complaints
Based on their respective market shares, Ocwen Financial Corp. and Bank of America Corp. have faced an excessive number of complaints.
Monthly Government Mortgage Share Drops
During the final month of last year, mortgage originators shifted more of their business from government-backed financing to conventional loan transactions.
Online Lender Dumps Credit Scores
An online lender that originates home loans claims that it has become the first large lender to abandon credit scores in its credit decisions.
6-Month Low for Mortgage Credit Availability
It's been six months since credit conditions in home lending were this tight. But it was a technical issue with affordable loans that hurt the most-recent results.
Monthly, Annual Consumer Bankruptcy Filings Drop
Not only did the number of new bankruptcy filings by consumers decline last month, but it was lower for all of last year.
Mortgage Complaints Up Less Than Financial Industry
Though complaints related to residential loans have worsened over the past year, their rise falls short of complaints for all financial services.