Monthly Mortgage Metrics Deteriorate
Home loans took longer to close last month, and the closing rate deteriorated. Meanwhile, the average credit score moved higher on a month-over-month basis.
No Ease in Mortgage Credit for 8 Months
It has been nine months since credit conditions in home lending have improved, with current conditions the tightest in 16 months.
Monthly Bankruptcy Filings Inch Up
The number of consumers to file bankruptcy was minimally higher on a month-over-month basis but down from a year earlier.
Mortgage Complaints Dip
A small month-over-month decline was recorded for mortgage complaints even though overall financial services complaints rose.
Mortgage Insurance Guidelines Eased at Radian
Underwriting guidelines that were relaxed by Radian Guaranty Inc. impact loans used for new construction, jumbo mortgages and loans to medical professionals.
Closing Rate, Purchase Share Up as Credit Tighter
The good news is that productivity and purchase-share increased last month on home lending. But credit conditions tightened and turnaround slowed.
Millennials, Minorities Most Likely to Buy Home
For loan originators looking to target the most ripe prospects for home buying, a new survey points to millennials and minorities.
Mortgage Demand Rising, Credit Standards Holding
Senior mortgage executives expect that demand for purchase financing will keep rising. While a few noted a recent easing of credit standards, even fewer expect this to continue.
Radian to Insure Non-Traditional Credit Borrowers
Radian Guaranty Inc. has unveiled plans to insure residential loans to borrowers who are required to rely on non-traditional credit.
Consumer Bankruptcy Filings Fall to 3-Month Low
The number of new bankruptcy filings that were made last month by consumers descended to the lowest level during the last three months.