Mortgage Processing Turnaround Slows
As the monthly share of mortgage originations that were for refinances expanded last month, the length of time that it took to process and close a residential loan increased.
Post Crisis High for Mortgage Credit Availability
Credit conditions in the residential lending business are more lax now than they have been at any time since the financial crisis erupted.
Monthly Consumer Bankruptcies Down
After climbing to the highest level in four months, the number of American consumers who resorted to bankruptcy was down last month.
Genworth Easing Requirements
In conjunction with updates being made to the Federal National Mortgage Association's automated underwriting system, Genworth Mortgage Insurance is making changes of its own.
Mortgage Credit Tightens as Closing Rate Rises
As the monthly closing rate of new mortgage applications improved, lenders were more restrictive about who was approved for a loan.
Outlook for Purchase Mortgage Demand Tumbles
Senior mortgage executives expect demand for purchase-money mortgages to diminish over the next three months, with government programs taking the biggest hit.
MGIC Eases Guidelines
Underwriting guidelines have been relaxed at MGIC. Among transactions impacted are refinances and financing for co-operatives.
Mortgage Credit Tightens 3 Out of Last 4 Months
During the last four months, residential lending standards have tightened three times. The latest constriction was led by conforming loans.
Consumer Bankruptcies Jump to 4-Month High
More U.S. consumers resorted to bankruptcy last month, with new non-commercial filings climbing to the highest level in four months.
Purchase Mortgage Financing Surges to 9-Year High
A nine-year high in quarterly home-purchase financing drove overall mortgage originations to the highest level in three years.