Jumbo Drives Down Mortgage Credit Availability
Credit conditions in the home financing market were tighter last month. Behind the contraction was a drop in the number of available jumbo mortgage programs. Partially offsetting jumbo deterioration was an increase in programs with low down payments.
4-Month High for Consumer Bankruptcies
Consumer bankruptcies worsened last month, with filings climbing to the highest level in four months. If the trade group for the bankruptcy industry has its way, more consumers will have access to bankruptcy.
Financial Counselors Lift Distressed Mortgage Value
Investors who acquire distressed home loans at a significant discount could raise the value of their investments with financial counselors who help borrowers increase their cash flow.
Refi Share Stays at Record Low, Closing Rate Up
As refinances continue to make up the smallest monthly share of mortgage originations during recent years, the closing rate has strengthened, and conventional share has widened.
Risk Rises On New Mortgage Originations
As quarterly home-lending moved lower, the risk of default on those newly originated mortgages deteriorated and now stands at its worst level in three years.
Banks Maintain Mortgage Credit Standards
For most single-family lending programs, credit standards at banks were little changed during the second quarter. While demand for residential loans was up at a good share of banks, it was also down at a good share.
Post-Crisis High For Mortgage Credit Availability
Credit conditions in home lending were more relaxed last month than at any time since the financial crisis. Out front of the loosening were jumbo mortgages. But government conditions tightened.
Consumer Bankruptcy Filings Slowest in Five Months
A modest reduction in the number of monthly bankruptcies that were filed by U.S. consumers left the pace of filings at its lowest level in five months.
FHA and Refi Share Down as Conv, Purchase Share Up
As refinance share fell to a new low last month, more loans in process closed. Turnaround lengthened by a day, and government-insured share fell over the past year as conventional share rose.
Jumbo Lending Lots Looser as Lenders Fight for Biz
Residential lenders relaxed credit requirements last month to the most flexible level since January. Driving the improvement were ambitious lenders fighting for jumbo business.