Mortgage Closing Rate Up as Turnaround Lengthens
The good news is that a bigger share of monthly loan applications converted into closed loans. The bad news that it took longer to close them.
Mortgage Credit Conditions Continue to Ease
Lenders continue to loosen standards on home loans. Government and jumbo programs saw the most easing, while conventional conditions tightened.
Residential Loan Demand Rises, Requirements Ease
Banks reported an increase in demand for a number of home lending products over the past three months. At the same time, several financial institutions have relaxed standards.
Bankruptcy Filings Ease
Slightly fewer new bankruptcies were filed by consumers last month, and the improvement was even more impressive compared to a year earlier.
MGIC Relaxes Requirements
Program guidelines have been relaxed at MGIC -- with loan limits expanding, credit scores declining and gift restrictions easing.
Mortgage Turnaround Slows as Closing Ratios Rise
The share of home loan applications that closed improved on a monthly basis, though turnaround on loan originations suffered.
Mortgage Credit Conditions Best in Years
Credit conditions in home lending eased to their least restrictive level in years, though mortgage credit remains extremely tight compared to the pre-crisis era.
Bankruptcies Deteriorate in March
The number of new bankruptcy filings took a turn for the worse in March -- climbing to the highest level in 10 months.
Credit Scores for Those Lacking Traditional Credit
An estimated 15 million people could move into the world of credit thanks to a new credit scoring model that considers alternative forms of credit. But its applicability to home finance is unclear.
Big Banks Avoid Mortgage Risk, Lose Market Share
New data indicate that as large banks have cut their risk on agency mortgage lending, they have lost market share.