DTIs Likely to Rise Post-Closing
New research indicates that mortgage borrowers are more likely to increase their debt-to-income ratios after they close on a home loan.
Recent Decline in Mortgage Complaints
Although the volume of mortgage complaints has worsened compared to a year ago, mortgage firms are making progress on a month-over-month basis.
Mortgage Closing Rate Diminishes
A smaller share of mortgages in process closed last month compared to March, though the closing rate improved versus the same month last year.
1st Mortgages Outstanding Up as HELs, HELOCs Off
Although the nation's quarterly book of first mortgages outstanding expanded, contraction continued for home-equity products.
Mortgage Credit Tightens 5 Out of Last 6 Months
It's been seven months since credit conditions in home lending have shown any signs of easing. Jumbo programs led the latest tightening.
Mortgage Demand Up at Banks, CRE Stds Tighten
While bank lending standards on home loans have changed little recently, guidelines tightened on commercial real estate loans. Demand was up for both types of loans.
Fewer Monthly Consumer Bankruptcies
Last month, there were fewer consumers that resorted to bankruptcy -- with new case activity slowing both on a month-over-month and year-over-year basis.
Freedom Mortgage Has Biggest Jump in Complaints
Mortgage complaints have risen at a faster pace than complaints for all financial services, and Freedom Mortgage Corp. had the biggest increase.
Mortgage Turnaround, Closing Rate Improve
Mortgage originators shaved a couple days off of processing time for home loans and lifted the closing rate on last month's closings.
Tighter Mortgage Credit Led by Conventional
The availability of credit for residential lending was slightly tighter last month, and it was conventional mortgage lending that tightened the most.