Loan Processing Time, Refi Share at 3-Year Low
As refinance share fell to the lowest level in at least three years, so did the time it took to close a mortgage. Loan originators, meanwhile, closed fewer of the loan applications they started.
Impact from FICO Changes Won't Be Immediate
Upcoming changes to the nation's dominant credit scoring model are expected to benefit some prospective borrowers, though the impact won't be immediate.
Month-Over-Month Increase in Bankruptcy Filings
While consumer and business bankruptcies have retreated from a year ago, filing activity deteriorated from the previous month.
Genworth Enhances M.I. Premiums
Genworth Mortgage Insurance Corp. is improving rates for some borrowers and raising them for others. It's also accommodating Fannie Mae's guidelines on sales of real-estate-owned properties.
FHA, VA Help Push Up Credit Availability
With a little help from government mortgage programs, access to home financing last month was at its most flexible level in three years.
Jumbo, Nontraditional Lending Take Biggest QM Hit
Some banks have seen lower approval rates for conforming borrowers as a result of Qualified Mortgage and Ability-to-Repay requirements. Jumbo and nontraditional borrowers fared far worse.
Credit Stds Tightening More at Small, Midsized Firms
The trend in home lending credit availability varies depending on whom you ask. In general, large mortgage lenders are more optimistic than their smaller counterparts.
Mortgage App Closing Rates Improve Again
As refinance activity remains restrained, loan origination efficiency continues to strengthen -- with the closing rate on loan applications increasing again.
Government Mortgages Push Up Credit Availability
The availability of credit for home loans loosened last month thanks to an easing of standards on government-insured and -guaranteed mortgages.
3 Months Of Decline for Bankruptcy Filings
A healthy decline was recorded for personal bankruptcy filings last month, bringing to three the number of consecutive months of improvement.