Consumer Bankruptcy Filings Inch Up
The number of new bankruptcy filings made last month was up minimally on a month-over-month basis, though activity slowed from a year earlier.
Mortgage Executives See Home Prices Rising
Senior mortgage executives are optimistic about home prices, though a diminishing share expect loan demand to increase over the next three months.
Mortgage Market Conditions Worsen
Home-loan closing rates diminished last month, while turnaround deteriorated. Lenders tightened up on credit scores and debt ratios, though loan-to-value ratios inched higher.
Boomerang Borrowers Could Boost Mortgage Biz
Lending to all borrowers who were negatively impacted by the mortgage crisis but have since recovered would exceed $400 billion over the next few years if all of them returned to the housing market. But many won't even be aware of their eligibility.
Guidelines Eased at Genworth
Genworth Mortgage Insurance has lowered credit score requirements, increased debt-to-income ratios and expanded its jumbo limits. Appraisal requirements have been eased.
Cashout, FHA 203k Loans Drive Up Credit Availability
Credit conditions in residential lending continued to improve last month, with cashout and government-insured home-improvement loans behind the easing. Jumbo conditions, however, tightened.
Bankruptcy Filings Move Lower
The number of consumers who resorted to bankruptcy last month was reduced on a month-over-month and year-over-year basis.
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.