Enhanced DU Goes Live
After delaying an update to its automated underwriting system that will accommodate non-traditional credit, the Federal National Mortgage Association has taken it live.
Genworth Easing Requirements
In conjunction with updates being made to the Federal National Mortgage Association's automated underwriting system, Genworth Mortgage Insurance is making changes of its own.
Mortgage Credit Tightens as Closing Rate Rises
As the monthly closing rate of new mortgage applications improved, lenders were more restrictive about who was approved for a loan.
Outlook for Purchase Mortgage Demand Tumbles
Senior mortgage executives expect demand for purchase-money mortgages to diminish over the next three months, with government programs taking the biggest hit.
MGIC Eases Guidelines
Underwriting guidelines have been relaxed at MGIC. Among transactions impacted are refinances and financing for co-operatives.
Mortgage Credit Tightens 3 Out of Last 4 Months
During the last four months, residential lending standards have tightened three times. The latest constriction was led by conforming loans.
Consumer Bankruptcies Jump to 4-Month High
More U.S. consumers resorted to bankruptcy last month, with new non-commercial filings climbing to the highest level in four months.
Purchase Mortgage Financing Surges to 9-Year High
A nine-year high in quarterly home-purchase financing drove overall mortgage originations to the highest level in three years.
Complaints Improve More for Mortgages Than Overall
Although there has been no reduction from a year ago in overall financial services complaints, the mortgage industry has made an improvement.
Fastest Growing Mortgage Firms
Inc. magazine is out with its list of the fastest-growing companies in America, and there were four mortgage-related firms that ranked among the top 500.