Mortgage Market Conditions Deteriorate
Fewer lenders see home prices rising, while more said it was hard to get a home loan, according to a survey of senior mortgage executives. The outlook is for weakening mortgage demand.
Monthly Bankruptcy Filings Ease
July saw fewer bankruptcy filings than the prior month, while the year-over-year improvement was the best so far in 2014.
FHA Credit Conditions Far Looser Than Conventional
Just a month after loosening to its most flexible level in three years, the availability of mortgage credit tightened. Conditions on government credit are much more flexible than on conventional credit.
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.