Risk Rises On New Mortgage Originations
As quarterly home-lending moved lower, the risk of default on those newly originated mortgages deteriorated and now stands at its worst level in three years.
Banks Maintain Mortgage Credit Standards
For most single-family lending programs, credit standards at banks were little changed during the second quarter. While demand for residential loans was up at a good share of banks, it was also down at a good share.
Post-Crisis High For Mortgage Credit Availability
Credit conditions in home lending were more relaxed last month than at any time since the financial crisis. Out front of the loosening were jumbo mortgages. But government conditions tightened.
Consumer Bankruptcy Filings Slowest in Five Months
A modest reduction in the number of monthly bankruptcies that were filed by U.S. consumers left the pace of filings at its lowest level in five months.
FHA and Refi Share Down as Conv, Purchase Share Up
As refinance share fell to a new low last month, more loans in process closed. Turnaround lengthened by a day, and government-insured share fell over the past year as conventional share rose.
Jumbo Lending Lots Looser as Lenders Fight for Biz
Residential lenders relaxed credit requirements last month to the most flexible level since January. Driving the improvement were ambitious lenders fighting for jumbo business.
Dodd-Frank Rollback Raises Risk for Non-Banks
Recently enacted legislation to roll back some of the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act is likely to have a negative impact on non-bank home lending.
New Low for Refi Share as Lending Tightens
As the share of conventional business has grown at the expense of government-insured business over the past year, lending risk tightened and refinance share fell to a new low.
Credit Standards Ease as Refi Demand Diminished
As refinances continue to diminish, home lenders continue to relax credit standards. With the ongoing outlook for profits still weak, firms are feeling pressure to cut staffing.
Mortgage Credit Eases 1st Time in 4 Months
For the first time in four months, home lenders eased up on credit conditions. Leading the loosening were jumbo mortgage lenders.