Conventional Share Widens w/Refis, Though Off YoY
As refinance share widened last month, so did conventional share -- though it has diminished over the past year. Turnaround and closing rates both deteriorated.
Weekly Mortgage Application Volume Increases
Prospective borrowers were busier during the holiday week completing applications for a new mortgage. Both refinancing and purchase financing activity accelerated.
Task Force to Tackle VA Refinance Churning
Two agencies of the federal government have combined forces to deal with excessive churning of mortgages that are guaranteed by the Department of Veterans Affairs.
Ginnie's FY 2017 MBS Issuance Up, Book Expands
|Purchase Activity Falls to 9-Month Low|
As new mortgage activity softened during the holiday week, weekly purchase-money business sank to the lowest level since January. Government share has significantly widened over the past year.
Annual fiscal securitizations conducted on behalf of the Government National Mortgage Association increased, while the book of business continued to grow.
Purchase Money Business Stronger Than Year Ago
Overall mortgage application volume was down from a week earlier. But compared to a year earlier, applications for home-purchase loans have ascended 7 percent. VA applications made up a bigger share than FHA.
Mortgage Credit Conditions Best in Nearly Decade
FHA 30-Day Rate Up But 90-Day Rate Lowest in Yrs
Home lenders have made it easier to qualify for a mortgage for four consecutive months. The latest gain was enough to put credit conditions at their loosest level in nearly a decade. Government credit saw the least loosening.
Serious mortgage delinquency at the Federal Housing Administration was the lowest it's been in years, though early stage delinquency deteriorated. Endorsements strayed little from the prior period.
Former Owner of Mortgage Servicer Pleads Guilty
The former owner of a defunct mortgage servicer has admitted that he stole money from payments made by borrowers.