Rise in Mortgage Applications Driven by Refinances
Mortgage application volume moved higher last week, and it was refinances that drove the increase. Jumbo rates remained lower than conforming rates — which rose to a seven-year high.

Refinances Wipe Out Weekly Purchase Gains A nice up tick in purchase financing activity was wiped out by a weekly decrease in refinance business. Similarly, an increase in government volume was more than offset by a drop in conventional activity.

Universal American Whistleblower to Receive $2 Mil
A whistleblower will receive nearly $2 million for her role in a lawsuit alleging Universal American Mortgage Company LLC approved loans for government insurance that didn’t qualify.

FHA Endorsements Edge Higher, Book of Biz Grows
Monthly residential government-insured mortgage production was nudged up, though commercial real estate endorsements plunged. The book of business continued to grow.

Mortgage Rate Forecasts Have Little Change Ahead
Thirty-year mortgage rates moved lower this past week and this past month. Short- and long-term forecasts have little movement ahead for mortgage rates.

Mortgage Credit Conditions Tighten
Average credit scores increased on last month’s mortgage production, while averaged debt-to-income ratios declined. The tighter credit conditions came as refinances continued to make up a diminishing share of mortgage production. Government share maintained.

Mortgage Apps Drop Again, Jumbo-Conf Spread Doubles
For the second consecutive week, fewer applications were completed for home loans. As long-term mortgage rates climbed to a seven-year high, the jumbo-conforming spread doubled. Government share thinned.

3-Yr Low Ginnie Issuance as Book Surpasses $2 Tril
Annual securitizations were the lowest they’ve been in three years at Ginnie Mae. Jumbo issuance plunged by a third, but reverse mortgage activity was higher. The government-owned corporation’s book of business broke $2 trillion.