In a year marked by consolidation, the mortgage industry saw another two merger agreements over the past week, both leading to unions between Mid Atlantic lenders. On Monday, Northern Virginia-based Atlantic Coast Mortgage reported it had reached a deal to acquire a fellow in-state retail lender. Located in Fairfax and currently licensed in 40 states, […]
Mortgage M&A streak continues with new deals Read More »
New insurance written at the nation’s six active private mortgage insurers continued to run ahead of last year’s pace during the third quarter, with the market share gap widening between the top and bottom. For the quarter, the MIs wrote $84.3 billion of new policies, compared with $81.2 billion three months prior and $82.5 billion
Mortgage insurers have strong 3Q for new policies written Read More »
The Veterans Affairs home loan benefit has been available for more than 81 years, yet misconceptions about the program persist, a Navy Federal Credit Union survey found. These misunderstandings affect both eligible borrowers and real estate professionals concerned about VA requirements. VA mortgage applications accounted for 13.4% of all mortgage applications in the week ending
VA loans gain ground despite misconceptions and shutdown Read More »
Mortgage credit availability hit its highest level in three years last month, driven by a significant growth in conventional mortgages. The Mortgage Bankers Association’s Mortgage Credit Availability Index increased 2.3% to 106.8 in October, marking the fourth consecutive month of growth, following marginal gains of 0.2%, 0.1% and 0.4%, respectively. The score is also up
Mortgage credit availability hits 3-year high Read More »
While the publicly traded title underwriters across the board reported improved third quarter results on a year-over-year comparison, helped by September’s refinance activity that several mortgage lenders referred to in their results. The biggest news from the sector came after the quarter ended, with three of the companies announcing merger and acquisition deals. Fidelity
Refis drive better 3Q for major title insurers Read More »
The number of homeowners who can reduce their monthly payments by refinancing hit a multi-year high as mortgage rates continue to weaken, new industry data found. The 30-year fixed-rate mortgage fell to 6.17% the last week of October, and as a result, the number of highly qualified refinance candidates, homeowners with at least a 720
Refi opportunities hit 3-year high as rates ease Read More »
By Oct. 1, the first day of the federal government shutdown, mortgage subservicer Loancare was already fielding calls from borrowers asking what it meant for them and whether forbearance or other relief options were available. Consumers may have been more optimistic then. By Nov. 7, the shutdown had entered Day 38, concern was growing. How
How some mortgage servicers have handled shutdown fallout Read More »
Loandepot leadership said the company has set the course for profitability but still ended up in the red at the end of the third quarter, posting a loss for the fourth straight earnings period. The national lender reported a net loss totaling $8.7 million based on generally accepted accounting principles, with the total including fair-value
Loandepot touts growth trajectory after latest earnings loss Read More »
Home prices continue to rise across the country, despite the market tilting in favor buyers. The national median single-family existing-home price increased 1.7% year over year to $426,800 in the third quarter, the same annual growth rate as the second quarter, an analysis by the National Association of Realtors found. “Home sales have struggled to
Home prices trend up despite little seller leverage Read More »
Fannie Mae announced updates to underwriting guidelines, including a change that removes mention of a long-standing minimum credit score benchmark. Instead of a minimum score used to address risk, Fannie Mae updated language behind the previous requirement with a minimum credit risk standard based on evaluations made in its Desktop Underwriter system itself. “The minimum
Fannie Mae updates credit score language in DU update Read More »