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Navigating the Unchartered Waters: Rising Interest Rates in Mortgage Lending Explore how rising interest rates are affecting mortgage lending and homebuyer affordability in the current market.
Lending (1495)
Four Problems AMCs Need to Solve
By Michael Detwiler (This is the first column in a monthly series covering the business strategy of Class Valuation from the point of view of the chief executive officer, Michael Detwiler. He is the former managing director of Accenture and the founder of Mortgage Cadence.) I believe that being a leader involves solving problems by… Read more...
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Goldman Sachs Moves Forward with Mortgage Settlements
Goldman Sachs has successfully completed 71% of the $1.8 billion in consumer-relief it is obligated to provide under its two mortgage-backed-securities settlements with the Department of Justice and three states, according to the latest report from Eric D. Green, Independent Monitor. Green, a professional mediator and retired Boston University law professor, was named independent monitor… Read more...
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Mortgage Rates Unchanged
Mortgage rates held steady after declining for three consecutive weeks, according to the “Primary Mortgage market Survey” from Freddie Mac. “Mortgage rates remained mostly unchanged this week, while mortgage applications rose 5.3 percent from the previous week,” said Sam Khater, chief economist for Freddie Mac. “The general decline in rates we have seen recently, combined… Read more...
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Fewer First Time Homebuyers in Q4: Genworth
There were fewer first-time homebuyers amid housing slowdown in the fourth quarter of 2018. Fully 480,000 single-family homes were purchased—a decline of three percent from a year ago, compared to a one percent increase in the third quarter, according to the First-Time Homebuyer Market Report from Genworth Mortgage Insurance. "The first-time homebuyer market once again… Read more...
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Exclusive: Class Valuation Invests in InsideMaps, Looks Drive Appraisal Innovation
Class Valuation has made an equity investment in and is partnering with InsideMaps, a technology company using computer vision to digitize the home. This partnership allows Class Valuation to develop solutions designed to meet the needs of the evolving mortgage industry. [caption id="attachment_8871" align="alignleft" width="300"] Detwiler: InsideMap investment is latest step to modernize the appraisal… Read more...
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MBA: Apps Up 5.3%
Mortgage applications increased 5.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Feb. 22, 2019. This week’s results include an adjustment for the Washington's Birthday (Presidents’ Day) holiday. The Market Composite Index, a measure of mortgage loan application volume, increased 5.3 percent… Read more...
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Ocwen Reports $70.8M Loss for 2018
Ocwen Financial Corp. reported a net loss of $70.8 million, or $0.53 per share, for the full year 2018 compared to a net loss of $128 million, or $1.01 per share, for the full year of 2017, a $57.2 million improvement. For the three months ended Dec. 31, 2018, Ocwen reported a net loss of… Read more...
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CoreLogic Revenues Dip 3% in 2018: Originations, AMC Segments Decline
CoreLogic reported revenues of $1.788 billion for 2018, down 3 percent as organic growth and benefits of acquisitions weren't enough to offset an estimated 15 percent drop in U.S. mortgage origination unit volumes and lower appraisal management company revenues. The company had U.S. mortgage loan origination unit volumes expected to decline around 5 percent from… Read more...
Black Knight: Prepayment Rate Marks 18 Year Low
Despite recent declines in interest rates, January's prepayment rate was the lowest since November 2000. Seasonal reductions in home sales outweighed any early, rate-driven rise in refinance incentive, according to the “first look” data from Black Knight. Housing turnover typically bottoms out in January and February, so prepayments could pick up again if rates remain… Read more...
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Ellie Mae-AI Foundry Create Partnership in Bid to Enhance Originations
Ellie Mae and AI Foundry have established a partnership in which they will integrate their respective technologies and use artificial intelligence and machine learning to help lenders improve the mortgage origination process. Lenders will benefit from the partnership through the availability of artificial intelligence-driven automation capabilities that significantly reduce labor-intensive processes associated with mortgage origination.… Read more...
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