Walter Investment fined $29.6 million for False Claims Act violations

Walter Investment fined $29.6 million for False Claims Act violations

Subsidiaries allegedly submitted false reverse mortgage claims to HUD

The Wrap: Appraisal volume ticks down after two weeks up

New tips, tools and tricks of the trade

Dear Parents, don’t expect your homebuying Millennials to pay you back

loanDepot graph shows they can barely save for retirement
W S

Mortgage Application Activity Tumbles

Purchase and refinance applications dropped precipitously during the week ended Dec. 21, according to data released Thursday by the Mortgage Bankers Association. The Market Composite Index, a measure of overall mortgage loan application volume, fell 7.6 percent on a seasonally-adjusted basis to 603.8; in spite of the weekly drop, application activity remained up 9.9 percent compared with the same week one year earlier. (The index is calibrated to March 16, 1990; a reading of 603.8 means that application activity is roughly 6 times greater than when the index was first established.) Refinance applications fell 8.5 percent to 1915.3, the MBA said, while purchase applications fell 6.6 percent to 394.5 in spite of a drop in interest rates. Refinance share of overall mortgage applicatins activity decreased to 53 percent of total applications from 53.2 percent the previous week. Adjustable-rate mortgage share, however, increased to 10.4 from 9.9 percent of total applications from the previous week. For more information, visit http://www.mortgagebankers.org.

Recent Articles by Paul Jackson

Comments powered by Disqus