How far can lenders push the credit box?

How far can lenders push the credit box?

Watt announcement helps, but risk keeps standards tight

Warren calls for GAO investigation of nonbank servicers

Asks GAO to review “unprecedented” growth of nonbank servicers

Freddie Mac CEO: We will help increase mortgage lending

Competition among two is still competition
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