Bank of America doubles down on 3% down mortgages without insurance

Expands "Affordable Loan Solution" for low- and moderate-income homebuyers
Earlier this year, Bank of America, in partnership with Freddie Mac and Self-Help Ventures Fund, began offering mortgages that only required consumers to put down 3% and did not require the consumers to obtain mortgage insurance either. Bank of America said Thursday that the "Affordable Loan Solution" program is proving so successful in its first few months that the bank is doubling its annual commitment to the program – from $500 million to $1 billion.
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Fifth Third 3Q mortgage results positive sign for rest of industry?

Average residential mortgage lending increases 10% year over year
The mortgage market is projected to perform much better in the third quarter than originally expected. With the third-quarter results in for one of the first lenders, it looks like this could be true. Fifth Third Bancorp not only posted an increase in residential mortgage loan portfolio balances, but it also posted an increase in originations.
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Freddie Mac: Mortgage market soaring in 2016, will fall back in 2017

Time to get while the getting's good
Freddie Mac continues to believe that mortgage lending is on track for a big year this year, but now expects the market to tap the brakes in 2017. But it won’t be purchase mortgage originations that will drag down 2017’s origination total, as purchase and home improvement mortgage activity is actually expected to rise next year. According to the Freddie Mac report, next year’s drop will be driven by a significant decline in refinances.
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Trulia: Buying a home still cheaper than renting

Price to rent still outpaces rising home prices
Trulia’s new study shows that despite rising home prices, it is still cheaper to buy a home than to rent. While there’s talk about a rate hike this year, Trulia explains why potential homebuyers shouldn’t be concerned.
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Banks repositioning mortgages for long-term success

New strategies to improve operational efficiencies and reduce risk
Few could have predicted the full impact of the mortgage industry changes the last eight years, and many leading lenders and servicers have struggled with compliance and profitability. Even with initial assumptions of economy normalization and regulatory modifications banks are still considering new strategies to improve operational efficiency and reduce risk.
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