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Items Tagged with 'Refinance'

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Freedom Mortgage found guilty of defrauding homeowner

Court rules lender violated New Jersey Consumer Fraud Act
Ben Lane
“These facts then lead to the conclusion that the loan was granted in order to engender fees for the lender and not for the benefit of the borrower,” Bergen County Superior Court Judge Gerald Escala wrote in his decision.
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Mortgage applications dip 2.7%

Rates post little movement
Brena Swanson
Mortgage applications fell 2.7% from one week earlier, losing any gains made last week. Meanwhile, the refinance share of mortgage activity declined to 54% of total applications from 55% the previous week.
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GIF: 4 charts, 1 changed housing market

Purchase vs. refinance
Brena Swanson
Although rates have managed to stay surprisingly low, this is the first time since 2000 that the purchase market is dominating the mortgage market.
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FHFA: Are you eligible for HARP?

Chart shows massive amount of eligible borrowers left
Brena Swanson
In the first quarter of 2014, the number of mortgages refinanced through the program was 76,930. Meanwhile, in the state of Florida alone, there are 82,435 loans eligible for HARP now. But the FHFA is quickly shifting into overdrive to change this.
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Mortgage applications flat for the week, purchases down

This despite 30-year fixed rates at one-year low
Trey Garrison
Mortgage applications increased 0.9% from one week earlier, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 16, 2014.
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Freddie Mac: Borrowers save more than $1 billion

Brena Swanson
Borrowers will save on net more than $1 billion in interest payments over the coming year as they continue to shorten their payment terms and build equity in their homes, Freddie Mac said.
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Refinances continue downward trend, ARMs on the rise

ARMs up 5% from March 2013
Ben Lane
ARMs made up 7.4% of the home loans closed in March. That was up by nearly 5% over March 2013’s figure of 2.5%.
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Share of purchase loans increasing, time to close decreasing

Ellie Mae: Refinances represent 43% of total share
Ben Lane
Residential home loan refinances continued on a downward trend in February, according to the origination insight report for February 2014 from Ellie Mae.
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Mortgage applications drop 2.1%

Refinance share hits lowest level since April 2011
Brena Swanson
Mortgage applications reversed course and dropped 2.1% from last week, as the refinance share of mortgage activity dipped to the lowest level in nearly three years.
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Originations, refinanceable population both go nose down

Black Knight's report details the why
Trey Garrison
Black Knight Financial Services' “Mortgage Monitor Report” observed a general decline in the overall “refinancible” population of both traditional and HARP-eligible borrowers, and a 60% decline in originations.
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