Mortgage applications dropped 1.3% from one week earlier, according to the latest Mortgage Bankers Association’s Weekly Mortgage Applications Survey. Also, all mortgage rates reached new highs for the week.
A continually low-interest rate climate led to borrowers refinancing at an increased rate in the first quarter, according to a new report from Freddie Mac. So, just how frequently did borrowers refinance in the first quarter?
Credit Unions are not far behind the rest of the industry when it comes to mortgage division layoffs. The Credit Union Times says firms in the space are now deciding how to handle a drop-off in refinance applications.
Wells Fargo cuts another 150 workers in the Charlotte region in North Carolina on top of the 284 employees the company said it was laying off last month. This follows the banks initiative to downsize its workforce as loan refinancing demand falls.
The darlings of 2014, the single-family housing investment and rental businesses, didn’t dominate like last year, but they still had a strong showing. After snagging four of the top five spots on the 2014 HW Fast50, two SFRs placed in the top five in 2015 and three made the top 50..
Bank loyalty is not a factor for borrowers in shopping for a mortgage loan. Borrowers tend to select a mortgage originator based on product, price and their expectation for a convenient transaction process. Read More