Lunch & Learn: Are appraisals the next big opportunity in mortgage fulfillment?

This Lunch & Learn for mortgage lenders will explore the evolution of the appraisal process as well as opportunities for innovation.

Rohit Chopra pleads the fifth on QM rule

Consumer Financial Protection Bureau Director Rohit Chopra, in his first report to Congress, answered for decisions made by his predecessor, and provided some indication of his priorities going forward.

How to simplify the appraisal process for everyone in today’s hot market

While the world might be slowly getting back to normal, the housing boom is far from over. Appraisers need to make sure they have the right tools to manage the high demand.

Which core segments of brokerage make the most money

Today’s HousingWire Daily is a RealTrending crossover episode. It features Tracey Velt, editorial director at HW Media Company RealTrends, who interviews Chris Kelly and Christian Wallace.

Mortgage

Mortgage applications continue falling despite low interest rates

Refis drop off 8% in one week

Continuing a trend throughout February, mortgage applications dropped 3.5% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending February 20, 2015.

This week’s results include an adjustment to account for the Presidents’ Day holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 3.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 12% compared with the previous week. The Refinance Index decreased 8% from the previous week. The seasonally adjusted Purchase Index increased 5% from one week earlier. The unadjusted Purchase Index decreased 2% compared with the previous week and was 2% lower than the same week one year ago.

The refinance share of mortgage activity decreased to 62% of total applications from 66% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 5.2% of total applications.

The FHA share of total applications increased to 15.3% this week from 15.2% last week. The VA share of total applications increased to 9.6% this week from 8.0% last week. The USDA share of total applications remained unchanged at 0.9% this week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 3.99% from 3.93%, with points decreasing to 0.33 from 0.35 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.09% from 3.92%, with points decreasing to 0.21 from 0.28 (including the origination fee) for 80% LTV loans.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.82% from 3.73%, with points increasing to 0.15 from 0.12 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.28% from 3.24%, with points decreasing to 0.30 from 0.35 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs increased to 3.28% from 3.09%, with points decreasing to 0.31 from 0.47 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.  

Most Popular Articles

Why brokerages and mortgage lenders are rushing into JVs

Joint ventures are suddenly stitched into the fabric of a handful of national brokerages. But the idea of the joint venture collides with the loose, informal networks that color the American housing economy. HW+ Premium Content

Oct 25, 2021 By and
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please