An Insider’s Look Into How Secondary Marketing Evaluates LOs

In this webinar we’ll explore the long-term financial impacts of renegotiations, extensions and fallouts, plus basic guidelines to be viewed as a professional by your secondary marketing department

HousingWire Annual Virtual Summit

Sessions from HousingWire Annual 2021 are going to be virtually streamed on October 25. Register now for FREE to tune into what housing industry leaders had to say this year!

How servicers can access timely, accurate data insights

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Steve Murray on new brokerage models, CFPB crackdowns

Today’s HousingWire Daily features a discussion on the emergence of a new brokerage model and the validity behind the concerns against institutional investors.

Mortgage

Mortgage applications hold the line

Last week of February sees a stop to declines

Mortgage applications increased 0.1% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending February 27, 2015.

The Market Composite Index, a measure of mortgage loan application volume, increased 0.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 12% compared with the previous week. The Refinance Index increased 1% from the previous week.

The seasonally adjusted Purchase Index decreased 0.2% from one week earlier. The unadjusted Purchase Index increased 14% compared with the previous week and was 0.2% lower than the same week one year ago. The seasonally adjusted conventional Refinance Index increased 2.2% to the highest level since the week ending February 13, 2015.

The refinance share of mortgage activity remained unchanged at 62% of total applications from the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.4% of total applications.

The FHA share of total applications decreased to 14.6% this week from 15.3% last week. The VA share of total applications increased to 9.8% this week from 9.6% last week. The USDA share of total applications decreased to 0.8% from 0.9% last week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 3.96% from 3.99%, with points decreasing to 0.30 from 0.33 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) decreased to 3.95% from 4.09%, with points increasing to 0.27 from 0.21 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.76% from 3.82%, with points increasing to 0.21 from 0.15 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.27% from 3.28%, with points remaining unchanged at 0.30 (including the origination fee) for 80% LTV loans. The effective rate remained unchanged from last week.

The average contract interest rate for 5/1 ARMs decreased to 3.05% from 3.28%, with points increasing to 0.50 from 0.31 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

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