Let Valuation Tech Help Improve Your Collateral Valuation

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Talking proptech with FinLedger Director Holden Page

In this episode, Page discusses the hottest topics coming across FinLedger’s news desk. Topics include: the online banking market, what’s happening in the proptech space and recent private market deals.

With a reinvigorated CFPB, what’s next for the NYDFS?

While the CFPB is reinvigorated under the Biden administration, there’s plenty of room for it to retake a leading role and coordinate with the NYDFS.

Does your CRM hurt or help the customer experience?

In real estate, data is king. The more you leverage your own data the better off your agents or loan officers will be because they’ll be able to identify, target and create better customer experiences.

Mortgage

Mortgage applications decline 2.3%

Drop in refinancings leads retreat

Mortgage applications decreased 2.3% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending April 24, 2015.

The Market Composite Index, a measure of mortgage loan application volume, decreased 2.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2% compared with the previous week. The Refinance Index decreased 4% from the previous week.

The seasonally adjusted Purchase Index was unchanged from one week earlier. The unadjusted Purchase Index increased 1% compared with the previous week and was 21% higher than the same week one year ago.

The refinance share of mortgage activity decreased to 55% of total applications, its lowest level since September 2014, from 56% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.7% of total applications. The average loan size for purchase applications rose to a survey high of $297,000.

The FHA share of total applications increased to 13.7% from 13.6% the week prior. The VA share of total applications increased to 11.3% from 11.0% the week prior. The USDA share of total applications remained unchanged at 0.8% from the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 3.85% from 3.83%, with points increasing to 0.35 from 0.32 (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) decreased to 3.82% from 3.83%, with points increasing to 0.31 from 0.22 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.66% from 3.65%, with points increasing to 0.16 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 3.14% from 3.11%, with points increasing to 0.31 from 0.24 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs decreased to 2.88% from 2.89%, with points decreasing to 0.27 from 0.29 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

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