Articles Tagged with ''MBA''

Trade groups cast doubt over FHA's attempt to remove lending roadblocks

Letters to HUD say proposal "will not give lenders the assurance needed"
In May, the FHA said it was working to clarify the rules of its mortgage program in an effort to ease compliance concerns, pledging to replace the “jumbled legalese” in its certification and compliance documents with “plain English.” But a number of trade groups expressed their joint belief that the proposed changes do not go far enough to ease compliance concerns and “will not give lenders the assurance needed to expand their program participation.” Here's what they recommend be done.
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New bill slashes FHA mortgage insurance for first-time homebuyers

Borrowers who undergo counseling can get a discount on their upfront mortgage insurance
The House passed a bill Tuesday that slashes the cost of upfront mortgage insurance for first-time homebuyers using mortgages backed by the FHA. The bill stipulates that first-time homebuyers who complete a housing counseling program to learn about sustaining homeownership can get a 25-basis-point discount on their upfront mortgage insurance for an FHA loan.
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MBA: Mortgage applications continue to fall as borrowers become less sensitive to lower rates

The Market Composite Index slides 2.4% from last week
Mortgage applications declined 2.4% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 5, 2018. The MBA pointed out that last week included an adjustment for the Fourth of July holiday. On an unadjusted basis, the index decreased a whopping 22% from last week.
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Appetite for jumbo loans increasing as jumbo credit availability rises to 8-year high

Overall credit availability increased slightly in June
It was easier to get a jumbo mortgage in June than it has been in any month since 2011, according to a new report from the Mortgage Bankers Association. The report showed that the availability of jumbo mortgage credit increased for the sixth straight month, rising to its highest level since 2011.
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MBA: Sliding mortgage rates not enough to boost growth in application volume

The Market Composite Index slides 0.1% from last week
Last week, mortgage rates fell to a three-year low, but not even this decline was enough to spur growth in purchase activity volume, according to the Mortgage Bankers Association. Despite this decline, MBA Vice President of Economic and Industry Forecasting Joel Kan said the nation's strong job market and improving affordability still have a chance to support growth.
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From HW Magazine

MBA Opens Doors Foundation: Taking care of the families of critically ill children

Providing rental and mortgage assistance for more than 2,000 families
Back in 2011, former MBA President and CEO Dave Stevens, his wife Mary Stevens, and Dan Arrigoni, the former president of U.S. Bank Home Mortgage, had a vision to help families with critically ill or injured children stay in their homes. This vision led to the Mortgage Bankers Association establishing the MBA Opens Doors Foundation, which helps families with sick children receive mortgage or rental payment assistance while a child receives medical treatment.
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MBA: Mortgage applications rise thanks to falling mortgage rates

The Market Composite Index rose 1.3% last week
Declining mortgage rates once again spurred an increase in mortgage applications, according to the Mortgage Bankers Association. On an unadjusted basis, the Market Composite Index rose 1.3% for the week ending June 21, 2019, according to MBA's weekly Mortgage Applications Survey.
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MBA: Uptick in mortgage rates slows purchase application growth

But refinances remain at the highest level since last year
A recent uptick in mortgage rates resulted in a slight decline of purchase applications, according to the Mortgage Bankers Association. MBA Vice President of Economic and Industry Forecasting Joel Kan said although borrowers were sensitive to rising rates, the refinance share of applications still remained at its highest level since January 2018.
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