Articles Tagged with ''Refinance''

Black Knight: Interest rate drop led to flood of mortgage prepayments in March

Prepayments see largest single-month increase in more than two years
Mortgage interest rates dropped throughout the month of March, culminating in interest rates closing out the month with the largest single-week decline in 10 years. As of the end of March, mortgage rates were at their lowest point since January 2018. And as one might expect, that drop in mortgage rates led to a massive increase in mortgage prepayments in March, according to a first look at March’s mortgage data from Black Knight.
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FTC accuses SoFi of lying about loan savings in misleading ads

Online lender allegedly overinflated savings claims on student loan refinances
For more than two years, SoFi has been making misleading claims in its television, print, and online advertisements and lying about the amount of savings its loan refinancing programs would bring to borrowers, the Federal Trade Commission said Monday. According to the FTC, SoFi “deceptively advertised inflated figures” about loan refinances, basically claiming that it could save borrowers far more than is actually the case.
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Mixed mortgage news: Refis fall to four-year low, but purchases climb sharply

Total originations actually rise 15% in second quarter
The signs were all there. It was clear that refinance originations were trending down as interest rates rose, but it’s still striking to see the results in black and white. According to newly released data from ATTOM Data Solutions, refinance originations fell to a four-year low during the second quarter, thanks to increases in interest rates.
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Goodbye refi: Rising interest rates all but erase refinance demand

Purchase loans now make up nearly 75% of all mortgages
While mortgage interest rates dipped ever so slightly in the last week, they’ve been trending up for the majority of this year. And it appears that the consistent rise in interest rates this year has all but dried up refinance demand. Is it time to say goodbye to refis for a while? It certainly looks that way.
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Ginnie Mae reveals new requirements for VA refinances

Continues fight against predatory lending
Ginnie Mae recently announced new requirements for its Department of Veterans Affairs refinance loans in order to protect service members from predatory lending. The agency issued an All Participants Memorandum that announced the implementation of changes to pooling eligibility requirements for VA insured or guaranteed mortgages.
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Ginnie Mae reportedly boots two lenders from bond program over VA loan churning

NewDay and Nations Lending sanctioned
Ginnie Mae’s battle against a number of mortgage lenders that are aggressively targeting servicemembers and military veterans for quick and potentially risky refinances of their mortgages just went to another level. Ginnie Mae reportedly booted NewDay USA and Nations Lending from its primary mortgage bond program after threatening the lenders earlier this year over their abnormally high prepayment speeds.
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MBA: Mortgage apps fall once again

Refis hit lowest share since 2008
Mortgage applications decreased once again after their previous surge, falling 3.3% from last week. While both purchase apps and refis fell, the refinance share of mortgage activity dropped to its lowest level since 2008.
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