Items Tagged with 'Refinancing'

ARTICLES

  • Nearly 10 million borrowers could lower their mortgage rate by 0.75% by refinancing right now

    Black Knight report shows borrowers' average monthly savings would be $267
    Just three days ago, data from Black Knight showed that 8.2 million borrowers could save big on their mortgages thanks to the recent decline in mortgage interest rates, but rates have continued to fall all week. Now, the number of borrowers that could benefit from a refinance has jumped to nearly 10 million.
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  • Ginnie Mae removes loanDepot's VA loan restrictions

    Reinstates lender's ability to participate in all bond programs
    After nearly six months of being restricted from participating in some of Ginnie Mae’s mortgage bond programs as part of the agency’s crackdown on lenders for Department of Veterans Affairs loan churning, loanDepot is back in the game. Ginnie Mae announced Friday that it has removed the mortgage bond restrictions it placed on loanDepot earlier this year.
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  • Fannie Mae and Freddie Mac are refinancing fewer mortgages than at any point since the crisis

    Where have all the refis gone?
    Recently released data from the Federal Reserve Bank of New York’s Center for Microeconomic Data revealed that the first quarter of this year was the mortgage business’ worst quarter in more than four years, but a deeper dive into the data shows that on the refinance side of things, it may have been the worst quarter since the financial crisis.
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  • Bring on the refis: Freddie Mac expects mortgage rates to remain low all year

    The 30-year fixed-rate mortgage is projected to average 4.3% in 2019
    Low mortgage rates are expected to boost homebuyer affordability for the remainder of 2019, according to Freddie Mac’s April Forecast. In fact, Freddie Mac Chief Economist Sam Khater said low mortgage rates and stronger wage growth translate into better home sales in the coming months, along with better than expected refinance activity for the rest of the year.
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  • 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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  • Quicken Loans will now let Vrbo hosts use rental income to refinance their mortgage

    Income generated by short-term rentals will be used in underwriting
    A little over a year ago, Airbnb partnered with some of the nation’s largest mortgage players, including Fannie Mae and Quicken Loans, to allow hosts using the short-term rental platform to use income from their rentals to refinance their mortgage. Now, Quicken Loans is at it again; this time partnering with Vrbo to allow users of that platform to use rental income earned through that short-term rental platform to refinance their mortgage.
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  • Hello refis? Mortgage rates just had the largest one-week drop in 10 years

    Interest rates haven't been this low since January 2018
    Just over six months ago, it appeared that refinance demand had all but dried up thanks to mortgage interest rates that were pushing past 4.5%. But my how the tables have turned. According to newly released data from Freddie Mac, mortgage rates just experienced the largest one-week decline in a decade.
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  • Housing market trends are stifling the jumbo mortgage market

    But the WSJ says lenders aren't backing down
    In the years following the financial crisis, mortgage lenders turned their attention to the jumbo mortgage market as high-end clients proved to be a safe and profitable bet. But now, recent trends taken a toll on the jumbo market, causing volume to fall 12% in the last year, a decline that outpaces the overall mortgage market by 5%. "Still, there are few signs banks are changing tack," The Wall Street Journal stated. "If anything, industry watchers say, they are becoming more competitive."
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  • Ellie Mae: Millennials’ interest in mortgage refinance spikes

    In January, refis by Millennial borrowers accounted for 13% of closed loans
    In January, slightly lower interest rates led to Millennial homebuyers increasing their requests to refinance their mortgages. Ellie Mae Executive Vice President of Strategy and Technology Joe Tyrrell said the uptick in refinances may indicate Millennials who previously purchased a home and are looking for an opportunity to take advantage of lower monthly interest payments.
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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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