Extraordinarily high levels of home equity, thanks to the recent runup in home prices, has struggling borrowers in a far better position now than they were at the start of the pandemic. The number of active mortgage forbearance plans, in which borrowers were allowed to delay their monthly payments, fell by more than 5% from the previous week,… Read More »
“Refinance volume has been moderating, while purchase volume continues to be lower than expected given the lack of homes on the market,” said Mike Fratantoni, MBA’s chief economist. “Economic data has sent mixed signals, with slower job growth but a further drop in the unemployment rate in August. We expect that further improvements will lead to a tapering… Read More »
Those who aren’t forced out will still be displaced if selling is their only option, and an estimated 1 in 10 borrowers in forbearance will not have enough equity to sell. And while Congress approved $10 billion in federal assistance to help homeowners pay off debt, the program is moving so slowly that protections are expiring before states… Read More »
“Refinance applications jumped, as the 30-year fixed mortgage rate declined to its lowest level since February 2021,” says Joel Kan, the MBA’s forecaster. “With over 95% of refinance applications for fixed-rate mortgages, borrowers are looking to secure a lower rate for the life of their loan.” Homeowners stormed the refinance market as the average rate on a 30-year… Read More »
The federal eviction moratorium is scheduled to lapse on July 31. While it has been extended multiple times throughout the pandemic, it is not likely to be again. Some states, however, have independently extended the protection — New York’s moratorium lasts through August 31, for example. States also still have billions of dollars in rental relief to give out… Read More »
Industry leaders set to come together to address industry’s most significant challenges. LAGUNA HILLS, CA—February 17, 2021—BlackFin Group, a management consulting firm serving the Mortgage Banking Industry, has set the date for the second meeting of its innovation-focused think tank, the Innovation Leadership Cohort (ILC). The ILC is composed of notable industry leaders from regional, state and community… Read More »
Despite the challenges, the company added both clients and staff during COVID-19. Washington, D.C., – January 22, 2021 – Appraisal Logistics, a leading provider of high quality appraisal management services, technology and compliance solutions for the residential/commercial mortgage industry, announced that the company grew top line revenue by over 50 percent last year, despite the pandemic and its… Read More »
New automated service verifies APR and payment streams, while also applying compliance rules to reduce or alleviate regulatory errors during the prequalification process. LAGUNA HILLS, Calif., November 12, 2020 – QuestSoft Corporation has added a digital compliance tool to its Compliance EAGLE platform that delivers critical compliance at a justified price point during the loan prequalification process. LeadER… Read More »
Vendor steps up to support industry trade, despite COVID-19 Washington, D.C., – September 9, 2020 – Appraisal Logistics, a leading provider of high quality appraisal management services, technology and compliance solutions for the residential/commercial mortgage industry, announced today that the company will sponsor the 2020 Virtual Annual Convention & Awards for the Virginia Mortgage Bankers Association (VMBA). The… Read More »